The largest token changed hands at US$96,445 as of 6.33am today in New York, partly paring a retreat of almost 3% from a day earlier.

Smaller rivals including Ether and Dogecoin, a favorite of the meme crowd, oscillated in tight ranges.

Trump is pushing ahead with a promise to create a crypto-friendly environment in the US and has backed the idea of establishing a national Bitcoin reserve.

Traders are banking some of the profits sparked by the Republican’s crypto cheerleading and are waiting to see if the mooted reserve is feasible.

Options expiry

The crypto market is also braced for the expiry of a substantial quantity of Bitcoin and Ether options contracts today – one of the biggest such events in the history of digital assets, according to prime broker FalconX.

The notional value of the Bitcoin contracts on the Deribit exchange – one of the largest for digital-asset derivatives — exceeds US$14 billion, while the equivalent figure for Ether is about US$3.8 billion.

Sean McNulty, director of trading at liquidity provider Arbelos Markets, flagged the risk of a “choppy market” amid the expiry of the derivatives positions.

MicroStrategy plan

Bitcoin is wavering even after MicroStrategy Inc this week signaled the possibility of expanding its programme of purchases of the token.

The company has transformed itself from a software maker into a Bitcoin accumulator and now owns more than US$40 billion of the digital asset.

The original cryptocurrency is flirting with a drop for December, which would be its first monthly decline in four, according to data compiled by Bloomberg.

Bitcoin reached a record high of US$108,316 on Dec 17 before pulling back.

Investors withdrew a net US$1.5 billion from a group of one dozen US spot-Bitcoin exchange-traded funds in the four trading days through Dec 24, the heaviest such outflow since Trump’s victory in the US election on Nov 5.

However, the trend reversed yesterday, with investors pouring US$475 million into the group, ending the four-day streak.