Bitcoin's upward price movement has slowed, but the currency hasn't lost much since yesterday's all-time high above $76,000.
At the time of writing The price of Bitcoin According to CoinGecko data, it sits at around $75,400—up 1.4% on the day. In the last 24 hours, traders have moved more than $128 million worth of BTC.
To put that in perspective, there are only two more days. Bitcoin In the year It has changed hands in a 24-hour period since 2013—as far as price and volume data goes on CoinGecko.
On January 4, 2021, BTC saw its rally drop by $5,000 and spark a trade worth $178 billion. Then on May 20, 2021, a flash crash on May 20, 2021, the so-called “Black Wednesday,” saw bitcoin plummet to $30,415, knocking off $500 billion in global crypto market capitalization. On that day, investors moved more than $141 billion worth of BTC.
Analysts were quick to point out that the post-election euphoria over Donald Trump's victory could be dampened if the Republican doesn't follow through on his campaign promises, creating strategic Bitcoin reserves and forcing SEC Chairman Gary Gensler to step down.
“Investors are watching closely, hoping that pro-crypto promises made at recent conferences will be fulfilled,” BRN analyst Valentin Fournier wrote in a note shared with Decrypt. “Trump's election presents a strong bullish case, which is expected to reduce inflation and global stimulus to further boost the economy and support Bitcoin's performance.”
From a trader's perspective, there is a 99% chance that the upcoming Federal Open Market Committee meeting will end in another 25-50 basis points increase, according to the CME FedWatch Tool.
As markets brace for next week's rally, the U.S. Federal Reserve's decision by its Open Market Committee to cut or hold interest rates on Friday is unlikely to boost prices, some say.
David Launt, head of research at Falconx, told Decrypt: “The decision makes little sense. But in the year There is significant macro uncertainty as we enter 2025 under the Trump presidency.
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