Bitcoin nosedives, defying $100,000 milestone predictions

Bitcoin dropped 7.2% from its peak on Friday, overturning widespread expectations of climbing over the $100,000 threshold.

Bitcoin’s post-U.S. election rally hit a roadblock on Tuesday, slipping under pressure from a wave of profit-taking. The world’s largest cryptocurrency dropped to $92,360 at 8:30 a.m. GMT before recovering above $93,000.

Market sentiment took a hit as President-elect Donald Trump reignited fears of a trade war, with fresh threats of additional tariffs on China and other countries.

Bitcoin has seen an impressive 40% surge since election day on Nov. 5 and hit a record-breaking $99,615 last week.

Ethereum, the world’s largest altcoin by market capitalization, was trading at $3,367 for a daily decline of 3.6%.

The value of the cryptocurrency market was around $3.22 trillion, dipping 5% for the day, according to CoinMarketCap, a digital asset price-tracking website.