Bitcoin Steadies Amid Anticipation of U.S. Monetary Policy Shifts
Bitcoin Market Trends
Bitcoin experienced a slight rise, stabilizing below recent highs as traders anticipated further developments on U.S. monetary policy and potential impacts from Donald Trump's administration on the cryptocurrency sector. The cryptocurrency's price rose 0.3% to $96,418.1, remaining within a trading range established over the past two weeks. After a significant rally post-Trump's 2024 presidential election victory, Bitcoin struggled to surpass the $100,000 level, leading to a rangebound market.
Trump's Crypto Policies
The crypto community is eagerly awaiting policy cues from Donald Trump, who has promised a more crypto-friendly regulatory environment. Trump has expressed intentions to transform America into a crypto powerhouse and proposed the idea of a national Bitcoin reserve. Key cabinet picks are expected to hold pro-crypto stances, signaling potential regulatory shifts. Speculation surrounds the possibility of moving crypto regulation from the SEC to the Commodity Futures Trading Commission. However, doubts remain about the feasibility of these promises, particularly the establishment of a Bitcoin reserve.
Market Concerns and Federal Reserve Impact
Recent government activity, involving the mobilization of $1.9 billion in Bitcoin onto an exchange, has sparked fears of a potential large-scale sell-off. Additionally, broader crypto prices mirrored Bitcoin's movements, with caution prevailing ahead of anticipated U.S. interest rate clues. Federal Reserve Chair Jerome Powell's upcoming speech and key nonfarm payroll data are expected to influence market dynamics.
Altcoin Movements
Ether, the top altcoin, saw a 0.9% increase, while XRP fell 1% after a significant rally. Solana continued its upward trend with a 3.9% rise, whereas Cardano declined by 5.4%. Polygon's price remained stable. Among meme coins, Dogecoin experienced a slight decline of 1.1%.
The market remains attentive to potential regulatory changes and economic indicators that could influence future crypto trends.
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