Bitcoin loses ground after record growth amid Trump's victory
Kyiv • UNN
Bitcoin's price dropped to $93,670, $15,000 below its December record. The cryptocurrency is up 120% year-to-date, but expectations for Fed rates have cooled the market.
The rapid growth of bitcoin, spurred by the victory of US President-elect Donald Trump in the early November elections, is stalling as we approach 2024. On Monday, December 30, bitcoin fell by $15,000 from its December record. UNN reports this with reference to Bloomberg.
Details
As of 6:34 a.m. Monday in New York, bitcoin was trading at $93,670, down about $15,000 from its record high set in mid-December.
The fact that Trump favors cryptocurrency-friendly regulation and supports the idea of creating a national bitcoin reserve has boosted digital assets. However, the reduced expectations of interest rate cuts by the US Federal Reserve have cooled the speculative frenzy, Bloomberg notes.
More clarity on the U.S. cryptocurrency regime is likely to emerge after Trump takes office on January 20. The Republican's position contrasts with that of President Joe Biden's administration, which has been cracking down on the sector.
This year, cryptocurrencies have risen in price by about 120%, outperforming traditional investments such as global stocks and gold. In 2023, bitcoin also more than doubled in value.
Addendum Addendum
Oil prices declined on Monday amid weak year-end holiday trading, as traders await new economic data from China and the U.S. this week to gauge growth in the world's two largest oil consumers.
