Bitcoin’s price fell slightly on Monday after logging sharp losses over the weekend as a push to record highs above the $100,000 level stalled amid some doubts over what a Trump presidency will entail for crypto.
Bitcoin hit a series of record highs last week, rising as far as $99,617.4 in an extended rally after Donald Trump won the 2024 presidential elections in early-November.
But the crypto failed to breach the coveted $100,000 level, falling sharply over the weekend amid some profit-taking and as investors sought more concrete cues on Trump’s plans for crypto.
Bitcoin traded down 0.18% at $98,223 . The crypto had fallen as far as $96,000 over the weekend.
Trump on Friday nominated prominent investor Scott Bessent as his pick for Treasury Secretary.
Bessent, who founded the hedge fund Key Square Group, had expressed enthusiasm over Trump’s backing of crypto during an interview with Fox News in July.
Bessent- who has donated to Democrats in the past- is also viewed as a more moderate choice within Trump’s administration, and is expected to help push for tax reforms and a less strict crackdown on trade.
Cantor Fitzgerald in talks for Bitcoin lending program with Tether- Bloomberg
Trump’s pick for Commerce Secretary, Howard Lutnick, has also expressed support for the crypto industry, with his firm Canton Fitzgerald having helped stablecoin giant Tether manage its holdings of U.S. Treasuries.
Lutnick’s Cantor Fitzgerald is in talks to deepen its ties with Tether and is preparing a $2 billion project to lend dollars against Bitcoin to clients, Bloomberg reported on Sunday.
The firm is discussing receiving support from Tether to fund the project, which could potentially be worth over tens of billions of dollars.
Reuters reported that Tether was seeking to use part of its profits generated in the past years in different avenues.
Crypto price today: Altcoins track Bitcoin losses
Broader crypto prices also retreated on Monday, extending losses from the weekend. World no.2 crypto Ether fell 0.9% to $3,385.74.
XRP fell 0.6% to $1.4547, cooling after logging strong gains last week. XRP had shot up after Securities and Exchange Commission Chair Gary Gensler said he will resign in January as Trump takes the presidency.
Gensler’s resignation brewed optimism that the SEC will adopt a less strict stance on crypto regulation, especially under a Trump presidency. XRP was the chief beneficiary of this trade, given that the SEC has a long-running lawsuit against Ripple, who issues the altcoin.
SOL, ADA, and MATIC fell between 0.5% and 3.3%. Among meme tokens, Dogecoin fell 2.4%.