Bitcoin’s Rally Fades Away as Token Ends Record-Breaking Year

According to Bloomberg, $BTC is at risk of its first monthly decline in four years,

The token has struggled to hold above the $100,000 level.

Bitcoin’s rally in the final days of a record-breaking year for the digital asset is fading as investors seize the remaining momentum from President-elect Donald Trump’s embrace of the crypto space.

The largest token changed hands at $95,600 as of 8:45 a.m. Friday in Singapore, down nearly 3% from a day earlier. Smaller rivals like Ether and Dogecoin, which are favorites of the meme crowd, have struggled for traction.

Trump is pushing ahead with a promise to create a crypto-friendly environment in the U.S. and has backed the idea of ​​setting up a national Bitcoin reserve. Traders are waiting to see if such a stockpile is viable.

The cryptocurrency market is also preparing for the expiration of a significant amount of Bitcoin and Ether options contracts on Friday, one of the biggest events in the history of digital assets, according to leading brokerage firm FalconX.

Sean McNulty, trading director at liquidity provider Arbelos Markets, pointed to the risk of a “volatile market” as derivatives positions expire.

Bitcoin is fluctuating despite MicroStrategy Inc. flagging the possibility of expanding its token purchase program this week. The company has transformed itself from a software maker to a Bitcoin hoarder and now holds more than $40 billion in digital assets.

The original cryptocurrency is on track for a December decline, the first of four straight monthly declines, according to data compiled by Bloomberg. Bitcoin hit a record high of $108,316 on Dec. 17 before pulling back.