The price of Bitcoin The price moved further away from the psychologically necessary $100,000 mark as investors booked profits from the token's gains after the US elections.

The largest cryptocurrency by market cap was last down greater than 2% at $92,277.19, in accordance with Coin Metrics. It previously fell to $91,433.54. The CoinDesk 20, an index measuring broader crypto market performance, fell nearly 6%.

Coinbase And Microstrategy were each around 3% lower.

“Bitcoin has been on a tear since Election Day… with very few pullbacks, but the $100,000 level remains a formidable psychological barrier,” Mati Greenspan, founding father of Quantum Economics, told CNBC by email. “While a breakout now would be an important bullish signal, a short pullback may be needed to gain momentum before the next attempt.”

As Bitcoin usually hits recent records this month, long-term holders are selling ever larger amounts on the spot market. That selling pressure has to date been absorbed by inflows into Bitcoin ETFs, which ended a five-day streak on Monday and recorded $438 million in outflows, in addition to large buying from MicroStrategy. CryptoQuant typically defines long-term holders as those that have held Bitcoin for 155 days or longer.

Traders took profits following Bitcoin's post-election rally fueled by optimism over President-elect Donald Trump's crypto-friendly political platform.

“Historically, when new all-time highs are reached, there is typically a period of consolidation before moving higher,” Brett Reeves of crypto infrastructure company BitGo told CNBC. “We know that new institutional money is flowing into the space and retail activity is increasing, both across ETFs and exchanges. Given the positive macroeconomic and regulatory news ahead, we could see a rapid pick-up in price activity.”

Bitcoin hit one other high on Monday as cryptocurrencies' rally following Donald Trump's election victory continued.

According to Coin Metrics, the value of the flagship cryptocurrency was last up 6% at $84,211.50. Previously it even rose to $85,000. ether rose 4% after rising 30% last week and pushing it back above $3,000 over the weekend.

The decentralized finance token that’s tied to Cardano rose by 1.7%, while payments were characterised XRP took a breather. Dogecoin rose further, by almost 8%.

Coinbase rose 15% while Microstrategy advanced 12%.

Susannah Streeter, head of cash and markets at investment platform Hargreaves Lansdown, noted that the cryptocurrency bullish move comes against the backdrop of market “euphoria” sparked by Trump’s presidential victory last week.

“His promise to fully focus on crypto has taken Bitcoin to new, exhilarating heights,” she said in a research note on Monday.

“He has made a U-turn on supporting the industry and is now promising to make the US the crypto capital of the world. Bitcoin speculators are betting on a milder regulatory environment and expect authorities to build a reserve cryptocurrency fund, which will help boost ongoing demand.”

During the campaign, Trump made quite a few guarantees to the crypto industry, including naming the US the “crypto capital of the planet” and demanding that each one Bitcoins be mined within the country.

He also vowed to oust U.S. Securities and Exchange Commission Chairman Gary Gensler, who has taken an aggressive approach toward cryptocurrencies regardless that the president doesn’t have the authority to achieve this.

In a research note last week, Citi strategists highlighted that crypto was one in all the “few Trump trades that have not yet been retraced.”

“Part of the reason for this is the expected crypto-friendly nature of the Trump administration, which investors hope will lead to regulatory clarity in the US,” said the strategists led by David Glass.

They noted that spot crypto ETFs have seen among the largest inflows ever for the reason that election.

“Specifically, net inflows for BTC and ETH ETFs in the two days following the election were $2.01 billion and $132 million, respectively,” they said. “We continue to see ETF flows as the primary driver of Bitcoin returns.”

Looking ahead, some analysts expect cryptocurrencies to proceed to rise. Some say Bitcoin is on the right track to hit $100,000 by the tip of the yr.

For weeks, the German government has been selling lots of of hundreds of thousands of dollars price of Bitcoins – and this is a significant factor behind the huge sell-off of the cryptocurrency.

Last month, the German government began selling bitcoins from a wallet owned by the German Federal Criminal Police Office (BKA).

The BKA 900 Bitcoins sold in June — valued at about $52 million as of Monday — from an enormous haul seized from a now-defunct movie piracy website, based on on-chain data tracked by blockchain analytics firm Arkham Intelligence.

Last week, the federal government one other 3,000 Bitcoins sold price around 172 million dollars. On Monday one other 2,739 Bitcoins soldor cryptocurrency price $155 million.

The government has placed its crypto reserves on exchanges akin to CoinbaseBitstamp and Kraken.

When asked by CNBC on Monday, the German government was not immediately available for comment.

In parallel with these sales, the Bitcoin price experienced a dramatic decline. According to CoinGecko data, Bitcoin sank below $55,000 on Friday, reaching its lowest level since February 2024.

At one point within the day, your complete crypto market had lost greater than $170 billion in market capitalization inside 24 hours, based on CoinGecko data.

The Bitcoin sales in Germany will not be the one concern for crypto investors. The cryptocurrency can also be under pressure since the collapsed Bitcoin exchange Mt. Gox, which went bankrupt in 2014, needed to pay out billions of dollars price of digital currencies to its creditors.

On Friday, the trustee of the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, said the corporate had begun making repayments in Bitcoin and Bitcoin Cash to a few of its creditors through quite a few specific crypto exchanges.

Hundreds of hundreds of thousands of dollars is a whole lot of money. But it's only a drop within the bucket whenever you consider the full issuance of Bitcoin tokens.

According to data from CoinGecko, there are currently around 19.7 million Bitcoins in circulation, price $1.1 trillion.

What matters to investors, nevertheless, is the impact these sales have on market sentiment.

James Butterfill, head of research at crypto asset manager CoinShares, told CNBC that although the Bitcoin sales were “relatively minor,” that they had “impacted market sentiment.”

Nevertheless, the Bitcoin price has risen by a very good 89 percent within the last 12 months.

In January 2024, police within the eastern German state of Saxony announced the seizure of nearly 50,000 bitcoins, which on the time were price around $2.2 billion.

The Saxon police described the find as “the most extensive seizure of Bitcoins by law enforcement authorities in the Federal Republic of Germany to date.”

The funds were seized from the operators of Movie2k.to, a movie piracy website energetic in 2013, and transferred to a crypto wallet of the Federal Criminal Police Office.

According to Arkham Intelligence, which tracks the movements of the German government's Bitcoin wallets, the tokens began transferring as early as 2013, once they were first seized.

The German BKA currently holds around 32,488 Bitcoins. At the present exchange rate, the federal government's holdings are price around $1.9 billion.

However, not everyone seems to be joyful with Germany’s decision to sell its Bitcoin holdings.

Joana Cotar, a member of the German Bundestag, argued in a post on X last month that the federal government shouldn’t sell its bitcoins but hold them as a “strategic reserve currency.”

Cotar said she had written to Chancellor Olaf Scholz, Finance Minister Christian Lindner and Saxony's Prime Minister Michael Kretschmer, telling them that selling bitcoins was “not only not sensible, but counterproductive.”

She said she had invited the German officials to a lecture with Samson Mow, a distinguished Bitcoin influencer, on October 17 on the Paul Löbe House in Berlin.