Bitcoin price today: flat at $97.5k after weekend losses as $100k remains elusive
Bitcoin’s price rose marginally on Monday after logging sharp losses over the weekend as a push to record highs above the $100,000 level stalled amid some doubts over what a Trump presidency will entail for crypto.
Bitcoin hit a series of record highs last week, rising as far as $99,617.4 in an extended rally after Donald Trump won the 2024 presidential elections in early-November.
But the crypto failed to breach the coveted $100,000 level, falling sharply over the weekend amid some profit-taking and as investors sought more concrete cues on Trump’s plans for crypto.
Bitcoin traded up 0.3% at $97,488.0by 09:09 ET (14:09 GMT). The crypto had fallen as far as $96,000 over the weekend. Trump’s Treasury pick Bessent has expressed crypto support
Trump on Friday nominated prominent investor Scott Bessent as his pick for Treasury Secretary.
Bessent, who founded the hedge fund Key Square Group, had expressed enthusiasm over Trump’s backing of crypto during an interview with Fox News in July.
Bessent- who has donated to Democrats in the past- is also viewed as a more moderate choice within Trump’s administration, and is expected to help push for tax reforms and a less strict crackdown on trade.
Cantor Fitzgerald in talks for Bitcoin lending program with Tether- Bloomberg
Trump’s pick for Commerce Secretary, Howard Lutnick, has also expressed support for the crypto industry, with his firm Canton Fitzgerald having helped stablecoin giant Tether manage its holdings of U.S. Treasuries.
Lutnick’s Cantor Fitzgerald is in talks to deepen its ties with Tether and is preparing a $2 billion project to lend dollars against Bitcoin to clients, Bloomberg reported on Sunday.
The firm is discussing receiving support from Tether to fund the project, which could potentially be worth over tens of billions of dollars.
Reuters reported that Tether was seeking to use part of its profits generated in the past years in different avenues. MicroStrategy buys more Bitcoin
Business intelligence firm and major corporate bitcoin investor MicroStrategy Incorporated (NASDAQ:MSTR ) revealed it acquired 55,500 BTC between Nov. 18 and Nov. 24, spending approximately $5.4 billion at an average price of $97,862 per bitcoin, according to an 8-K filing with the SEC on Monday.
This marks the largest single purchase of bitcoin in the company’s history.
MicroStrategy shares jumped over 4% in premarket trading.
It comes shortly after MicroStrategy concluded a $3 billion debt offering on Nov. 21, netting $2.97 billion, and sold 5,597,849 shares between Nov. 18 and Nov. 24, raising approximately $2.46 billion.
As of Nov. 24, the company stated it had $12.8 billion in unsold shares remaining under its $21 billion equity offering and an additional $21 billion in fixed-income securities, with plans to raise a combined $42 billion over the next three years to fund further bitcoin acquisitions.
MicroStrategy’s total bitcoin holdings now stand at 386,700 BTC, valued at over $37 billion. According to Michael Saylor, the company's co-founder and executive chairman, these holdings were purchased for roughly $21.9 billion, including fees, at an average cost of $56,761 per bitcoin. Crypto price today: Ethereum hits 4-month high
Broader crypto prices climbed on Monday, recovering some losses from the weekend. World no.2 crypto Ether surged to a 4-month high of $3,509.83, before retreating slightly to $3,488.20.
XRP rose nearly 6% to $1.44. XRP had shot up last week after Securities and Exchange Commission Chair Gary Gensler said he would resign in January as Trump takes the presidency.
Gensler’s resignation brewed optimism that the SEC will adopt a less strict stance on crypto regulation, especially under a Trump presidency. XRP was the chief beneficiary of this trade, given that the SEC has a long-running lawsuit against Ripple , who issues the altcoin.
SOL , ADA , and MATIC added between 1% and 9%. Among meme tokens, Dogecoin advanced 1%.
Ambar Warrick contributed to this report.
Source: Investing.com
