Dec 6 2024: Bitcoin retreated in Asian trading on Friday, falling 4.5% to $97,830.3 after briefly surpassing the $100,000 milestone on Thursday. The record high of $103,719.4 was driven by optimism over pro-crypto regulatory developments under U.S. President-elect Donald Trump. However, profit-taking ensued as traders awaited insights on U.S. interest rates from upcoming nonfarm payrolls data.
Pro-Crypto Moves by Trump Administration Boost Market Sentiment
President-elect Trump announced venture capitalist David Sacks as the White House AI and crypto advisor, signaling further support for the sector. This follows earlier nominations, including Paul Atkins, a crypto-friendly former SEC Commissioner, to lead the agency, fueling hopes for reduced regulatory hurdles.
Citi Analysts: Bitcoin’s Dominance May Decline with Regulatory Clarity
While acknowledging positive macro trends, Citi analysts suggested that increased regulatory clarity could shift focus toward smaller cryptocurrencies with practical use cases, potentially reducing Bitcoin’s dominance in the market.
Altcoins Show Resilience as Broader Crypto Market Stabilizes
Despite Bitcoin’s losses, Ether gained 1.8% to $3,918.19, marking a 3.5% weekly rise. XRP, buoyed by speculation that the SEC may drop its lawsuit against Ripple, surged 1.8% and achieved a 21% weekly gain, reaching a six-year high. Other altcoins, including Solana and Cardano, remained stable, while Dogecoin dropped 2.1%.
