Risk appetite curbed

Bitcoin at its lowest level since the end of December

Bitcoin fell to its lowest level since the end of December on Thursday. The oldest and best-known cryptocurrency temporarily slipped below 92,000 US dollars on the Bitstamp trading platform. It last cost 92,400 dollars (89,830 euros). During the night, the price was still above 95,000 dollars.

Bitcoin thus extended its recent price losses. At the beginning of the week, it had cost almost 103,000 dollars. "Investors are now fearing a slide below the psychologically important 90,000 dollar mark," commented analyst Timo Emden from Emden Research. "The question marks over the future shape of US monetary policy are curbing the risk appetite of market players." Robust economic data has dampened interest rate cut fantasies. Bitcoin tends to benefit from this because it does not generate any interest income itself.

Investors are betting on Trump
Investors on the crypto market are eagerly awaiting the inauguration of Donald Trump on January 20. Bitcoin supporters are hoping for the introduction of a strategic reserve and a relaxation of regulations. Trump's re-election was one of the reasons for Bitcoin's soaring price last year, which climbed to more than 108,000 dollars in mid-December.

In the meantime, however, disillusionment has also set in with regard to Trump. "In any case, the US president-elect will have to be judged by the promises he actually puts into practice," writes Emden.

Successful year
Bitcoin was one of the most successful asset classes last year with a gain of just over 120%, having already risen by around 150% in 2023. This year, the price is treading water after the recent setback.

The market capitalization of Bitcoin is just under 1.9 trillion dollars. According to a list from the provider CoinMarketCap, it dominates the market of around 10,500 cryptocurrencies. Together, these are worth just over 3.3 trillion dollars.