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Bitcoin (BTC) Price Grapples with $100K as Rally on Trump’s Crypto-Positive Comment Fizzles

December 12, 2024Updated:December 13, 2024No Comments2 Mins Read
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Bitcoin (BTC) Price Grapples with 0K as Rally on Trump’s Crypto-Positive Comment Fizzles
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Bitcoin (BTC) Price Grapples with $100K as Rally on Trump’s Crypto-Positive Comment Fizzles

Showing set for a run to a brand new file excessive earlier on Thursday, bitcoin (BTC) fell sharply in U.S. afternoon buying and selling as tumbling bond markets took a toll on danger property.

The constructive worth motion got here as President-elect Donald Trump mentioned “we will do one thing nice with crypto” whereas ringing the opening bell on the New York Inventory Alternate, reiterating his ambition to embrace digital property within the U.S. and create a strategic bitcoin reserve. Alongside, the European Central Financial institution trimmed its benchmark rates of interest by 25 foundation factors and in its dovish coverage assertion hinted that extra price cuts had been prone to occur.

Bitcoin rose as excessive as $102,500, its strongest worth since final week’s all-time file above $104,000. Not solely did that rally not maintain, however the $100,000 stage did not both, with the value falling to $99,800 by press time late Thursday afternoon.

Main danger property as a gaggle offered off as nicely, maybe as Western bond markets reacted negatively to the ECB dovishness. The German 10-year Bund yield rose 8 foundation factors to 2.21% and the U.S. 10-year Treasury yield gained 6.5 foundation factors to 4.34%. U.S. shares gave up early beneficial properties to shut decrease, the Nasdaq dropping 0.7% and S&P 500 0.5%. The worth of gold additionally fell in the course of the afternoon, shedding 1.8% to $2,706 per ounce.

Altcoins on common outperformed BTC with most members of the broad-market CoinDesk 20 Index reserving day by day beneficial properties. Native tokens of Avalanche community (AVAX) and knowledge supplier Chainlink (LINK) had been the best-performing property within the basket, advancing 9% and 13%. AVAX was maybe benefiting from information of a $250 million token funding led by Galaxy, Dragonfly and ParaFi Capital, whereas Trump-affiliated decentralized finance venture World Liberty Monetary (WLFI) continued to buy LINK by the day, including $1 million extra tokens within the later hours, onchain knowledge by Arkham Intelligence confirmed.

The second-largest cryptocurrency ether (ETH) additionally outperformed BTC, holding onto a 1.5% day by day achieve after retracing from its session excessive simply shy of $4,000. Analytics agency CryptoQuant mentioned that robust spot ETF inflows and burgeoning Ethereum blockchain exercise units ETH as much as attain new all-time highs above $5,000.





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