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Bitcoin Price Falls Below Peak as Year-End Rally Loses Steam
The cryptocurrency market has experienced a drastic change in sentiment after the year-end rally lost steam. This sudden downturn has led to a significant drop in the price of Bitcoin, which is currently trading at $93,085.
Despite its previous all-time high of $108,268, Bitcoin’s recent fall below this peak signals a potential reversal pattern building up towards the end of the year. The crypto market, including Ether and Dogecoin, has witnessed similar struggles to regain momentum.
Market analysts have pointed out that the decline in price can be attributed to a change in anticipation regarding rate cuts by the Federal Reserve. This shift has led to a decrease in speculation-driven buying activity, which was responsible for the previous surge.
Despite this downturn, Bitcoin still managed to post strong gains throughout 2024, rising by an impressive 120%. It outperformed traditional assets such as stocks and gold. Investors are now left waiting for further signals regarding crypto regulation once President Trump takes office in January, a development that could reinvigorate the market.
In other news, MicroStrategy Inc has made it clear that it will continue to expand its Bitcoin holdings despite fluctuating market conditions. The software giant has already surpassed 6,000 Bitcoins, worth over $561 million, with an unrealized gain of 105%.
Source: cryptotale.org
