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WEB DESK: Bitcoin dipped below the $94,000 mark on Monday, reaching $93,891 during the early trading hours at around 1:28 UTC. However, by 4:13 UTC, it had rebounded, climbing to $96,300, marking a rise of $1,146 from its previous close of $95,154.
As of now, the price of one Bitcoin in Pakistani rupee (PKR) stands at Rs26,427,234.94.
Bitcoin has experienced its first major weekly decline since Donald Trump’s presidential election win in November triggered a rally that propelled the cryptocurrency above six figures.
The cryptocurrency dropped 10 per cent during the week ending December 22, closing at $94,645, a decrease of approximately $10,500 from its starting price of $105,185, according to TradingView.
The drop followed United States Federal Reserve’s Federal Open Market Committee decision to reduce its projected interest rate cuts for next year from five to two, following three consecutive cuts.
The federal funds rate is now projected to peak near 3.9 per cent in 2025, compared to the previously anticipated 3.4 per cent, creating a less favourable environment for riskier assets like Bitcoin.
Prior to last week, Bitcoin’s price had increased in six of the previous seven weekly closes since Trump’s victory, with the only drop occurring in the week ending November 24, when it retraced slightly by 0.78 per cent to $97,280, according to CoinMarketCap data.
Despite the recent downturn, asset management firms Bitwise and VanEck predict that Bitcoin could soar to the $180,000 to $200,000 range by 2025, potentially driven by a strategic US Bitcoin reserve and increased institutional and corporate adoption.
Many industry experts anticipate a more favourable regulatory landscape for cryptocurrencies, with crypto advocate Paul Atkins set to replace Gary Gensler as chair of Securities and Exchange Commission on January 20, the same day Trump is inaugurated. Atkins previously served as an SEC commissioner from 2002 to 2008.
