Bitcoin Reclaims$ 96, 000 Mark After Hitting Lowest Price Since November

Bitcoin has reclaimed$ 96, 000 after a tough start to the week. At time of publication, the leading cryptocurrency is trading at around$ 96, 580, up 5.8 % in the past 24 hours, according to CoinGecko data.

The rapid rise comes in response to rumors that Donald Trump, the president-elect, is planning to enact a pro-crypto professional buy shortly after his inauguration. This might include the emancipation of SEC regulations, which prevent normal banks from holding bitcoin, as well as a new crypto council made up of 20 CEOs and industry leaders, according to sources who spoke to earlier this week.

According to Farside Investors ‘ data, investors have been withdrawing from Bitcoin ETFs for a while now after it appeared as though they have been doing so in recent days. They have been doing so for consecutive outflows every day since January 8, when they pulled out$ 569 million.

Cryptocurrency hit a regular low of just under$ 90, 000 on January 13. Due to debate about more state support for the crypto market and a regional Bitcoin stockpile, this was the lowest level since November 17 and the lowest level since then.

According to some researchers, the decline from earlier this year may have been related to broader rumors that the US government might delay interest rate reductions in response to encouraging employment data, with Goldman Sachs as the source of these predictions.

According to David Duong, head of administrative studies at Coinbase,” concerns that the Fed does not offer any cuts in 2025 are putting stress on assets across the board.”

Lowering national interest rates may have a beneficial effect on asset prices because they make for less expensive investments.

Despite clawing back recent losses, Bitcoin’s price is still down 5.6 % from this time last month and 4.8 % week-on-week. It’s also down roughly 11 % since the$ 108, 000 high it recorded on December 17.

Yet, though Cryptocurrency is quite a bit off new December peaks, it’s also up 125 % year-on-year.