Dec 9 2024: Bitcoin experienced a slight dip on Monday, easing after a weekend rally as investors awaited further details on cryptocurrency policies under incoming U.S. President Donald Trump.
Market caution also grew following the movement of over $2 billion worth of Bitcoin by a wallet associated with the defunct Mt. Gox exchange. Such activity typically precedes distribution events, with Mt. Gox still holding significant Bitcoin reserves earmarked for creditor payouts.
By 00:01 ET (05:01 GMT), Bitcoin had fallen 0.4% to $99,439.8.
Trump Crypto Optimism Pauses
Bitcoin surged to a record high of $103,719.4 last week on hopes of crypto-friendly policies from President-elect Trump. Optimism was fueled by his appointment of pro-crypto leaders, including a Securities and Exchange Commission Chair, and his promises to establish favorable regulations, positioning the U.S. as a global “crypto capital.”
While traders remain optimistic, they now await more policy clarity as Trump’s inauguration on January 20 approaches.
Altcoins Outperform Bitcoin Amid Regulatory Hopes
Altcoins have recently shown stronger gains than Bitcoin, driven by expectations that regulatory clarity will shift focus towards broader crypto use cases. XRP, in particular, reached six-year highs amid speculation that the SEC may drop its lawsuit against Ripple.
Bitcoin’s market dominance—measuring its share of overall crypto market capitalization—declined to a one-month low of 55%, underscoring altcoins’ growing appeal.
Crypto Prices Today
- Ether: Fell 1% to $3,939.69.
- XRP: Dropped 0.5% to $2.4821.
- Solana, Cardano, Polygon: Declined between 1.6% and 2.5%.
- Dogecoin: Dropped 4.6%.
Despite cooling off, Bitcoin remains near its recent peaks, with traders closely monitoring the impact of upcoming policy announcements.