Despite an 8.7 percent decline in Bitcoin’s price from the January 20 all-time high of $108,000 to $98,941, trading volume on Monday was three times that of the previous day, rising by 222 percent to $55.3 billion. Analysts forecast a strong correction down to $70,000 before rising toward $250,000 in some years.
Trump’s latest attempts at forming new crypto regulations did little to sway the bulls, allowing Bitcoin to shed almost 9 percent value in the last 24 hours.
Also Read: Saudi Arabia Opens Investments in Makkah and Madina to Foreigners
The crypto derivatives space saw some $850 million in forced liquidations in the last 24 hours, with most losses incurred by long positions. The sharp decline, according to Bloomberg, was a result of concentrated sell pressure in the $104,000-$108,000 range and profit-taking.
It is also worth noting that, as of today, Bitcoin’s first huge drop in network difficulty since September 2024 happened.