As 2024 draws to a close, Bitcoin’s rally sparked by U.S. President-elect Trump’s victory in early November is stalling, according to Bloomberg. Bitcoin has fallen by about $15,000 since hitting a record in mid-December. Chris Weston, head of research at Pepperstone Group, said Bitcoin’s “momentum is moving away from the post-election trend,” in part due to ETF outflows.
Meanwhile, software maker MicroStrategy has been buying a lot of Bitcoin in the past few weeks. Traders are waiting to see if the company will continue to increase its Bitcoin holdings as announced on Monday. This year, Bitcoin has risen about 120%, with returns outperforming traditional investments such as global stocks and gold. Bitcoin has also more than doubled in 2023, recovering from a bear market.
Yesterday, Michael Saylor released Bitcoin Tracker information for the eighth consecutive week, which may imply another increase in BTC holdings.
