PANews reported on December 30 that according to The Business Times, as 2024 draws to a close, the Bitcoin rally triggered by US President-elect Trump's victory in the early November election has stagnated. Trump's preference for cryptocurrency-friendly regulation and support for national Bitcoin reserves have boosted digital assets. But the reduction in expectations of a Fed rate cut has cooled speculative frenzy. The US cryptocurrency regime may become clearer after Trump takes office on January 20.
Chris Weston, head of research at Pepperstone Group, said Bitcoin's "momentum comes from post-election moves," partly due to outflows from ETFs. Meanwhile, MicroStrategy, the largest Bitcoin holder, has been buying Bitcoin heavily in the past few weeks. Traders are waiting to see whether the company, which owns more than $40 billion in digital assets, will continue to buy Bitcoin.
