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Bitcoin saw a modest retreat on Monday, slipping 0.4% to $99,439.8 as traders awaited further clarity on U.S. crypto policy under the incoming administration of President-elect Donald Trump. This pullback comes after a weekend rally that saw the cryptocurrency brush record highs.<\/p>\n\n\n\n
Bitcoin\u2019s sharp rise last week, culminating in a record peak of $103,719.4, was driven by optimism surrounding potential crypto-friendly policies under Trump\u2019s administration. Key appointments, including a crypto-advocate to head the Securities and Exchange Commission (SEC), have bolstered market sentiment. Trump\u2019s pledge to position the U.S. as a \u201ccrypto capital\u201d and his proposed Bitcoin Strategic Reserve have added to the buoyant outlook, although skepticism persists about the feasibility of these measures.<\/p>\n\n\n\n
Traders are now focusing on Trump\u2019s upcoming inauguration on January 20, hoping for more concrete details on regulatory reforms.<\/p>\n\n\n\n
Weighing on Bitcoin\u2019s momentum, caution remains over possible distributions from the defunct exchange Mt. Gox. A wallet linked to the exchange moved over $2 billion worth of Bitcoin last week, a signal that distributions to creditors could be imminent. Such events often create selling pressure in the market, prompting trader vigilance.<\/p>\n\n\n\n
Amid Bitcoin\u2019s consolidation, altcoins have emerged as significant beneficiaries of the crypto rally. Optimism about broader regulatory clarity has shifted focus toward alternative cryptocurrencies, with XRP leading the charge. The token surged to six-year highs on speculation that the SEC might resolve its prolonged legal dispute with Ripple, following the Trump administration\u2019s pro-crypto appointments.<\/p>\n\n\n\n
Bitcoin dominance\u2014a measure of its share of the total crypto market capitalization\u2014fell to a one-month low of 55%, reflecting the growing appeal of altcoins. This divergence suggests a potential shift in market dynamics as traders diversify into other crypto assets.<\/p>\n\n\n\n
The broader crypto market mirrored Bitcoin\u2019s Monday retreat. Ether, the second-largest cryptocurrency, dipped 1% to $3,939.69, while XRP, now the third-largest, declined 0.5% to $2.4821. Other notable altcoins such as Solana, Cardano, and Polygon posted losses between 1.6% and 2.5%.<\/p>\n\n\n\n
Even meme-based tokens like Dogecoin were not spared, falling 4.6%. Despite the pullback, many altcoins remain well-positioned for future gains amid growing interest in their underlying use cases.<\/p>\n\n\n\n
While Bitcoin remains close to its recent highs, the market\u2019s focus on upcoming policy announcements and potential disruptions, such as Mt. Gox distributions, underscores a cautious stance. Altcoins, on the other hand, continue to show promise, with many traders eyeing them as the next frontier for significant gains in an evolving regulatory landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin saw a modest retreat on Monday, slipping 0.4% to $99,439.8 as traders awaited further clarity on U.S. crypto policy under the incoming administration of President-elect Donald Trump. This pullback comes after a weekend rally that saw the cryptocurrency brush record highs. Policy Optimism Fuels Recent Surge Bitcoin\u2019s sharp rise last week, culminating in a …<\/p>\n","protected":false},"author":9,"featured_media":53219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904,8060],"class_list":["post-109123","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin","tag-profit-taking"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=109123"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109123\/revisions"}],"predecessor-version":[{"id":109124,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109123\/revisions\/109124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53219"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=109123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=109123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=109123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}