Today's Bitcoin Performance: Mixed Around $93K, On Track to Score First Monthly Decline Since Rally
Go Wire
December 31, 2024
GoGPT Summarizes Articles
Bitcoin $BTC is mixed on Tuesday (Dec. 31) due to reduced year-end trading volumes, on track to see its first monthly decline since early August.
Bitcoin had set an all-time high of $108,244.9, boosted by Trump's presidential win in November.
However, the Federal Reserve signaled that the number of rate cuts in 2025 could be reduced to two from the four previously projected. The changed Fed rate outlook triggered macroeconomic pressures that caused profit-taking. Specifically, the changed outlook drove investors to re-evaluate their holdings in speculative assets like Bitcoin, dragging down Bitcoin's price.
Bitcoin fell to a multi-month low of $91,522 on Monday (Dec. 30th) though it rebounded later as investors bought the dip.
Cryptocurrency-related stocks in the US market followed Bitcoin's downtrend on Monday, with MicroStrategy $MSTR closing down 8.19%, Coinbase Global Inc $COIN dropping 3.82%, and Riot Platforms $RIOT closing 4.46% lower.
At press time, the world's top cryptocurrencies fall.
The world's first cryptocurrency, Bitcoin, falls 0.05%.
Ether, the world's second-largest cryptocurrency, falls 0.87%.
The world's third-largest cryptocurrency, XRP falls 0.06%.
The leading meme token, Dogecoin, is down 0.71%.
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