[Bitcoin's Year-to-Date Gains Erased, Price Falls Below Last Year's Closing Level]
Due to waning enthusiasm for the Trump administration's pro-cryptocurrency stance and cooling momentum in tech stock rallies, Bitcoin has erased over 30% of its year-to-date gains just over a month after reaching its all-time high. Early Monday morning, Bitcoin's price fell below $93,600, dropping below last year's closing level. Matthew Hougan, Chief Investment Officer at Bitwise Asset Management, stated that the market is broadly risk-averse, and cryptocurrencies are the first assets to signal warnings. Over the past month, major buyers such as ETF allocators and corporate bond investors have exited, leading to a lack of capital flow support in the market.