# Bitcoin Faces Resistance at $100,000 Amid Trump Presidency Uncertainty
## Bitcoin’s Price Fluctuations
Bitcoin’s price experienced a slight decline on Monday as it struggled to surpass the $100,000 threshold, facing doubts surrounding the implications of a Trump presidency on the cryptocurrency market. Last week, Bitcoin reached unprecedented highs, peaking at $99,617.4 in a remarkable rally following Donald Trump’s victory in the 2024 presidential elections. However, the crypto asset encountered resistance at the coveted $100,000 mark, witnessing a significant drop over the weekend due to profit-taking activities and investor concerns regarding Trump’s stance on crypto. As of 00:10 ET (05:10 GMT), Bitcoin was trading down 0.3% at $97,880.9, after dipping to $96,000 during the weekend.
## Trump’s Treasury Nomination Signals Crypto Support
Trump recently nominated Scott Bessent, a prominent investor and founder of Key Square Group, as his choice for Treasury Secretary. Bessent, known for his positive views on crypto, expressed enthusiasm for Trump’s endorsement of digital assets during an interview with Fox News in July. Despite his past donations to Democrats, Bessent is perceived as a moderate figure within Trump’s administration, expected to advocate for tax reforms and a less stringent approach towards trade regulations.
## Cantor Fitzgerald Explores Bitcoin Lending Program with Tether
Howard Lutnick, Trump’s nominee for Commerce Secretary and CEO of Cantor Fitzgerald, has also shown support for the crypto industry. His firm is reportedly in discussions with Tether, a leading stablecoin provider, to develop a $2 billion project offering dollar loans against Bitcoin to clients. This collaboration, potentially worth tens of billions of dollars, signals a significant advancement in the integration of traditional finance with the crypto market. Reuters revealed that Tether aims to diversify its profits generated in recent years through various strategic investments.
## Impact on Altcoins
The broader cryptocurrency market mirrored Bitcoin’s decline on Monday, with the second-largest crypto asset, Ethereum, dropping by 0.9% to $3,385.74. Ripple (XRP) also retreated by 0.6% to $1.4547 after experiencing substantial gains last week. XRP surged following the announcement of SEC Chair Gary Gensler’s resignation in January coinciding with Trump’s presidency, fueling optimism for a more favorable regulatory environment for cryptocurrencies. Other altcoins such as Litecoin, Cardano, and Dogecoin registered decreases ranging from 0.5% to 3.3%, while meme token Shiba Inu declined by 2.4%.
By analyzing the recent developments in the cryptocurrency market, it is evident that the sector remains highly sensitive to political events and regulatory changes. The nomination of pro-crypto officials like Scott Bessent and Howard Lutnick signals potential support for digital assets under the new administration, creating opportunities for innovation and growth in the industry. However, uncertainties surrounding regulatory frameworks and government policies continue to influence investor sentiment and market dynamics, emphasizing the importance of staying informed and vigilant in navigating the evolving landscape of cryptocurrencies for long-term financial success.