Bitcoin Falls Below $92,000, Altcoins and Stock Market Decline
● Bitcoin continued to weaken for the second consecutive day after failing to bring the price back above the $95,000 threshold.
● Stock market futures dipped slightly before the last trading day of 2024, following another prosperous year on Wall Street that saw the S&P 500 index grow over 20% for the second consecutive year, driven by interest rate cuts, economic strength, and artificial intelligence.
● Futures linked to the Dow Jones Industrial Average remained flat, while S&P 500 index futures fell slightly by 0.1%, and Nasdaq 100 index futures dropped nearly 0.2%.
● The S&P index rose over 23.8%, marking its second consecutive year of growth above 20%. The Dow Jones Industrial Average rose nearly 13%, while the Nasdaq Composite outperformed the market with a gain of 29.8%.
● The market will be closed on Wednesday in anticipation of the New Year holiday.
● President Donald Trump successfully campaigned for re-election in November, which is a positive signal for the market, boosting hopes for deregulation and lower corporate tax rates, while focusing on the resilient U.S. economy. Expectations for a cryptocurrency-friendly government have pushed Bitcoin to record levels above $108,000.
● As BTC falls below the $92,000 mark, the altcoin market continued to decline yesterday.
● Ethereum (ETH) has continued to trade sideways between $3,300 and $3,450 for the past 3,300 days.
