Published: 4:17pm, 30 Dec 2024Updated: 4:32pm, 30 Dec 2024
The bitcoin rally sparked by Donald Trump’s US presidential election victory in early November is stalling, as 2024 draws to a close.
Advertisement
The digital asset wavered at US$93,085 as of 5:25am on Monday in London, about US$15,000 below the record high set in mid-December.
Smaller tokens like ether and meme-crowd favourite dogecoin also struggled for traction.
Trump’s preference for crypto-friendly regulations and support for the idea of a national bitcoin reserve lifted digital assets. But scaled-back expectations for interest-rate cuts by the US Federal Reserve have cooled the speculative frenzy.
More clarity on the US cryptocurrency regime is likely to emerge after Trump assumes power on January 20.
Advertisement
The Republican’s stance contrasts with President Joe Biden’s administration, which cracked down on the scandal-prone sector.