BTC/USD: Bitcoin Pulls Back to $92,000 as Crypto Wipes Out $200 Billion in Value

All right, who pressed Ctrl-Alt-Del? Just as the price of Bitcoin was about to knock out $100,000, crypto markets erased a chunk of their gains.

• Bitcoin prices BTCUSD retreated Wednesday morning as traders pared their bets on the ultra-risk asset, allowing for some breathing space. The orange coin slipped to levels near $92,000, extending its pullback from the coveted $100,000 mark, which was just $300 away last Friday. To this end, prices are now down about 6% from the record high of $99,700, trading around $93,300 a pop.
• A healthy move lower or a froth-triggered selloff? That remains to be seen. What crypto traders have seen so far is that about $200 billion from the overall crypto market cap has been erased since Friday’s record-setting session. Outside Bitcoin, Ethereum also slipped but it’s holding up better than its big bro. The second-largest token was trading at $3,435 a piece earlier today, down roughly 3% from Friday’s peaks.
• What’s the outlook for crypto heading into 2025? Crypto traders remain highly optimistic about the growth of the digital asset space next year. Donald Trump, President-elect, has vowed to support the fledgling market and introduce friendly regulations that will help expand broader interest. It’s been a strong month for Bitcoin as the OG token is looking to sign off for November with a hefty 34% increase.