Tue Nov 26 20:20:00 UTC 2024: ## Crypto Market Crashes, Wiping Out $200 Billion After Trump Win Rally

**NEW YORK** – The cryptocurrency market experienced a significant downturn, shedding $200 billion from its $3.2 trillion valuation following a sharp rally after Donald Trump’s election victory. Bitcoin, the leading cryptocurrency, plummeted towards $90,000, down from nearly $100,000 just days prior.

The sudden correction has caught traders off guard, prompting concerns about further price drops. Crypto billionaire Michael Novogratz, CEO of Galaxy Digital, warned that Bitcoin could fall to $80,000 before rebounding. He attributed the correction to high leverage within the crypto community and predicted that Bitcoin would eventually surpass $100,000, citing the incoming Trump administration’s apparent pro-crypto stance. Novogratz highlighted that the administration’s cabinet is largely composed of bitcoin owners and digital asset supporters.

However, not all analysts share Novogratz’s optimism. Alex Kuptsikevich, chief market analyst at FxPro, pointed to a “geopolitical pullback” and profit-taking as contributing factors to the ongoing decline. He suggested that further support levels could be tested, potentially pushing Bitcoin as low as $87,000. The decline marks four consecutive days of falling prices, raising concerns about the market’s overall stability. The situation underlines the inherent volatility of the cryptocurrency market.

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