Bitcoin’s rally stalls after nearing the historic $100000 level

Published On : 2024-11-25T09:21:16+0530 [ IST ] | Author : Mayur_Tembhare
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Bitcoin steadied after a rally toward $100,000 fizzled just shy of the historic level as traders assess whether optimism stemming from President-elect Donald Trump’s support for crypto is becoming stretched.

The digital asset fell as low as $95,776 on Sunday after coming within $300 of the six-figure milestone on Friday. It rebounded to change hands at $97,550 as of 10:37 a.m. Monday in Singapore.

Investors are worried that Bitcoin “will have to take a breather now that it has basically tested the $100,000 level,” said Matt Maley chief market strategist at Miller Tabak + Co.

The overall value of the digital-asset market has surged about $1 trillion since Trump’s victory on Nov. 5.

Trump’s agendaTrump has promised friendlier regulations and pledged to set up a national Bitcoin stockpile though the timeline for implementation and the feasibility of the Bitcoin reserve remain open questions.

Traders had seized on the US crypto outlook to push Bitcoin to the verge of $100,000 a symbolic level that for crypto supporters repudiates skeptics who see little intrinsic value in digital assets.

Cantor's chief executive Howard Lutnick is co-chair of Trump's transition team and the president-elect's pick to run the Commerce Department. The transition team has also held discussions over whether to create the first-ever White House post dedicated to digital-asset policy

The exchange-traded funds investing directly in Bitcoin have now amassed $107 billion in assets.“Bitcoin was extremely overbought since the election, it was bound to stall out,” said Stephane Ouellette chief executive officer at crypto investment firm FRNT Financial Inc.

Source : Reporters From Sunrise Chronicles

Tags : Financial Inc , justcrypto tailwind across wall street , saidchief executive officer howard lutnick , Stephane Ouellette , Tether Holdings Ltd , Friday , Scott Bessent , David Lawant , It , Cash ,

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