The price of Bitcoin experienced a sudden drop of 6.3% to $92,000 before quickly rebounding to over $97,600, only to dip another 1%. The cryptocurrency has slipped 1.7% on the day to $97,100 but is still up by over 39% in the past month due to optimism surrounding President-elect Donald Trump. The drop triggered over $1.07 billion in liquidations, with the majority coming from positions betting on higher prices. Bitcoin long liquidations have also spiked to over $390 million in the last four hours. The recent surge in Bitcoin prices has been attributed to Trump's reelection and his pro-crypto campaign and promises. Trump claimed credit for Bitcoin surpassing $100,000 and appointed a more crypto-friendly figure, Paul Atkins, as the next Chairman of the Securities and Exchange Commission.



Other News from Today