PakGazette– Bitcoin steadied on Thursday after falling sharply in the final week of 2024, as traders worried about the regulatory outlook for cryptocurrencies under incoming President Donald Trump.
Increased risk appetite was also hampered by losses on Wall Street, as the prospect of slower rate cuts in 2025 prompted some profit-taking towards the end of the year.
Bitcoin was also subject to profit-taking after rallying more than 100% in 2024, with most of its gains coming after Trump’s victory in the 2024 presidential election.
rose 1.8% to $95,469.5 at 00:12 ET (0512 GMT), after falling as low as $92,000 last week.
Bitcoin falls below $100,000 in year-end crash
Bitcoin fell below the coveted $100,000 level over the past week as traders made some year-end profits.
The cryptocurrency had hit an all-time high of more than $108,000 in early December as it benefited from speculation about friendlier regulations under Trump.
But it failed to maintain this level amid sustained profit-taking, while traders also questioned what Trump’s policies will mean for cryptocurrencies.
Trump has pledged to enact friendlier regulations for the cryptocurrency industry and nominated a number of cryptocurrency-friendly candidates for key regulatory positions, most notably the chairman of the Securities and Exchange Commission.
But questions were raised about his other promises, particularly his promise to establish a strategic Bitcoin reserve.
Questions about Trump’s policies are expected to linger when he takes office at the end of January.
Crypto Price Today: Altcoins Recover Year-End Losses
Broader cryptocurrency prices rose sharply as they recovered some of their losses over the past week.
The world’s No. 2 cryptocurrency rose 2.1% to $3,411.12, while the world’s No. 3 token jumped 13.7% to $2.3904.
Risk appetite was also shaken by the prospect of slower interest rate cuts by the Federal Reserve in 2025, after the bank signaled this during its December meeting. The Federal Reserve cited uncertainty over persistent inflation and a change of administration in the White House.
Higher rates bode poorly for speculative assets like cryptocurrencies, as they limit the amount of capital that can be used to invest in such assets.
Among other altcoins, and it increased by 6% to 10%, while among meme tokens, it added 5%.
