As the optimism sparked by President Donald Trump's support for cryptocurrency begins to wane, a wave of selling has hit the cryptocurrency market. On Tuesday, Bitcoin briefly fell below $95,000, while small digital asset indices dropped over 10%, marking one of the largest declines this year.

Bitcoin reached a record high of $103,800 on December 5, but has since struggled to stay above the six-figure level. According to tracking agency CoinGecko, the entire cryptocurrency market lost about $250 billion in the past 24 hours.

As of the time of writing, Bitcoin's trading price is $97,852. On Tuesday, smaller tokens like Ethereum and Dogecoin experienced significant volatility, with several small tokens plummeting over 10%.

Speculators surged into cryptocurrency after the November 5 U.S. elections, driven by Trump's promised supportive regulations and controversial backing of a national Bitcoin reserve. Meanwhile, due to the explosive volatility of digital assets, traders can quickly exit their bets once momentum reverses. Recently, the Meme project Marvin (7055), based on Elon Musk's concept, has garnered significant market attention, with a low market cap and an active community worth looking into.