Bitcoin sees first significant drop since Trump’s election victory

Bitcoin has begun to decline sharply for the first time since Donald Trump won the U.S. presidential election, following a failed attempt to reach the $100,000 mark, Yahoo reports.

The cryptocurrency fell by 6% over three days leading up to Monday, trading at $94,000 afterward. The cryptocurrency market, which had gained $1 trillion since the election on November 5, has also stalled.

"The difficulty of reaching $100,000 for the first time may convince traders that the ceiling has been reached, and profits should be locked in now," noted Noelle Acheson, author of the Crypto Is Macro Now newsletter.

Cryptocurrencies also faced challenges after Trump pledged to impose additional tariffs on goods from China, as well as neighboring countries like Canada and Mexico.