Bitcoin price today: steady at $98k after two consecutive gains
Investing.com– Bitcoin struggled for direction on Thursday and moved in a tight range after two consecutive sessions of gains, while investors were cautious due to macroeconomic pressures after the U.S. Federal Reserve’s hawkish shift.
Bitcoin was 0.1% weaker at $98,124.6 by 01:35 ET (06:35 GMT).
It fell below the key $100,000 mark last week after the Fed officials signaled a slower pace for future cuts.
Bitcoin loses momentum after two straight days of gains
The token rose nearly 5% in the previous two sessions but failed to continue the positive momentum on Thursday as investors were cautious about the outlook for speculative assets like cryptocurrencies after the Fed indicated fewer interest rate cuts in 2025.
Last week, Bitcoin recorded its first weekly fall since Trump’s election win in early November after the Fed meeting stalled the post-election rally.
The rally had pushed prices to an all-time high of $108,244.9, after which prices fell due to profit-taking amid macroeconomic pressures induced by the Fed rate outlook.
The central bank lowered rates by 25 basis points but indicated only two rate cuts for the upcoming year, compared with previous expectations for four cuts.
This shift led investors to reassess their positions in speculative assets like Bitcoin, contributing to its price decline.
Russia using Bitcoin in foreign trade
Russian companies have started using Bitcoin and other cryptocurrencies for international payments after legislative changes allowed their use to help mitigate the impact of Western sanctions, Finance Minister Anton Siluanov stated on Wednesday.
Sanctions have made trade with key partners like China and Turkey more challenging, as local banks exercise extreme caution with Russia-related transactions to avoid attracting scrutiny from Western regulators.
In response, Russia legalized the use of cryptocurrencies in foreign trade this year and has initiated measures to regulate cryptocurrency mining, including Bitcoin. As a global leader in Bitcoin mining, the country is leveraging its position to navigate economic restrictions.
Crypto price today: most altcoins edge lower
Other cryptocurrencies fell on Thursday as demand for speculative assets was still subdued after the hawkish Fed rattled investor sentiment.
World no.2 crypto Ether fell 1.3% to $3,443.05. Ether has gained in the last three sessions but has not been able to fully recover from last week’s slump.
World no.3 crypto XRP fell 2% to $2.2462.
Solana fell 2.2% and Polygon dropped 4.6%, while Cardano fell 3.3%. Among meme tokens, Dogecoin lost 2%.
