The record growth in the Bitcoin exchange rate at the end of 2024 has weakened. In December, Bitcoin fell by 3.2% after reaching a maximum of $108,315, which was the first decline since August. This is reported by Bloomberg, according to UNN.
As of 2:55 pm on Wednesday in Singapore, Bitcoin has become cheaper by 0.20%, trading at the level of $93,518.
The digital asset fell by 3.2% last month, as US investors cashed in profits after the rally caused by the victory of the elected President Donald Trump led Bitcoin to a historic maximum of $108,315 in mid-December.
The excitement in the cryptocurrency market has subsided, as expectations of a reduction in interest rates by the US Federal Reserve have weakened, leading to a decrease in appetite for risky assets.
A group of a dozen US exchange-traded funds trading in Bitcoin recorded a net outflow of about $1.8 billion from December 19.
The number of outstanding contracts - for Bitcoin futures traded by the Chicago-based CME Group Inc. and considered an indicator of US institutional interest - also fell by almost 20% from the December peak.
Despite this, in 2024, Bitcoin earned a 120% profit, outpacing gold and global stocks.
"We believe that a key catalyst may emerge in January, when institutions adjust their asset allocation," according to a note from QCP Capital to clients.