Trump-Inspired Bitcoin Boom Appears to Lose Traction
Donald Trump’s election last month sparked a cryptocurrency rally, with bitcoin’s price hitting record highs.
Weeks later, the momentum of that run seems to be waning, Bloomberg News reported Monday (Dec. 30). Bitcoin’s price in London Monday morning, that report said, wavered at just north of $93,000, a $15,000 drop from the record reached weeks ago.
That surge followed Trump’s victory, as the Republican was seen as a more crypto-friendly candidate, one who has floated the idea of creating a national bitcoin reserve, standing in contrast to President Joe Biden’s efforts to crack down on the industry following some high-profile scandals.
Among the signs that the new administration will be more favorable to the…
