Bitcoin Holds Steady Below Recent Peaks as Traders Await Policy Cues

Trump Administration’s Impact on Crypto Market

Trading Range Maintained as Bitcoin Remains Below $100,000

Bitcoin saw a slight increase in value on Wednesday, hovering around the $96,418.1 mark. Despite initial excitement following Donald Trump’s presidential win in 2024, the cryptocurrency has struggled to surpass the $100,000 threshold, staying within a trading range of $90,000 to $100,000 over the past two weeks.

Focus on Trump’s Crypto Policies

Anticipation for Pro-Crypto Regulation Generates Market Expectations

Crypto markets eagerly await further details on Donald Trump’s crypto policies, after his promises to introduce more favorable regulations for the industry. Speculation around the appointment of key positions such as Treasury Secretary and Secretary of Commerce has fueled positive sentiments towards cryptocurrencies.

Altcoins React to Regulatory Environment

Market Cools Down in Anticipation of Regulatory Developments

Altcoins followed Bitcoin’s lead, with Ethereum rising 0.9% to $3,666.0 while Litecoin slipped 1% to $2.6010 after a recent surge to six-year highs. Ripple (XRP) also experienced fluctuations amid expectations of a resolution to its legal battle with the SEC.

Market Volatility Reflects Uncertainty Surrounding Government Actions

Despite the positive outlook towards crypto under the Trump administration, doubts remain regarding the implementation of promised initiatives such as establishing a Bitcoin reserve. Recent reports of government movements involving significant amounts of Bitcoin have added to market concerns.

Fed Interest Rate Cues Awaited by Crypto Market

Market Sentiments Cautious Pending U.S. Interest Rate Updates

Traders are treading carefully as they await more insights on U.S. interest rates, with Federal Reserve speakers scheduled for later in the week. Altcoins like Cardano and Dogecoin continue to react to broader market trends amidst evolving regulatory landscapes.