On the last day of this year, when the popularity of virtual assets soared, cryptocurrencies, including Bitcoin, are generally showing weakness.
According to global market tracking site CoinMarketCap, as of 7:50 a.m. on the 31st, Bitcoin is trading at $92,655. This is a price drop of 0.93% compared to the previous day. Additionally, Ethereum is at $3,355 and Ripple is at $2.07, which represents decreases of 2.38% and 1.673%, respectively.
Since the U.S. presidential election last month, Bitcoin has risen over 120% this year, surpassing the market capitalization of silver, a traditional asset. Former President Donald Trump has supported Bitcoin as a strategic reserve asset, solidifying its position as an asset.
However, Bitcoin, which was breaking records every day, showed a significant decline from mid-month. International news outlets, including Bloomberg, interpreted that the U.S. Federal Reserve's lowered expectations for interest rate cuts next year were reflected.