Latest, take a look! 2024 is coming to an end, Bitcoin's explosive rise faces obstacles
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Bitcoin's rise has been fueled by Donald Trump's victory in the 2024 U.S. presidential election, but as the year comes to a close, this momentum is slowing down.
According to a recent report by Bloomberg, Bitcoin was trading at $93,085 in London on Monday morning. Compared to its peak price in mid-December, Bitcoin's price has dropped by about $15,000.
After Trump's friendly attitude toward cryptocurrency sparked optimism, the leading cryptocurrency faces challenges. Meanwhile, other digital currencies, including Ethereum and meme coin Dogecoin, have failed to maintain their momentum.
Trump has promised to establish a national Bitcoin reserve and ease regulations, bringing positive prospects to the digital asset market. Speculative purchases have driven Bitcoin's strong performance, while optimism has also fueled this momentum.
However, the Federal Reserve's reduction in forecasts has cooled investors' hopes for significant interest rate cuts.
Trump's pro-cryptocurrency stance is not enough to sustain Bitcoin's upward trend
As Trump is officially inaugurated on January 20, future U.S. cryptocurrency policies should be more transparent. This stance contrasts sharply with the Biden administration's tough approach to the crypto market, especially since they view it as a path that easily leads to scandals and fraud.
Chris Weston, head of research at Pepperstone Group, stated that Bitcoin's post-election surge has faded. He also noted that the activity of exchange-traded funds related to cryptocurrencies has decreased.
Meanwhile, software company MicroStrategy Inc. has made headlines for its aggressive buying strategy, as it has become one of the most well-known corporate holders of Bitcoin. The company recently added BTC to its reserves, which now total over $40 billion.
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