With just one week to go before Donald Trump’s inauguration, bitcoin has dipped below $90,000, suggesting that the momentum that propelled the currency to all-time highs in the immediate wake of his election win has stalled.
Bitcoin’s price hit $89,800 at 14:36 GMT today while its 24-hour volume exceeded $50 billion, according to Coingecko. At publication time, it had regained a bit of ground and was trading near $92,000.
The crypto’s price rallied after Trump was elected last November. It rose from $68,000 just before the election, to a new high of over $108,000 on December 17, representing an almost 59% increase across six weeks. However, it’s now dropped back almost 14%.
Read more: How much bitcoin will Ross Ulbricht have if Trump sets him free?
The dip comes just days after a US district court approved the sale of 69,370 bitcoins (worth over $6.4 billion) that were seized when the Silk Road drugs marketplace was shut down.
Silk Road founder Ross Ulbricht is likely hoping for a presidential pardon from Trump after the incoming commander-in-chief promised last May to commute his sentence.
It’s not just bitcoin that’s experienced a slump after recent highs. As reported by CNBC, stock markets aren’t doing so well following record-high gains. The S&P 500 index is currently trading 4.6% below its 52-week high set in early December 2024.
This trend, should it continue, will signal one of the worst performances for the S&P 500 between an election and inauguration day since Barack Obama’s election in 2009.
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