Stable at $96,000, Altcoin Rally Cools Ahead of More Clues By Investing.com

Investing.com – Bitcoin rose slightly on Wednesday, holding off recent highs, as traders awaited further guidance on U.S. monetary policy and the impact of Donald Trump’s administration on cryptocurrencies.

The rally in most major altcoins also cooled on Wednesday in anticipation of further positive signals, particularly on the regulatory front.

rose 0.3% to $96,418.1 at 00:51 ET (05:59 GMT), remaining largely within the $90,000 to $100,000 trading range established over the past two weeks.

The world’s largest cryptocurrency rose sharply after Trump won the 2024 presidential election, but fell into a range after failing to break above the coveted $100,000 mark.

Trump’s crypto policy in focus

Crypto markets were largely expecting further evidence of Donald Trump’s policies after the president-elect promised friendlier regulation.

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 members – particularly those for the positions of Treasury Secretary and Commerce Secretary – have both taken pro-crypto positions.

Trump also reportedly planned to shift crypto regulation from the Securities and Exchange Commission to the Commodity Futures Trading Commission.

Trump’s potential nominee for SEC chairman is also expected to be pro-crypto following the resignation of Gary Gensler in January.

Still, traders doubted that Trump can keep all of his crypto promises. A particular point of contention has been the creation of a Bitcoin reserve, with analysts saying that focusing on reducing government spending and maintaining the dollar will take priority over government purchases of more coins.

Recent data also showed that the government mobilized about $1.9 billion in Bitcoin on an exchange, raising fears of a possible sale.

Crypto Price Today: Altcoins Cool, Fed Notes in Focus

Broader crypto prices are largely moving in lockstep with Bitcoin, although caution is also warranted before further guidance on US interest rates. is expected to speak later on Wednesday, while key data is expected on Friday.

The world’s No. 1 altcoin rose 0.9% to $3,666.0.

fell 1% to $2.6010, cooling off after a blistering rally to a six-year high. XRP received a boost from speculation that a leadership change will result in the SEC dropping its long-running lawsuit against the XRP issuer.

rose 3.9%, extending recent gains, while falling 5.4%. Polygon has been trading sideways.

Meme coins saw a decline of 1.1%.