The price of Bitcoin fell slightly on Monday after recording sharp losses over the weekend as efforts to achieve record highs above the $100,000 level stalled amid some doubts about what a Trump presidency might entail for cryptocurrencies.
Bitcoin made a series of record highs last week, rising to $99,617.4 in an extended bull run after Donald Trump won the 2024 presidential election in early November.
But the cryptocurrency failed to breach the coveted $100,000 level, falling sharply over the weekend amid some profit-taking and as investors sought more concrete signals about Trump’s plans for cryptocurrencies.
Bitcoin traded down 0.3% at $97,880.9 and the cryptocurrency fell as much as $96,000 over the weekend.
Bessent, Trump’s chosen nominee for Treasury Secretary, expressed his support for cryptocurrencies, as Trump on Friday nominated prominent investor Scott Bessent as his nominee for Treasury Secretary.
Besant, who founded hedge fund Key Square Group, expressed enthusiasm for Trump’s support for cryptocurrencies during an interview with Fox News in July.
Bescent – who has donated to Democrats in the past – is also seen as a more moderate option within the Trump administration, and is expected to help push for tax reforms and a less stringent crackdown on trade.
Howard Lutnick, Trump’s chosen nominee for Secretary of Commerce, expressed his support for the cryptocurrency industry, as his company Fitzgerald Canton helped stablecoin giant Tether manage its holdings of US Treasury bonds.
Bloomberg reported on Sunday that Lutnick’s company Cantor Fitzgerald is in talks to deepen its ties with Tether and is preparing a $2 billion project to lend dollars in exchange for bitcoin to clients.
The company is discussing receiving support from Tether to finance the project, which could be worth tens of billions of dollars.
Reuters reported that Tether was seeking to use part of its profits made in recent years in various ways.
Broader cryptocurrency prices also fell on Monday, extending losses from the weekend. The world’s second-largest cryptocurrency, Ether, fell 0.9% to $3,385.74.
XRP fell 0.6% to $1.4547, after posting strong gains last week. The value of XRP rose after SEC Chairman Gary Gensler said he would resign in January with Trump assuming the presidency.
Gensler’s resignation has sparked optimism that the SEC will adopt a less stringent stance on regulating cryptocurrencies, especially under the Trump presidency. SOL, ADA and MATIC fell between 0.5% and 3.3%. Among meme tokens, Dogecoin fell 2.4%.
