After Donald Trump was elected President in early November, Bitcoin prices shot up but are now having a hard time keeping that momentum as we approach the end of 2024. Right now, Bitcoin is priced at $93,678, which is about $15,000 less than its all-time high of mid-December. Other cryptocurrencies like Ether and Dogecoin are also finding it tough to gain traction.
Trump’s friendly approach to digital money and plans for a national Bitcoin reserve excited many investors, but now expectations for lower interest rates from the Federal Reserve have tempered that excitement.
More details on how the U.S. will regulate cryptocurrencies are expected after Trump takes office on January 20. His views are quite different from those of President Joe Biden, who has been stricter with crypto rules.
Chris Weston, a researcher at Pepperstone Group, mentioned that the excitement for Bitcoin after the election has faded a bit. This is partly because money is flowing out of Bitcoin-focused exchange-traded funds.
In the meantime, MicroStrategy Inc., a company known for collecting Bitcoin, has recently bought more of it. Many are curious to see if the company, which holds over $40 billion worth of Bitcoin, will keep announcing its purchases on Mondays.
Despite the recent struggles, Bitcoin has grown about 120% this year, doing better than regular investments like stocks and gold. After a tough decline in 2023, Bitcoin has bounced back and more than doubled its value.
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