Bit continues to set a new ATH at $107,780, just a day after first breaking the $105,000 mark.
Stock index futures fell slightly on Monday evening after the Dow Jones Industrial Average recorded its longest losing streak since 2018.
Dow-linked futures contracts fell 66 points, or about 0.1%. S&P 500 futures and Nasdaq-100 futures also lost 0.1%.
These moves came after a mixed trading session on Wall Street. The Dow fell 0.25%, or nearly 111 points, marking its eighth consecutive daily decline since June 2018. The Nasdaq Composite rose 1.2% to a new record, while the S&P 500 gained nearly 0.4%.
The S&P 500 and Nasdaq's gains came without the cooperation of Nvidia, the market leader that fell 1.7%. The chip giant's stock has lost more than 4% this month, even as the broader indices and semiconductor names like Broadcom hit new highs. Stocks of Alphabet, Apple and Tesla also reached ATHs on Monday, while the technology and discretionary sectors of the S&P closed at record levels.
Traders are awaiting the Federal Reserve's next interest rate decision, expected to conclude the central bank's two-day policy meeting on Wednesday. The meeting will begin today.
According to the CME Group's Fed Watch tool, analysts are pricing in a 95% chance of the Fed cutting a quarter-point. However, details on future policy actions from the meeting and Fed Chair Jerome Powell's subsequent press conference remain the key focus for Wall Street.
As 2024 draws to a close, investors are also focused on the prospects for a strong year-end rally, pushing all the major indices to new highs.
Sam Stovall, chief investment strategist at CFRA, said that since 1990, the top three sectors in a given calendar year have tended to outperform the following year by about 300 basis points. But the potential for a tax overhaul under the new Trump administration could be a source of concern as 2025 approaches.
Bit's record price surge has surpassed $107,000 after US President Donald Trump reiterated his plan to create a strategic Bit reserve fund similar to the country's strategic oil reserve, fueling the enthusiasm of crypto speculators.
Bit and cryptocurrencies have become the center of attention as investors bet that the incoming Trump administration will usher in a more crypto-friendly regulatory environment, boosting sentiment around the asset class. The top asset in the space has risen around 150% in 2024.
Meanwhile, the uptrend has also played out as investors hope the Fed will continue to cut rates by another 0.25 points, with the FOMC set to begin its two-day meeting today.
Bit is currently trading around $106,500.
The Altcoin market was on fire yesterday, despite Bit setting a new high.
Many large projects in the top 100 like Lido DAO (LDO), Gala (GALA), Raydium (RAY), Ethereum Name Services (ENS), Ethena (ENA), Kaia (KAIA), Helium (HNT), Worldcoin (WLD), Maker (MKR), Bittensor (TAO), Sei (SEI), Uniswap (UNI), Brett (BRETT), dYdX (DYDX), The Sandbox (SAND), Kaspa (KAS), Beam (BEAM), VeChain (VET), MultiversX (EGLD), Render (RNDR), Jupiter (JUP), FLow (FLOW), Stacks (STX), Celestia (TIA)... all lost 5-9% in value during the day.
ETH is once again striving to hold above the $4,000 mark.
Following Bit's rise, ETH climbed more than 1% yesterday, reaching a local high of $4,107, the highest level since late 2021.
However, profit-taking pressure has also increased since then, pulling the price back close to the $4,000 level currently.
You can view the coin prices here.
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Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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Viet Cuong
Bitcoin Magazine
