Bitcoin falls over 1 per cent after hitting $106,224 day high

WEB DESK: Bitcoin opened on Wednesday in the red, with the largest cryptocurrency dropping by $260.20 to $105,942.70 within the first 12 minutes of trading.

Interestingly, Bitcoin touched its highest point of the day within the first 20 minutes, reaching $106,224.80 at around 00:19 UTC, showing a slight increase of $21.90. This price remained the day’s high as of 07:36 UTC.

The cryptocurrency continued to slide, further extending its losses to reach $105,262.60 at around 07:37 UTC, marking a decline of $940.30, or 0.89 per cent. The downward trend continued, and Bitcoin dropped to $105,227.00, representing a loss of $975.90, or 0.92 per cent.

Bitcoin’s losses deepened further, falling by 1.02 per cent to $105,116, showing a total drop of $1,086.90 by 07:45 UTC.

The speed of the decline suggested that Bitcoin could fall below the $105,000 mark in the next few minutes. However, it managed to recover slightly by 07:46 UTC, staying above the $105,100 mark despite remaining in the red.

What’s behind the loss?

It is noteworthy that Bitcoin has dropped over 6.5 per cent from its recent high of above $109,000. This decline came after US President Donald Trump, in his inaugural speech, did not address Bitcoin or issue any crypto-related executive orders on his first day in office.

He neither mentioned digital assets, a strategic Bitcoin reserve, nor the repeal of the US Securities and Exchange Commission’s (SEC) controversial rule “SAB 121,” as anticipated by the crypto community.

Additionally, no executive orders related to cryptocurrency were issued among the ones President Trump signed after his inauguration. There had been speculation that he would issue a “day one” executive order regarding the establishment of a US Strategic Bitcoin Reserve.

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