Impacted by multiple factors, Bitcoin continues its downward trend from last week.

With the market impacted by multiple factors, the price of Bitcoin has shown recent fluctuations. In addition to the attention brought by the Federal Reserve policy and Trump appointing pro-cryptocurrency individuals, the latest developments from MicroStrategy have also become a focus of market discussion. In the past 24 hours, the price of Bitcoin has dropped by 2.7%, reaching $92,922, and down about 13% from recent highs. Last week, Bitcoin fell by 10% due to the impact of the Federal Reserve's hawkish policy outlook for 2025. The Federal Reserve expects the pace of future rate cuts to slow down, which has dampened Bitcoin's rebound momentum. Typically, rate cuts would push up prices of risk assets such as Bitcoin, but the expectation of rate cuts has put pressure on the cryptocurrency market. Nevertheless, Bitcoin has still risen by over 100% year to date. The pro-cryptocurrency stance of the new Trump administration has provided some support to the market. Trump recently nominated Stephen Miran as the chairman of the Economic Advisory Board. Miran is known for supporting decentralization of cryptocurrencies and Trump's economic agenda. This appointment marks the Trump administration's possible further advancement of pro-cryptocurrency policies. Additionally, Trump has also appointed cryptocurrency advocate Paul Atkins to lead the Securities and Exchange Commission, and technology investor David Sacks as the head of artificial intelligence and cryptocurrency affairs. As the world's largest corporate holder of Bitcoin, MicroStrategy recently continued to purchase Bitcoin for $561 million, which is significantly lower than $2.1 billion on December 9th and $1.5 billion on December 16th. This purchase was funded through the company's previously announced "market issuance" plan. As of now, MicroStrategy holds a total of 444,262 Bitcoins, valued at approximately $43 billion. According to Monday's securities filing, the average price paid for the company's latest purchase exceeded $106,000 per Bitcoin. Currently, MicroStrategy's market cap is about 2.2 times its Bitcoin holdings' value, reaching $89 billion, while also having $7 billion in debt and an estimated $1 billion in software business. However, the company's stock price has fallen from its high of $543 on November 21st to $332.26, a drop of 8.8%, mainly due to the narrowing of the stock premium from its previous 3.5 times. MicroStrategy's Bitcoin "return" this quarter has reached 47.4%, which the company considers a key indicator of shareholder value creation. However, recent smaller-scale stock sales may indicate that after selling a large amount of stock over the past two months, the company is facing challenges in finding new investors. In other cryptocurrencies, Ethereum rose by 2.1%, Solana rose by 2.1%, while XRP fell slightly by 0.2%.