(Bloomberg) — After a strong start to the new year with Bitcoin (BTC-USD) reclaiming the $100,000 level, the original digital asset is struggling to maintain momentum.
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Bitcoin fell 1.8% on Thursday to $92,741, down sharply from its high of $102,733 two days earlier and about 14% below its all-time high of $108,315 set in mid-December. .
As of 12:06:00 PM UTC. Market open.
Investors withdrew a net $583 million from a U.S. Bitcoin exchange-traded fund on Wednesday, the second-largest outflow from the group since its debut a year ago.
The success of these ETFs, combined with President-elect Donald Trump's outspoken support for the digital asset industry, propelled Bitcoin to new heights in 2024, but the rally has stalled since the beginning of the year. U.S. economic data released on Tuesday further dented expectations that a Federal Reserve rate cut is imminent, putting pressure on risk assets.
Nick Forster, founder of crypto trading platform Derive.xyz, said downside protection in the form of put options is currently in demand among traders, with the market looking to reduce volatility “perhaps due to concerns about a possible correction.” He said that a rise is expected.
As of 9:51 a.m. Thursday in London, Bitcoin was trading at $93,529.
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