Bitcoin price today: retreats below $96k, XRP surges on regulatory hopes
Bitcoin retreated slightly on Monday after falling into a trading range just below the coveted $100,000 level, while XRP was a standout performer on speculation that the SEC could drop its case against issuer Ripple .
The world’s biggest cryptocurrency fell into a trading range of between $90,000 and $100,000 over the past two weeks after hitting a series of record highs. While Bitcoin still remained in sight of an over $99,000 peak, some optimism over its prospects cooled in anticipation of more cues on U.S. policy.
Bitcoin slid 1.4% to $95,864.0 by 08:55 ET (13:55 GMT). A recent rally in crypto markets was driven chiefly by optimism over a Donald Trump presidency, which is expected to entail friendlier crypto regulation. Bitcoin hit by some profit-taking, traders seek policy clarity
Bitcoin’s rangebound performance over the last two weeks was also driven by a measure of profit-taking at record highs.
Traders were now seeking more clarity on what Trump’s policies will entail for crypto, after he promised to make the U.S. the crypto capital of the world, and even floated the idea of a Bitcoin Strategic Reserve.
Trump’s picks for Treasury Secretary and Secretary of Commerce both hold pro-crypto views, while reports suggested that he may also choose a pro-crypto candidate to Chair the Securities and Exchange Commission. XRP becomes third-largest crypto on SEC speculation
XRP surged over 28% to $2.44 on Monday, flipping stablecoin Tether to become the third-largest crypto by market capitalization, at approximately $139 billion, data from Coinmarketcap showed.
The token was fueled largely by speculation that a looming change in leadership at the SEC will see the regulator drop its long-running lawsuit against XRP issuer Ripple.
SEC Chair Gary Gensler said he will resign as Trump takes office in January, with recent reports suggesting that former Commissioner Paul Atkins could replace him. Atkins has openly expressed support for digital assets.
Traders also speculated that Trump could shift crypto regulation over to the Commodity Futures Trading Commission from the SEC. The CFTC is expected to have a less strict stance on regulating the industry. Crypto price today: altcoins rangebound
Broader crypto prices were mostly rangebound on Monday, as traders sought more cues on policy. Risk appetite was also rattled by Trump threatening to impose steep tariffs on the BRICS bloc of countries.
World no.2 crypto Ether fell more than 2% to $3,620.1.
Solana plunged more than 5% while Cardano added around 3%. Meanwhile Polygon rose 4.2%.
Among meme tokens, Dogecoin lost 1.5%. MicroStrategy buys more BTC
Business intelligence firm MicroStrategy Incorporated (NASDAQ:MSTR ) continues to expand its Bitcoin holdings, acquiring 15,400 BTC for roughly $1.5 billion between November 25 and December 1. According to an 8-K filing with the SEC on Monday, the average purchase price was $95,976 per Bitcoin.
This acquisition coincided with the company selling an additional 3,728,507 shares during the same timeframe, raising the equivalent amount. As of December 1, MicroStrategy reported approximately $11.3 billion in remaining shares available for sale under its $21 billion equity offering plan. Combined with $21 billion in fixed-income securities, the firm aims to raise $42 billion over the next three years to fund further Bitcoin purchases.
With this latest acquisition, MicroStrategy now owns 402,100 BTC, valued at over $38 billion. The company’s total Bitcoin investments have come at an average cost of $58,263 per BTC, including related fees, totaling around $23.4 billion, according to co-founder and executive chairman Michael Saylor.
Ambar Warrick contributed to this report.
Source: Investing.com
