Bitcoin fell on Tuesday, headlining a drop in broader cryptocurrency prices as the sector saw some profit-taking after a stellar run-up over the last two weeks.
Bitcoin had surged to record highs of over $123,000, while altcoins also rallied as crypto bulls cheered the U.S. government’s passage of key crypto regulation. Bitcoin was also boosted by President Donald Trump’s tech company, Trump Media & Technology Group Corp (NASDAQ:DJT), disclosing a $2 billion stockpile of the crypto.
But this rally was seen running dry by Tuesday, with Bitcoin having pulled back sharply from recent peaks. Other altcoins also clocked some losses after strong gains in recent sessions.
Risk appetite was also seen cooling amid growing uncertainty over Trump’s tariffs, which will take effect from August 1, as well as a Federal Reserve meeting next week.
Bitcoin fell 1% to $117,210.3 by 01:40 ET (05:40 GMT).
Trump Media discloses $2 bln Bitcoin holdings
Trump Media on Monday said it accumulated about $2 billion in Bitcoin after it raised some $2.3 billion for the purpose of establishing a Bitcoin treasury.
The announcement sent Trump Media’s shares up as much as 9%, although they settled up 3.1% on Monday.
The announcement underscored Trump’s growing interest in crypto, with his family having launched several crypto ventures this year. These include the World Liberty Financial Group, and the $TRUMP memecoin, both of which have boosted the president’s personal wealth.
