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Bitcoin extended its losses on Wednesday, erasing a brief rebound past $100,000 due to fears of slower interest rate cuts in 2025. The cryptocurrency fell over 4% to $95,427 by 14:51 GMT, after dropping more than 5% on Tuesday. This decline wiped out gains from its recovery after a late-December slump.
The pullback follows Bitcoin’s stellar 2024 performance, largely driven by optimism over Donald Trump’s presidential victory and his promise of pro-crypto policies. However, investors are now seeking clearer signals on his administration’s crypto plans ahead of his January 20 inauguration.
Stronger-than-expected U.S. economic data has raised concerns about the Federal Reserve maintaining higher interest rates for longer. November job openings exceeded expectations, and purchasing managers' index data highlighted persistent inflation risks, fueling worries that the Fed will slow its pace of rate cuts in 2025. Such conditions have historically limited liquidity in speculative markets, including crypto.
Altcoins also suffered steep losses. Ethereum fell over 7% to $3,355.90, while XRP dropped 4.4% to $2.321. Solana, Cardano, and Polygon recorded declines of 7% to 14%. Meme tokens like Dogecoin slid 9.5%. Despite the downturn, analysts suggest Ethereum may outperform Bitcoin this year, supported by friendlier U.S. crypto regulations.
BitMEX co-founder Arthur Hayes expressed cautious optimism, predicting a liquidity boost from $612 billion in new U.S. Treasury funds during Q1 2025. While this may temporarily bolster Bitcoin, Hayes anticipates a market correction tied to slow regulatory progress under the Trump administration.
The crypto market remains volatile, with investor sentiment weighed down by regulatory uncertainty and macroeconomic pressures.
