Urooj NazirAfter a weekend surge, Bitcoin saw a minor decline on Monday as investors anticipated additional clues from incoming US President Donald Trump regarding cryptocurrency policy.
Be wary of additional disbursements from a defunct exchange. After a wallet linked to the exchange exchanged more than $2 billion worth of coins last week, Mt. Gox also weighed. With Mt. Gox still holding billions of dollars’ worth of Bitcoin that it intends to refund to creditors, such a move often signals a distribution event.
The current market value of Bitcoin is $1,926.79 billion USD, and its current price is $97,357.35 USD. The 24-hour trade volume amounts to $81.5 billion USD. The price of Bitcoin to USD is updated instantly. Bitcoin has lost 2.63% during the past day, and there are currently 19.79 million in circulation. The price is 14:16 (2:16 PM) GMT right now.
Ahead of additional policy and economic clues, the Trump crypto rise slows
President-elect Donald Trump’s optimism about crypto-friendly laws caused Bitcoin to soar last week, hitting a record high of $103,719.4.
Trump nominated a crypto-friendly chair for the Securities and Exchange Commission last week, which increased support for his policy proposals. This followed his appointment of pro-crypto nominees to the positions of Secretary of Commerce and Treasury.
During his second term, Trump has pledged to implement crypto-friendly laws, turning America into the global “crypto capital.” Although analysts are skeptical of the idea of a reserve, he has also proposed the creation of a Bitcoin Strategic Reserve.
Although traders were still waiting for additional clues on crypto policy ahead of Trump’s inauguration on January 20, Bitcoin was still within sight of recent peaks.
Bitcoin is surpassed by altcoins due to regulatory cheer
In the anticipation that more regulatory clarity will shift market attention away from Bitcoin and onto other use cases, altcoins have seen far more noticeable gains than Bitcoin in recent weeks.
once traders bet that the SEC will also withdraw its long-running litigation against issuer Ripple once Trump enters office, XRP was one of the largest winners of this trade, rising to six-year highs.
The idea of altcoin outperformance was reinforced by a precipitous decline in Bitcoin dominance, which measures the proportion of cryptocurrency market capitalization controlled by Bitcoin. According to Coinmarketcap data, the dominance of Bitcoin dropped to a one-month low of about 55%.
The majority of other cryptocurrencies were eclipsed by Bitcoin’s surge this year. They were able to trade at potentially alluring discounts as a result, though.
MicroStrategy purchases Bitcoin for the seventh consecutive week
On Monday, MicroStrategy announced that, between December 2 and December 8, 2024, it paid $2.1 billion in cash for 21,550 bitcoins. With costs included, the average price per bitcoin was almost $98,783.
According to an SEC filing, the purchases were financed by the selling of 5.42 million company shares, which brought in $2.13 billion in net proceeds.
At an average price of almost $60,324 per coin, the business owned 423,650 bitcoin as of December 8. MicroStrategy has made almost $25.6 billion in total investments in its bitcoin holdings.
The company has greatly increased its Bitcoin holdings for the fifth week in a row.
Today’s cryptocurrency price: altcoins track lower Bitcoin
Even though most cryptocurrencies have performed better than Bitcoin in recent weeks, Monday saw their rise cool in line with the cryptocurrency giant.
Ether, the second-largest cryptocurrency in the world, dropped 2.5% to $3,896.07, while XRP, which just rose to the third-largest position, dropped more than 5% to $2.43.
Among meme tokens, Dogecoin lost about 5%, while Solana, Cardano, and Polygon fell between 3% and 7.7%.
