Bitcoin is back down to about $94,000 and the major altcoins naturally crashed by about 10% to 15%. (Hive is an outlier in that it is mostly holding on to recent gains).
I think it's down to institutional investors and their risk managers telling them to "risk off" i.e. sell any asset that is classed as risky. Sadly, bitcoin is classed as risky, and altcoins are classed as even riskier.
What triggered the order to "risk off"? Turmoil in the bond markets.
When the Fed started cutting interest rates last year, it was supposed to bring down bond rates, making it easier for the US govt to borrow. Instead, from Sept 2024, when it began to be clear that Kamala Harris would lose to Donald Trump, bond yields started to climb.
Now that Trump has won and is starting to talk about annexing Greenland and Canada, the bond markets have sold off and bond yields have climbed. Here is the graph of the US 10-year Treasury bond note:
Bluntly, the markets don't want to lend money to the US government, if Trump is going to use it to seize territory owned by other countries. By raising the interest rate the US pays to borrow, they're making it expensive for Trump to finance his plans.
All of which is frightening for institutional investors holding bonds that are under water. They're trying to raise cash any way they can. And selling crypto is one of those ways.
Basically, crypto is just collateral damage from nervousness in the market about Trump.