The cryptocurrency market experienced a significant downturn, losing $182 billion in a single day as Bitcoin's price fell further from the critical $100,000 mark.
Bitcoin was trading at $92,446.38, down 6.2%. Other major cryptocurrencies also faced declines, with Ether dropping 4.2% to $3,346.86 and Solana's token falling 8.9% to $231.88.
The total market capitalization now stands at $3.35 trillion. Despite this recent decline, Bitcoin has seen a remarkable increase of over 30% since the U.S. presidential election on November 5. The anticipation surrounding Trump's pro-crypto policy platform has fueled renewed interest in digital currencies. Additionally, the upcoming resignation of U.S. Securities and Exchange Commission Chair Gary Gensler on January 20, coinciding with Trump's inauguration, has further contributed to optimism in the crypto sector. Trump has indicated plans to replace Gensler, which may impact regulatory dynamics in the industry.