The price of Bitcoin, which surpassed $100,000 after Donald Trump was elected president, is declining.
According to CoinMarketCap, a global virtual asset market tracking website, as of 7:30 a.m. on the 11th, Bitcoin is trading at $96,932 each.
Bitcoin's price fluctuated around the $100,000 mark on the 8th; however, after two consecutive days of decline, it fell to $94,435 around 3 a.m. on that day. This is nearly a 10% drop compared to its all-time high of around $103,900 on the 5th.
Altcoins are also showing weakness. Around the same time, Ethereum fell 1.49% to $3,641 in a day. Particularly, Ripple dropped 9.7% over the week, and Solana fell 9.09%.
This raises the question of whether the 'Trump effect' has ended. President-elect Trump has appointed pro-cryptocurrency figures to key positions, including the Chairperson of the U.S. Securities and Exchange Commission and the White House 'cryptocurrency and AI czar.' However, it will take time for these appointments to translate into direct policies, leading to a surge in sell-offs aimed at realizing profits.