Bitcoin Price Today: Holding Steady at $97.5k Following Weekend Losses
Bitcoin saw a slight rise in price on Monday, following some sharp losses over the weekend. The push towards record highs above $100,000 came to a halt as doubts loomed over what a Trump presidency would mean for crypto.
Last week, Bitcoin hit a series of record highs, reaching as high as $99,617.4 in a rally after Donald Trump’s victory in the 2024 presidential elections. However, the cryptocurrency fell short of the coveted $100,000 mark over the weekend due to profit-taking and investors wanting more clarity on Trump’s crypto plans.
As of 09:09 ET (14:09 GMT), Bitcoin was trading up 0.3% at $97,488.0, after dropping to $96,000 over the weekend.
In related news, Trump’s pick for Treasury Secretary, Scott Bessent, has shown support for crypto. Bessent, founder of Key Square Group, expressed enthusiasm for Trump’s backing of crypto in an interview with Fox News in July. Considered a moderate choice within Trump’s administration, Bessent is expected to advocate for tax reforms and a less strict approach to trade.
Cantor Fitzgerald, led by Commerce Secretary pick Howard Lutnick, is in talks with Tether for a Bitcoin lending program. The firm is preparing a $2 billion project to lend dollars against Bitcoin, potentially reaching tens of billions of dollars.
On the corporate front, business intelligence firm MicroStrategy made its largest single purchase of Bitcoin. Between Nov. 18 and Nov. 24, it acquired 55,500 BTC for approximately $5.4 billion at an average price of $97,862 per bitcoin. This purchase follows a $3 billion debt offering and the sale of shares to fund further Bitcoin acquisitions.
Ether, the second-largest cryptocurrency, reached a 4-month high of $3,509.83 before pulling back slightly to $3,488.20. XRP also saw gains, rising nearly 6% to $1.44 following news of SEC Chair Gary Gensler’s upcoming resignation.
Overall, the crypto market is recovering from the weekend losses, with various altcoins like SOL, ADA, and MATIC showing positive movement. Dogecoin, a popular meme token, also advanced by 1%.
It’s an eventful time in the world of cryptocurrency, with market fluctuations and political appointments shaping the future of digital assets. Stay tuned for more updates as the landscape continues to evolve.
