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Cryptocurrency News Articles
Bitcoin Edged Lower on Monday and Traded in a Narrow Range After Clocking Steep Losses Last Week, as Traders Remained Cautious Amid Macroeconomic Pressures Induced by Hawkish Comments from the Federal Reserve.
Dec 23, 2024 at 03:01 pm
Bitcoin fell 0.7% to $95,445.4 by 00:41 ET (05:41 GMT). It fell below the $100,000 mark on Thursday after the Fed officials signaled a slower pace for future cuts.
Bitcoin price slipped on Monday and hovered within a narrow trading range after notching up steep losses last week, as traders remained wary amid macroeconomic pressures sparked by hawkish comments from the Federal Reserve.
Bitcoin fell 0.7% to $95,445.4 by 00:41 ET (05:41 GMT).
It slipped below the $100,000 mark on Thursday after Fed officials signaled a slower pace for future cuts. The world's largest cryptocurrency has now declined for five out of the last six days.
Bitcoin’s record highs curtailed by Fed’s hawkish shift
The Federal Reserve signaled a more hawkish stance, indicating only two interest rate cuts for the upcoming year, compared to prior expectations of two cuts.
This shift prompted investors to reassess their holdings in speculative assets like Bitcoin, contributing to its price decline.
In other news, incoming U.S. President Donald Trump hailed the crypto market for hitting a record peak of over $108,000 at an event in Phoenix.
Profit-taking also capped gains in Bitcoin after it surged to record highs last week. Hopes of a strategic Bitcoin reserve had pushed prices to an all-time peak of $108,244.9 on Tuesday, following which prices fell steadily.
It marked the first weekly decline for Bitcoin since Trump's election victory.
Trump picks key figures for crypto policy
President-elect Donald Trump has nominated key figures for defense and crypto policy in his upcoming administration.
Michael Kratsios has been nominated to lead the Office of Science and Technology Policy. A former employee of Scale AI, Kratsios held tech-related roles in Trump’s first term and was involved in the federal downsizing initiative led by Elon Musk.
Lynne Parker, Kratsios’ former deputy, will head the Presidential Council of Advisers for Science and Technology (PCAST), and Bo Hines, a former athlete and Republican congressional candidate, will lead the new Crypto Council.
Both councils will report to David Sacks, the "crypto czar," who will split his time between the White House and Silicon Valley.
Trump’s Truth Social posts on Sunday highlighted these and other personnel announcements as he prepares for his inauguration next month.
Crypto price today: Most altcoins muted as liquidity concerns linger
Other cryptocurrencies were mostly mixed on Monday but moved in a narrow range as investors continued to gauge the outlook for speculative assets after the hawkish Fed signaled a more limited scope for future cuts.
Most altcoins have declined for several consecutive sessions, tracking Bitcoin’s price move.
World no.2 cryptocurrency Ether fell to $3,303.66, while world no.3 cryptocurrency XRP fell 1.9% to $2.1896.
Solana rose 1.9% and Polygon gained 1.2%, while Cardano edged up 0.7%.
Among meme tokens, Dogecoin rose 1.3%.
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