Bitcoin experienced a pullback after smashing through the $123,000 barrier, with the leading cryptocurrency's value declining as traders secured profits. The digital asset plunged as much as 3.2% – its steepest single-day drop in over three weeks – trading at $117,386 during Singapore afternoon hours on Tuesday. Ethereum, the second-largest cryptocurrency, slid 1.4%, while smaller tokens like XRP and Solana broadly retreated by nearly 2%.
This retreat followed Bitcoin's historic breach of the $123,000 ceiling on Monday, a surge fueled by optimism surrounding potential U.S. digital asset legislation that could advance former President Trump's crypto-friendly agenda. Cryptocurrencies also rode the coattails of rebounding risk assets, including U.S. stocks approaching all-time highs, as concerns eased about economic fallout from Trump's proposed trade war policies.
Stefan von Haenisch, Asia-Pacific OTC trading director at digital asset custodian Bitgo Inc., characterized the movement as "a textbook correction after overheated market conditions." He identified Bitcoin's next critical support level at $114,000, noting this price point previously triggered massive short covering among traders.
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