💸 Bitcoin Grapples with $100K as Rally on Trump's Crypto-Positive Comment Fizzles
Bitcoin (BTC) initially appeared poised for a new record high but fell sharply in U.S. afternoon trading, dropping to $99,800 as bond markets negatively impacted risk assets. Earlier in the day, President-elect Donald Trump expressed optimism about cryptocurrency during the NYSE opening bell, emphasizing his plans to embrace digital assets and establish a strategic bitcoin reserve.
Despite bitcoin reaching $102,500, it couldn't maintain this momentum, and broader risk assets also declined, with U.S. and German bond yields rising. U.S. stocks closed lower, and gold prices dropped by 1.8%.
In contrast, altcoins generally outperformed BTC, with Avalanche (AVAX) and Chainlink (LINK) seeing significant gains, driven by investment news and ongoing purchases linked to Trump-affiliated projects. Ethereum (ETH) also fared well, posting a 1.5% gain and showing potential for reaching new highs above $5,000 due to strong market activity.
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Bitcoin (BTC) initially appeared poised for a new record high but fell sharply in U.S. afternoon trading, dropping to $99,800 as bond markets negatively impacted risk assets. Earlier in the day, President-elect Donald Trump expressed optimism about cryptocurrency during the NYSE opening bell, emphasizing his plans to embrace digital assets and establish a strategic bitcoin reserve.
Despite bitcoin reaching $102,500, it couldn't maintain this momentum, and broader risk assets also declined, with U.S. and German bond yields rising. U.S. stocks closed lower, and gold prices dropped by 1.8%.
In contrast, altcoins generally outperformed BTC, with Avalanche (AVAX) and Chainlink (LINK) seeing significant gains, driven by investment news and ongoing purchases linked to Trump-affiliated projects. Ethereum (ETH) also fared well, posting a 1.5% gain and showing potential for reaching new highs above $5,000 due to strong market activity.
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