The recent surge in Bitcoin’s price has lost steam as 2024 draws to a close. The digital asset, which reached a record high of $93,670 on Monday morning, fell short of its goal, being down about $15,000 from the mid-December peak.
Traders are now waiting for concrete policies from US President-elect Donald Trump’s administration, which has been embracing cryptocurrency since his election in November. The anticipation of these policies had fueled the rally, but it seems that the initial momentum is fading.
Smaller cryptocurrencies like Ether and Dogecoin also struggled to gain traction, mirroring the decline in Bitcoin’s price.
Source: https://www.bloomberg.com/news/articles/2024-12-30/bitcoin-btc-rally-fueled-by-trump-loses-steam-as-year-draws-to-close