A record-breaking year comes to a close as Bitcoin's rebound momentum begins to weaken, and the market awaits Trump to fulfill his promises
In the final days of a record-breaking year for digital assets, Bitcoin's rebound bubble is starting to burst as investors assess the remaining momentum of President-elect Donald Trump's embrace of the cryptocurrency sector.
As of 6 AM, the largest token was trading at $96,200. On Friday in London, some token prices fell nearly 3% from the previous day. Smaller competitors, including Ether and Dogecoin, favorites of the meme crowd, also oscillated within a narrow range.
Trump is pushing forward on promises to create a crypto-friendly environment in the U.S. and has supported the idea of establishing a national Bitcoin reserve. Traders are analyzing some profits and waiting to see if the controversial reserves are feasible.
Options Expiration
According to major broker FalconX, the crypto market is also preparing for a large number of Bitcoin and Ether options contracts set to expire on Friday — one of the largest such events in digital asset history.
The notional value of Bitcoin contracts at one of the largest digital asset derivatives exchanges, Deribit, exceeds $14 billion, while the equivalent figure for Ether is about $3.8 billion.
Sean McNulty, trading director at liquidity provider Arbelos Markets, pointed out the risks of "market turbulence" as derivative positions expire.
MicroStrategy Plans
Even after MicroStrategy Inc. hinted at the possibility of expanding its token purchase plan this week, Bitcoin is wobbling. The company has transformed from a software manufacturer into a Bitcoin accumulator, now holding over $40 billion in digital assets.
According to data compiled by Bloomberg, the original cryptocurrency fell in December, marking its first monthly decline since April. Bitcoin reached an all-time high of $108,316 on December 17 before retracing.
In the four trading days ending December 24, investors withdrew a net $1.5 billion from several U.S. spot Bitcoin exchange-traded funds, the heaviest outflow since Trump won the U.S. election on November 5.
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