The world’s biggest cryptocurrency fell into a trading range of between $90,000 and $100,000 over the past two weeks after hitting a series of record highs. While Bitcoin still remained in sight of an over $99,000 peak, some optimism over its prospects cooled in anticipation of more cues on U.S. policy.
Bitcoin rose 0.2% to $96,513.2 by 00:49 ET (05:49 GMT). A recent rally in crypto markets was driven chiefly by optimism over a Donald Trump presidency, which is expected to entail friendlier crypto regulation.
Bitcoin’s rangebound performance over the last two weeks was also driven by a measure of profit-taking at record highs.
Traders were now seeking more clarity on what Trump’s policies will entail for crypto, after he promised to make the U.S. the crypto capital of the world, and even floated the idea of a Bitcoin Strategic Reserve.
Trump’s picks for Treasury Secretary and Secretary of Commerce both hold pro-crypto views, while reports suggested that he may also choose a pro-crypto candidate to Chair the Securities and Exchange Commission.
XRP surged nearly 33% to $2.46 on Monday, flipping stablecoin Tether to become the third-largest crypto by market capitalization, at $140.13 billion, data from Coinmarketcap showed.
The token was fueled largely by speculation that a looming change in leadership at the SEC will see the regulator drop its long-running lawsuit against XRP issuer Ripple.
SEC Chair Gary Gensler said he will resign as Trump takes office in January, with recent reports suggesting that former Commissioner Paul Atkins could replace him. Atkins has openly expressed support for digital assets.
Traders also speculated that Trump could shift crypto regulation over to the Commodity Futures Trading Commission from the SEC. The CFTC is expected to have a less strict stance on regulating the industry.
Broader crypto prices were mostly rangebound on Monday, as traders sought more cues on policy. Risk appetite was also rattled by Trump threatening to impose steep tariffs on the BRICS bloc of countries.
World no.2 crypto Ether fell 0.5% to $3,667.0.
Solana and CardanoA lost between 3% and 5%, while Polygon rose 4.3%.
Among meme tokens, Dogecoin rose 2%.
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