Bitcoin Rally Fueled by Trump Loses Steam as Year Draws to Close

Bloomberg

2024-12-30

Digital asset is down some $15,000 since a mid-December record
Traders await concrete policies from Trump’s embrace of crypto

The Bitcoin rally sparked by US President-elect Donald Trump’s election victory in early November is stalling as 2024 draws to a close.

The digital asset wavered at $93,476 as of 9:10 a.m. on Monday in Singapore, about $15,000 below the record high set in mid-December. Smaller tokens like Ether and meme-crowd favorite Dogecoin also struggled for traction.

Trump’s preference for crypto friendly regulations and support for the idea of a national Bitcoin reserve lifted digital assets. But scaled back expectations for interest-rate cuts by the Federal Reserve have cooled the speculative frenzy.

More clarity on the US crypto regime is likely to emerge after Trump assumes power on Jan. 20. The Republican’s stance contrasts with President Joe Biden’s administration, which cracked down on the scandal-prone sector.

Chris Weston, head of research at Pepperstone Group, said “the momentum has come out of the post-election move” in Bitcoin, partly due to outflows from exchange-traded funds for the token.

Meanwhile, software maker turned Bitcoin accumulator MicroStrategy Inc. has been on a buying spree in the past few weeks. Traders are waiting to see if the company — which owns more than $40 billion of the digital asset — will continue a pattern of announcing Bitcoin purchases on Mondays.

The original cryptocurrency has climbed roughly 120% this year, outstripping traditional investments such as global stocks and gold. Bitcoin also more than doubled in 2023 in a comeback from a deep bear market.

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

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Smaller tokens like Ether and meme-crowd favorite Dogecoin also struggled for traction.</p><p style=\"text-align: start;\">Trump’s preference for crypto friendly regulations and support for the idea of a national Bitcoin reserve lifted digital assets. But scaled back expectations for interest-rate cuts by the Federal Reserve have cooled the speculative frenzy.</p><p>More clarity on the US crypto regime is likely to emerge after Trump assumes power on Jan. 20. The Republican’s stance contrasts with President Joe Biden’s administration, which cracked down on the scandal-prone sector.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9ab430d875fe7d9e38d68864eac9bbe7\" tg-width=\"1200\" tg-height=\"675\"/></p><p style=\"text-align: start;\">Chris Weston, head of research at Pepperstone Group, said “the momentum has come out of the post-election move” in Bitcoin, partly due to outflows from exchange-traded funds for the token.</p><p style=\"text-align: start;\">Meanwhile, software maker turned Bitcoin accumulator MicroStrategy Inc. has been on a buying spree in the past few weeks. Traders are waiting to see if the company — which owns more than $40 billion of the digital asset — will continue a pattern of announcing Bitcoin purchases on Mondays.</p><p style=\"text-align: start;\">The original cryptocurrency has climbed roughly 120% this year, outstripping traditional investments such as global stocks and gold. 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Smaller tokens like Ether and meme-crowd favorite Dogecoin also struggled for traction.</p><p style=\"text-align: start;\">Trump’s preference for crypto friendly regulations and support for the idea of a national Bitcoin reserve lifted digital assets. But scaled back expectations for interest-rate cuts by the Federal Reserve have cooled the speculative frenzy.</p><p>More clarity on the US crypto regime is likely to emerge after Trump assumes power on Jan. 20. The Republican’s stance contrasts with President Joe Biden’s administration, which cracked down on the scandal-prone sector.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9ab430d875fe7d9e38d68864eac9bbe7\" tg-width=\"1200\" tg-height=\"675\"/></p><p style=\"text-align: start;\">Chris Weston, head of research at Pepperstone Group, said “the momentum has come out of the post-election move” in Bitcoin, partly due to outflows from exchange-traded funds for the token.</p><p style=\"text-align: start;\">Meanwhile, software maker turned Bitcoin accumulator MicroStrategy Inc. has been on a buying spree in the past few weeks. Traders are waiting to see if the company — which owns more than $40 billion of the digital asset — will continue a pattern of announcing Bitcoin purchases on Mondays.</p><p style=\"text-align: start;\">The original cryptocurrency has climbed roughly 120% this year, outstripping traditional investments such as global stocks and gold. Bitcoin also more than doubled in 2023 in a comeback from a deep bear market.</p></body></html>\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://www.bloomberg.com/news/articles/2024-12-30/bitcoin-btc-rally-fueled-by-trump-loses-steam-as-year-draws-to-close?srnd=homepage-americas\">Bloomberg</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MARA","symbol_name":"MARA Holdings","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2024-12-30/bitcoin-btc-rally-fueled-by-trump-loses-steam-as-year-draws-to-close?srnd=homepage-americas","article_id":"1128114382","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1128114382","pubTimestamp":1735521000,"columns":[],"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Digital asset is down some $15,000 since a mid-December recordTraders await concrete policies from Trump’s embrace of cryptoThe Bitcoin rally sparked by US President-elect Donald Trump’s election vict","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"MARA":"MARA Holdings","COIN":"Coinbase Global, Inc.","RIOT":"Riot Platforms","MSTR":"Strategy"},"translate_title":"随着年底临近，特朗普推动的比特币反弹失去动力","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COIN":1.1,"MARA":1.1,"MSTR":1.1,"RIOT":1.1},"content_text":"Digital asset is down some $15,000 since a mid-December recordTraders await concrete policies from Trump’s embrace of cryptoThe Bitcoin rally sparked by US President-elect Donald Trump’s election victory in early November is stalling as 2024 draws to a close.The digital asset wavered at $93,476 as of 9:10 a.m. on Monday in Singapore, about $15,000 below the record high set in mid-December. Smaller tokens like Ether and meme-crowd favorite Dogecoin also struggled for traction.Trump’s preference for crypto friendly regulations and support for the idea of a national Bitcoin reserve lifted digital assets. But scaled back expectations for interest-rate cuts by the Federal Reserve have cooled the speculative frenzy.More clarity on the US crypto regime is likely to emerge after Trump assumes power on Jan. 20. The Republican’s stance contrasts with President Joe Biden’s administration, which cracked down on the scandal-prone sector.Chris Weston, head of research at Pepperstone Group, said “the momentum has come out of the post-election move” in Bitcoin, partly due to outflows from exchange-traded funds for the token.Meanwhile, software maker turned Bitcoin accumulator MicroStrategy Inc. has been on a buying spree in the past few weeks. 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