A rally in most major altcoins also cooled on Wednesday in anticipation of more positive cues, especially on the regulatory front.
Bitcoin rose 0.3% to $96,418.1 by 00:51 ET (05:59 GMT), remaining largely within a trading range of $90,000 to $100,000 established over the past two weeks.
While the world’s largest crypto had risen sharply after Trump won the 2024 presidential elections, it turned rangebound after failing to cross the coveted $100,000 level.
Crypto markets were largely anticipating more cues on policy from Donald Trump, following promises of friendlier regulation from the President-elect.
Trump had vowed to make America the crypto capital of the world, and had also floated the idea of a Bitcoin national reserve.
Trump’s cabinet picks- particularly for the Treasury Secretary and Secretary of Commerce roles- have both presented pro-crypto positions.
Reports suggested that Trump was also planning on shifting crypto regulation to the Commodity Futures Trading Commission from the Securities and Exchange Commission.
Trump’s potential pick for the SEC Chair, after Gary Gensler resigns in January, is also expected to be pro-crypto.
Still, traders doubted whether Trump will be able to deliver on all of his crypto promises. A particular point of contention has been the establishment of a Bitcoin reserve, with analysts stating that a focus on reducing government spending and upholding the dollar will take precedence over any government buying of more coins.
Recent data also showed the government mobilizing about $1.9 billion of Bitcoin onto an exchange, raising fears of a potential sale event.
Broader crypto prices mostly tread water in tandem with Bitcoin, with caution also kicking in before more cues on U.S. interest rates. Federal Reserve Chair Jerome Powell is set to speak later on Wednesday, while key nonfarm payrolls data is due on Friday.
World no.1 altcoin Ether rose 0.9% to $3,666.0.
XRP fell 1% to $2.6010, cooling after a stellar rally to six-year highs. XRP was boosted by speculation that a change in leadership will see the SEC drop its long-running lawsuit against XRP issuer Ripple.
Solana rose 3.9%, extending recent gains, while Cardano fell 5.4%. Polygon traded sideways.
Among meme coins, Dogecoin fell 1.1%.
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