Key Points:
- Bitcoin price is currently levelling off after a meteoric rise in late 2024.
- President-elect Donald Trump’s promise to create a crypto-friendly environment is being closely watched by investors.
According to Bloomberg, the record-breaking rally of the Bitcoin price is sputtering into year-end 2024 as investors reassess the direction of the cryptocurrency market due to mixed signals.
Read more: Russian Bitcoin Payments Now Motivated to Fight Western Sanctions
Bitcoin Price’s Rally Falters as Investors Assess Market Dynamics
One catalyst for this sentiment is the fact that President-elect Donald Trump was relatively crypto-friendly. He had also pledged an enabling regulatory environment for digital currencies, which also included floating a national Bitcoin reserve. It was not clear if market participants were waiting with bated breath to see whether that big ambition made sense.
The looming expiration of a record volume of Bitcoin and Ether options contracts due Friday adds to the uncertainty. FalconX, a prime brokerage, calls it one of the largest in the digital asset market’s history.
The largest digital asset trades above $96,000, up 2.8% over the past 24 hours. Smaller digital assets such as Ether and Dogecoin rose less significantly.
MicroStrategy Suggests it Could Buy More Bitcoin After Market Slides
MicroStrategy, one of the biggest backers of Bitcoin, maybe extending an olive branch to the market after it said earlier this week that it was considering increasing its strategy for acquiring tokens. Currently holding over $40 billion in Bitcoin, the software-to-crypto investment company cemented its status as a powerhouse in digital assets.
The Bitcoin price is on track for its first monthly decline in four months despite advance after an extraordinary run. Bitcoin surged to a record 108,316 dollars on December 17 and has pulled back since then.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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