5 percent loss in cryptocurrencies: Bitcoin price retreats after profit-taking

The price of the cryptocurrency Bitcoin has fallen below 93 thousand dollars under the influence of significant profit-taking by investors.

According to data from the analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, has decreased by approximately 5.41 percent in 24 hours, falling to 3 trillion 200 billion dollars.

The price of Bitcoin, the largest cryptocurrency, has dropped by more than 5 percent in the last 24 hours due to investor profit-taking, falling below 93 thousand dollars.

As of 13:38 TSI, Bitcoin was trading at 92 thousand 963 dollars, while its weekly gain has retreated to 1.30 percent.

Bitcoin, which recorded its all-time high of 99 thousand 588 dollars on November 22, has seen its price drop by more than 7 percent over 4 days. In recent weeks, a more friendly regulatory environment under Donald Trump's administration had been influential in the aforementioned rise.

The price of Ethereum, which ranks 2nd in terms of market value, also lost approximately 5 percent of its value, falling to the 3 thousand 350 dollar level.

Analysts stated that investors' risk appetite has decreased following the announcement by US President-elect Donald Trump that he would impose import tariffs on all goods from Mexico and Canada and additional customs duties on goods from China on his first day in office, noting that this situation has also reflected on the cryptocurrency markets.