Bitcoin’s price edged lower on Monday after steep weekend losses, as its attempt to reach the historic $100,000 mark faltered amid uncertainty over the implications of a Trump presidency for cryptocurrency.
The token had hit a series of all-time highs last week, climbing to $99,617.4 following Donald Trump’s victory in the 2024 presidential election earlier in November. However, profit-taking and a lack of clarity on Trump’s crypto policies caused a sharp weekend retreat, with Bitcoin dipping as low as $96,000. By 00:10 ET (05:10 GMT) on Monday, it was trading 0.3% lower at $97,880.9.
Trump’s Treasury Nominee Bessent Signals Crypto Optimism
On Friday, Trump nominated Scott Bessent, founder of the hedge fund Key Square Group, as his choice for Treasury Secretary. Bessent, who previously expressed support for Trump’s pro-crypto stance in a July interview with Fox News, is seen as a moderate figure likely to advocate for tax reforms and a balanced trade policy. Despite his history of donating to Democrats, his appointment is expected to favor the crypto industry.
Cantor Fitzgerald Explores Bitcoin Lending with Tether
Howard Lutnick, Trump’s nominee for Commerce Secretary and CEO of Cantor Fitzgerald, has also shown support for cryptocurrencies. Under Lutnick’s leadership, Cantor Fitzgerald has assisted Tether in managing its U.S. Treasury holdings. According to Bloomberg, the firm is now in discussions to expand its partnership with Tether through a $2 billion initiative aimed at providing dollar loans backed by Bitcoin. The firm is reportedly exploring support from Tether to finance the project, which could potentially exceed tens of billions of dollars in value.
According to Reuters, Tether is considering using a portion of its substantial profits from recent years to invest in various initiatives.
Crypto Prices Today: Altcoins Mirror Bitcoin’s Decline
The broader cryptocurrency market continued to retreat on Monday, following weekend losses. Ethereum, the second-largest cryptocurrency, dropped 0.9% to $3,385.74.
XRP slipped 0.6% to $1.4547, cooling off after strong gains last week. The token had surged after SEC Chair Gary Gensler announced his resignation, effective January, ahead of Donald Trump’s inauguration.
Optimism grew over a potentially softer regulatory stance from the SEC under Trump’s administration, with XRP being a key beneficiary due to the agency’s ongoing lawsuit against Ripple, its issuer.
Other major altcoins, including SOL, ADA, and MATIC, fell between 0.5% and 3.3%. Among meme coins, Dogecoin saw a sharper drop of 2.4%.
