Bitcoin recovers after falling over the weekend: what's going on with the cryptocurrency market
Kyiv • UNN
After reaching $99,617, bitcoin declined over the weekend due to profit-taking by investors. The cryptocurrency is recovering amid the appointment of Scott Bessent as Treasury Secretary in Trump's team.
The price of bitcoin rose on Monday after price losses over the weekend, when the movement to a record high of $100 thousand was suspended due to uncertainty about the impact of Donald Trump's presidency on the cryptocurrency. Writes UNN with reference to Investing.
Last week, bitcoin hit a record high of $99,617.4 after a rapid rise that began in early November amid Trump's victory in the 2024 presidential election.
However, the cryptocurrency failed to overcome the symbolic barrier of $100,000. Over the weekend, the price fell sharply due to profit-taking by investors and expectations of clearer signals on the new administration's cryptocurrency policy.
As of 00:10 ET (05:10 GMT), bitcoin was trading at $97,880.9, down 0.3%. During the weekend, the price dropped to $96 thousand.
On Friday, Donald Trump announced the candidacy of investor Scott Bessent, founder of the hedge fund Key Square Group, for the post of Treasury Secretary.
Bessent, who has previously publicly supported cryptocurrencies, expressed enthusiasm for Trump's stance on the issue during an interview with Fox News in July. He is also known as a moderate choice for the administration, capable of pushing for tax reforms and easing trade restrictions.
Cryptocurrency prices continued to decline on Monday after weekend losses. Ether, the second largest cryptocurrency by capitalization, fell 0.9% to $3,385.74.
XRP was down 0.6% at $1.4547, after gaining significantly last week. Its price jumped amid news of SEC Chairman Gary Gensler's upcoming resignation in January when Donald Trump takes office.
Gensler's resignation has sparked optimism among investors who expect less stringent regulation of cryptocurrencies under the new administration. XRP particularly benefited from the news given the ongoing SEC litigation against Ripple, the company behind the altcoin.
SOL, ADA, and MATIC lost between 0.5% and 3.3% in value. Among meme tokens, Dogecoin fell by 2.4%.
To recap
Last week , bitcoin approached the symbolic level of $100 thousand, driven by expectations of positive changes in US legislation and growing investor interest amid support for cryptocurrencies by President-elect Donald Trump.
