Bitcoin's Price Falls Amid Uncertainty Over Trump Presidency
Bitcoin Price Decline
Bitcoin's price slightly fell on Monday following significant losses over the weekend. The cryptocurrency previously soared to record highs, reaching $99,617.4 after Donald Trump secured the 2024 presidential election victory. However, it failed to surpass the highly anticipated $100,000 mark as investors engaged in profit-taking and awaited concrete plans from Trump's administration regarding cryptocurrency.
Trump's Treasury and Commerce Appointments
Donald Trump nominated Scott Bessent for Treasury Secretary. Bessent, known for his crypto-friendly stance, is expected to advocate for tax reforms and a moderate approach to trade regulation. Howard Lutnick, Trump's choice for Commerce Secretary, also supports the crypto industry. His firm, Cantor Fitzgerald, is negotiating a significant Bitcoin lending program with Tether, potentially involving billions of dollars.
Broader Crypto Market Reaction
The broader cryptocurrency market also saw a decline on Monday. Ether, the second-largest cryptocurrency, dropped 0.9% to $3,385.74. XRP fell 0.6% after initially rising due to news of SEC Chair Gary Gensler's impending resignation, which sparked hopes for relaxed crypto regulations under Trump. Other cryptocurrencies like SOL, ADA, and MATIC experienced declines ranging from 0.5% to 3.3%, while Dogecoin fell 2.4%.
Market Sentiment and Outlook
Investors remain cautious as they assess the potential regulatory landscape under Trump's presidency. The anticipation of policy changes continues to influence market dynamics, impacting both Bitcoin and altcoin prices. As the situation evolves, market participants are likely to closely monitor developments within Trump's administration that could affect cryptocurrency markets.
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