Bitcoin drops to $99k as Trump rally pauses, Mt. Gox caution weighs

From Investing.com

December 9, 2024 12:31 AM:

Bitcoin fell slightly on Monday, cooling after a weekend rally as markets awaited more cues on crypto policy from incoming U.S. President Donald Trump. Caution over distributions by defunct exchange Mt. Gox also weighed, after a wallet moved over $2 billion worth of coins last week. BTC fell 0.4% to $99,439.8.

Optimism over crypto-friendly regulations under President-elect Donald Trump saw Bitcoin rise, reaching a record high of $103,719.4. Cheer over Trump’s policy plans rose after he nominated a crypto-friendly Chair for the SEC and pro-crypto candidates for Treasury and Commerce. Traders await more cues on crypto policy ahead of Trump’s inauguration.

Altcoins overtook Bitcoin on regulatory cheer, with altcoins seeing more gains than Bitcoin. Ethereum surged to six-year highs as traders bet on dropped lawsuits. Bitcoin dominance fell to a one-month low of around 55%, suggesting altcoin outperformance. Bitcoin’s rally overshadowed most cryptocurrencies, leaving them trading at discounts.

While major altcoins fared better than Bitcoin in recent weeks, their rally cooled in tandem on Monday. Ethereum fell 1% to $3,939.69, while Solana fell 0.5% to $2.4821. Cardano, XRP, and Dogecoin fell between 1.6% and 2.5%, while Shiba Inu shed 4.6%.

Read more at Investing.com: down to $99k as Trump rally pauses, Mt. Gox caution weighs By Investing.com