Investing.com– The price of bitcoin rose slightly on Monday after posting heavy losses over the weekend, as the attempt to reach all-time highs above the $100,000 level stalled amid some doubts about what it will mean for cryptocurrencies a Trump presidency.
Bitcoin hit a series of all-time highs last week, rising as high as $99,617.4 in a prolonged rally after Donald Trump won the 2024 presidential election in early November.
But the cryptocurrency failed to break above the coveted $100,000 level, falling sharply over the weekend amid some profit-taking and as investors looked for more concrete signs about Trump's plans for cryptocurrencies.
rose 0.3% to $97,488.0 at 9:09 a.m. (CET) (14:09 GMT). The cryptocurrency had fallen as low as $96,000 over the weekend.
Bessent, Trump's pick for Treasury, has expressed support for cryptocurrencies
Trump on Friday nominated prominent investor Scott Bessent as his choice for Treasury secretary.
Bessent, who founded the hedge fund Key Square Group, expressed enthusiasm for Trump's support for cryptocurrencies during an interview with Fox News in July.
Bessent, who has donated to Democrats in the past, is also seen as a more moderate choice within the Trump administration, and is expected to help push tax reforms and a less stringent crackdown on trade.
Cantor Fitzgerald in talks for Bitcoin lending program with Tether-Bloomberg
Trump's pick for Secretary of Commerce, Howard Lutnick, has also expressed support for the cryptocurrency industry, and his company Canton Fitzgerald has helped the stablecoin giant manage its holdings of US Treasuries.
Lutnick's Cantor Fitzgerald is in talks to deepen his ties with Tether and is preparing a $2 billion project to lend dollars in exchange for Bitcoin to clients, Bloomberg reported on Sunday.
The company is considering receiving support from Tether to finance the project, which could be worth more than tens of billions of dollars.
Reuters reported that Tether was looking to use part of its profits generated in recent years in different ways.
MicroStrategy buys more Bitcoin
Business intelligence firm and major corporate investor in bitcoin, MicroStrategy Incorporated (NASDAQ:), revealed that it acquired 55,500 BTC between November 18 and 24, spending approximately $5.4 billion at an average price of $97,862 per bitcoin, according to a filing 8 -K before the SEC on Monday.
This marks the largest bitcoin purchase in the company's history.
MicroStrategy shares rose more than 4% in premarket trading.
It comes shortly after MicroStrategy concluded a $3 billion debt offering on Nov. 21, netting $2.97 billion, and sold 5,597,849 shares between Nov. 18 and Nov. 24, raising approximately 2,460. million dollars.
As of Nov. 24, the company stated it had $12.8 billion in unsold shares left in its $21 billion stock offering and an additional $21 billion in fixed income securities, with plans to raise a combined total of $42,000. million dollars over the next three years to fund more bitcoin acquisitions.
MicroStrategy's total bitcoin holdings now stand at 386,700 BTC, valued at more than $37 billion. According to Michael Saylor, the company's co-founder and CEO, these shares were purchased for approximately $21.9 billion, including fees, at an average cost of $56,761 per bitcoin.
Crypto Price Today: Hits 4-Month High
Cryptocurrency prices generally rose on Monday, recouping some losses from the weekend. The world's No. 2 cryptocurrency hit a 4-month high of $3,509.83, before retreating slightly to $3,488.20.
rose almost 6% to $1.44. XRP soared last week after Securities and Exchange Commission Chairman Gary Gensler said he would resign in January when Trump takes office.
Gensler's resignation raised optimism that the SEC will take a less strict stance on cryptocurrency regulation, especially under President Trump. XRP was the main beneficiary of this trade, as the SEC has a long-standing lawsuit against whoever issues the altcoin.
and added between 1% and 9%. Among meme tokens, it advanced 1%.
Ambar Warrick contributed to this report.
