Bitcoin Reclaims $96,000 Mark After Hitting Lowest Price Since November

Bitcoin has reclaimed $96,000 after a rough start to the week. At time of publication, the leading cryptocurrency is trading at around $96,580, up 5.8% in the past 24 hours, according to CoinGecko data.

The sudden jump comes amid reports that President-elect Donald Trump is preparing to issue a pro-crypto executive order shortly after his inauguration. Sources told Decrypt earlier this week this could include a new crypto council consisting of 20 CEOs and industry leaders, as well as the abolition of SEC regulations that deter conventional banks from holding crypto.

The news comes after investors appeared to have been retreating from Bitcoin ETFs in recent days, which have recorded consecutive outflows every day since January 8, according to data from Farside Investors, when investors pulled out $569 million.

Bitcoin hit a monthly low of just under $90,000 on January 13. This was the lowest value recorded since November 17, amid the bull run following the election of Donald Trump and speculation about more government support for the crypto industry and a national Bitcoin reserve.

Some researchers believe the dip earlier this week may have been linked to broader speculation about the US government delaying cuts to interest rates in response to promising employment data, with investment bank Goldman Sachs issuing predictions to this effect.

Coinbase’s Head of Institutional Research David Duong told Decrypt that “concerns that the Fed may not deliver any cuts in 2025 are putting pressure on assets across the board.”

Lower federal interest rates can have a positive impact on asset prices, as they allow for cheaper investment.

Despite clawing back recent losses, Bitcoin’s price is still down 5.6% from this time last month and 4.8% week-on-week. It’s also down roughly 11% since the $108,000 high it recorded on December 17.

Nevertheless, though Bitcoin is quite a bit off recent December highs, it’s still up 125% year-on-year.