The Crypto Market Today: Bitcoin (BTC) Fell Further on Boxing Day, as Almost All Cryptocurrencies Were in the Red

Bitcoin (BTC) fell further on Boxing Day, plummeting from $98,000 to a low of $95,214, failing to reclaim $100,000 over the holiday period.

Bitcoin (BTC) fell further on Boxing Day, plummeting from $98,000 to a low of $95,214, failing to reclaim $100,000 over the holiday period. The cryptocurrency is down just over 2% over the past 24 hours, trading around the $96,100 mark with sellers firmly in control. BTC’s downside comes despite low trading volume over the Christmas holidays, with traders wondering if the markets will see the traditional year-end rally this year.

Almost all cryptocurrencies were in the red on Boxing Day as bearish sentiment dominated the market. Ethereum (ETH) is down nearly 2%, continuing its slide towards $3,000. Meanwhile, Ripple (XRP) is down just over 4%, and Solana (SOL) is down by 3.21%. Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Toncoin (TON), Hedera (HBAR), Stellar (XLM), and Polkadot (DOT) also reported significant losses.

2024 Was The Year Of Crypto

Crypto got pretty much everything it wanted in 2024. Once relegated to the fringes, digital assets are now part of the mainstream and can be traded and owned by regular Americans. Wall Street and major financial institutions are hailing crypto as a wise investment, with the incoming Trump administration promising legislative support to the industry. Crypto’s growing acceptance has led to significant gains for investors.

Bitcoin (BTC) holders have reported gains of over 120% since the beginning of the year as the world’s largest cryptocurrency broke past the $100,000 barrier following Donald Trump’s election victory.

Analysts and enthusiasts don’t see the crypto rally ending anytime soon, with Bitwise Chief Investment Officer Matt Hougan expecting BTC to cross $200,000 before the end of 2025. BlackRock CEO Larry Fink, who once called himself a proud skeptic of Bitcoin, has now become one of its biggest advocates.

“I was a proud skeptic, and I studied it, learned about it, and came away saying, 'OK, you know, my opinion [for] five years was wrong. We believe bitcoin is an asset class in itself; it is an alternative to other commodities like gold.”

BlackRock and other prominent money managers, including Franklin Templeton and Fidelity Investments, launched spot Bitcoin ETFs, allowing everyday traders to gain exposure to BTC without owning the asset. BlackRock’s IBIT ETF became the fastest-growing ETF in history, and 11 other ETFs amassed over $100 billion in assets under management. Robbie Mitchnick, BlackRock’s Head of Digital Assets, stated,

“You had folks who would have been allocating to Bitcoin, but because there was no traditionally trusted, easy, efficient way to do it for their circumstances, they weren't in it. And then the ETFs changed that.”

What The Crypto Industry Wants From Trump

The crypto industry put its full weight behind Donald Trump’s election campaign. Now, it is readying a list of demands for the incoming administration. The crypto industry faced a significant lack of clarity from federal regulators, leaving it frustrated. The frustration increased thanks to the Biden administration’s stance against crypto.

The outgoing administration took a hawkish stance against crypto and went after industry giants, including Coinbase and Ripple, accusing them of selling unregistered securities.

However, President-elect Donald Trump, who once blasted crypto and called it a scam, fully embraced it on the campaign trail and became one of the first presidential candidates to accept digital assets. Kristin Smith, the CEO of the Blockchain Association, stated,

“With a bipartisan, pro-crypto Congress and pro-crypto president next year, the pieces are in place to get smart policy — including stablecoin and market structure legislation — across the finish line that will shape the American crypto industry for years to come. Looking ahead to 2025, the industry must work together on these policy solutions, presenting a cohesive vision to our leaders in Washington. Political power is fleeting, so we must take advantage of this moment to ensure crypto has a bright future ahead in the United States.”

South Korea Imposes Sanctions Against North Koreans For Crypto Heist

North Korean hackers are on the radars of governments, blaming them for significant crypto heists in 2024. Hackers associated with the infamous Lazarus Group are suspected to be behind some of the biggest cyber hacks in Web3 and crypto, including the $600 million Ronin hack. South Korea has become the latest country to impose sanctions on hacker groups from North Korea. It recently imposed sanctions against 15 North Korean IT organization members and one related group.

The sanctioned entities have allegedly procured funds for North Korea’s nuclear missile development program and the DPRK’s Munitions Industry Department. The 313th General Bureau’s