(Bloomberg) — The Bitcoin rally sparked by U.S. President-elect Donald Trump’s election victory in early November is stalling as 2024 nears its end.

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The digital asset was hovering at $93,670 as of 6:34 a.m. in New York on Monday, about $15,000 below its record high in mid-December. Smaller tokens like Ether and the popular meme coin Dogecoin also struggled to gain a foothold.

Trump’s penchant for crypto-friendly regulations and his support for the idea of ​​a national Bitcoin reserve boosted digital assets. But the reduced expectations of interest rate cuts by the Federal Reserve have cooled the speculative frenzy.

After Trump takes power on January 20, there will likely be more clarity about the US crypto regime. The Republican’s stance contrasts with President Joe Biden’s administration, which is cracking down on the scandal-prone sector.

Chris Weston, head of research at Pepperstone Group, said that “the momentum came from the post-election move” in Bitcoin, partly due to outflows from exchange-traded funds for the token.

Meanwhile, software maker-turned-Bitcoin accumulator MicroStrategy Inc. has been on a buying spree in recent weeks. Traders are waiting to see whether the company – which owns more than $40 billion in digital assets – will continue to announce Bitcoin purchases on Mondays.

The native cryptocurrency is up about 120% this year, outperforming traditional investments like global stocks and gold. Bitcoin also more than doubled in 2023, recovering from a deep bear market.

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