Bitcoin traded below $90,700 early Monday, easing from its overnight high of $92,210. The world's top cryptocurrency last week soared on Nov. 13 to a new all-time high of $93,445 in the wake of the U.S. election. It remains up 115% for the year.

Crypto stocks dropped in morning trading. Bit Digital fell 12%; Bitcoin Depot fell 10%; Marathon Digital fell 9%; Canaan fell 5%; Coinbase and Bitfarms fell 3%; Riot Platforms fell 1%.

Bit Digital on Monday reported a loss of 26 cents per share, widening from a loss of 8 cents per share last year. Revenue for the third quarter jumped 96% to $22.7 million.

FactSet expected a loss of 2 cents on $24.5 million in revenue.

Marathon Digital intended to offer $700M convertible unsecured senior notes due 2030 in a private offering to institutional buyers.

In the US stock market, euphoria over Trump’s business-friendly stance is being tempered by inflation risks from the prospect of trade tariffs and deficit-spending to fund tax cuts. Investors are scaling back expectations for Federal Reserve interest-rate cuts in a solid US economy, a possible obstacle for crypto since liquidity conditions can influence speculative demand for digital tokens.

Bitcoin became “overheated” after a record-breaking advance since Election Day on Nov. 5, and “a lot of good news has been built into the price,” IG Australia Pty Market Analyst Tony Sycamore wrote in a note.

Trump has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry. A onetime crypto skeptic, the president-elect changed tack after digital-asset firms spent heavily during election campaigning to promote their interests.

Regulatory clarity would be a tailwind for venture capital investing, mergers and acquisitions and initial public offerings, according to the strategists. But the establishment of a US Bitcoin reserve is a “low-probability event,” they added.

US ETFs investing directly in Bitcoin attracted a net inflow of $4.7 billion from Nov. 6 to Nov. 13, the day the original cryptocurrency set an all-time peak, based on data compiled by Bloomberg. But about $771 million exited the products over Thursday and Friday.