Bitcoin Price Update

Bitcoin Falls for Fourth Consecutive Day
Investing.com– Bitcoin fell for the fourth consecutive day on Tuesday, losing momentum from a rally sparked by Donald Trump’s presidential election victory after the Federal Reserve turned hawkish last week.

Bitcoin fell 2% to $94,159.4 by 00:22 ET (05:22 GMT), continuing its decline below the $93,000 level which was reached on Monday. The cryptocurrency had previously dropped below the significant $100,000 level following the Fed's announcement signaling a reduced pace for future cuts. Over the past week, Bitcoin has lost value on six out of seven days.

Bitcoin Loses Steam After Record Peak on Fed Rate Outlook

Bitcoin recorded its first weekly fall since Trump’s election win in early November. The rally had pushed prices to an all-time high of $108,244.9 but fell as profit-taking ensued amid macroeconomic pressures tied to the Fed's rate outlook. Following a 25 basis point rate cut, the central bank indicated only two rate cuts planned for the next year instead of the previously anticipated four. This announcement prompted investors to reassess their positions in speculative assets like Bitcoin, contributing to its price decline.

Crypto Stocks Fall Tracking Bitcoin Prices

Crypto-related stocks also experienced declines on Monday, correlating with the downward trend in Bitcoin prices, which approached $92,000 a day earlier. MicroStrategy Incorporated (NASDAQ:MSTR) dropped nearly 9%, while Coinbase Global Inc (NASDAQ:COIN) fell 4%. Riot Platforms (NASDAQ:RIOT) also ended lower on Monday. Additionally, MicroStrategy faced additional pressure after announcing a 1.3-million-stock sale to acquire 5,262 bitcoins. The leading Bitcoin miner, Marathon Digital Holdings Inc (NASDAQ:MARA), decreased by 3.6%.

Crypto Price Today: Most Altcoins Higher but Remain Pressured

Other cryptocurrencies experienced gains on Monday, although they remained under pressure as the demand for speculative assets stayed subdued following the hawkish stance of the Fed. World number two crypto, Ether, rose 3.2% to $3,431.48 after several days of decline. World number three crypto, XRP, increased by 3.1% to $2.2627. Additionally, Solana grew by 3.4%, and Polygon surged by 5%, while Cardano gained 2%. Among meme tokens, Dogecoin rose 1.8%.