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Cryptocurrency News Articles

Bitcoin Falls for the Fourth Day in a Row, as the Rally Sparked by Donald Trump's Victory Fades

Dec 24, 2024 at 05:09 pm

The decline was exacerbated by the Federal Reserve's dovish stance last week.

Bitcoin Falls for the Fourth Day in a Row, as the Rally Sparked by Donald Trump's Victory Fades

Bitcoin fell on Tuesday for the fourth day in a row, as the rally sparked by Donald Trump's victory in the presidential election fizzled out and the Federal Reserve's dovish pivot last week exacerbated the decline.

As of 00:22 ET (05:22 GMT), bitcoin fell 2% to $94,159.4. It fell below the $93,000 level on Monday.

The token slid below the key $100,000 level for the first time since early November last week after comments from Fed officials about slowing the pace of interest rate cuts.

In total, bitcoin has now declined six out of the past seven days. Following the election, a rally took bitcoin to a record high of $108,244.9, but profit-taking and macroeconomic concerns sparked a rapid sell-off.

Despite cutting rates by 25 basis points, the Fed signaled only two more hikes next year, having previously projected four. This prompted investors to recalibrate their bets on speculative assets like bitcoin, worsening its price performance.

As cryptocurrencies fell, shares of related companies also lost ground. MicroStrategy slid 9%, Coinbase Global Inc lost 4%, and Riot Platforms also showed declines on Monday.

MicroStrategy also saw further selling pressure after announcing the sale of 1.3 million shares to fund the purchase of 5,262 bitcoins.

The scene on the cryptocurrency market remained one of tension, with investors largely repositioning themselves amid the macroeconomic uncertainty.

Shares of leading bitcoin miner Marathon Digital Holdings Inc fell 3.6%.

Elsewhere, other major cryptocurrencies showed gains on Monday. However, the pace of advances remained limited as weak demand for speculative assets following the hawkish statements by the Federal Reserve impacted investor sentiment.

Ether, the second largest cryptocurrency by market capitalization, rose 3.2% to $3,431.48. It recovered over the last two days after posting losses last week.

XRP, the third largest gained 3.1% to $2.2627.

Among other tokens, solana added 3.4%, polygon rose 5%, and cardano gained 2%. Among meme cryptocurrencies, dogecoin rose 1.8%.

Last week, bitcoin slid 2.6% to $101,153 after the Fed Chair commented on the impossibility of the central bank accumulating cryptocurrency

News source:unn.ua

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