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Trump-fuelled bitcoin rally loses steam as year draws to a close
Scaled-back expectations for interest-rate cuts by the US Federal Reserve have cooled the speculative frenzy in the cryptocurrency market
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The bitcoin rally sparked by Donald Trump’s US presidential election victory in early November is stalling, as 2024 draws to a close.
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The digital asset wavered at US$93,085 as of 5:25am on Monday in London, about US$15,000 below the record high set in mid-December.
Smaller tokens like ether and meme-crowd favourite 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 US Federal Reserve have cooled the speculative frenzy.
More clarity on the US cryptocurrency regime is likely to emerge after Trump assumes power on January 20.
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The Republican’s stance contrasts with President Joe Biden’s administration, which cracked down on the scandal-prone sector.
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