The Bitcoin rally, ignited by Donald Trump’s victory in the U.S. presidential election in early November, has lost momentum as several countries usher in the new year.

The world’s largest cryptocurrency fluctuated, trading at $94,000 as of 2:55 p.m. Tuesday in New York, about $14,000 below its record high reached in mid-December. Smaller tokens, including Ethereum and meme-favorite Dogecoin, also struggled to gain the traction needed to push prices upward.

Trump’s pro-crypto stance, marked by his support for regulations favoring the sector and his endorsement of a national Bitcoin reserve, contributed significantly to the asset’s rise. However, the Federal Reserve’s muted expectations for interest rate cuts have dampened speculative fervor in the market.

Clarity on crypto-friendly policies is expected following Trump’s inauguration on Jan. 20, signaling a sharp departure from President Joe Biden’s administration, which imposed stricter measures on an industry already battered by scandals.

Chris Weston, head of research at Pepperstone Group, told Bloomberg that Bitcoin’s post-election movements were partly driven by outflows from exchange-traded funds (ETFs) focused on cryptocurrency investments.

Amid the market shifts, MicroStrategy, a software company turned Bitcoin heavyweight, has resumed its buying spree in recent weeks. Market watchers are eager to see if the firm—holding over $40 billion in cryptocurrency assets—will continue its trend of high-profile Bitcoin purchase announcements.

Bitcoin has surged about 120% this year, outperforming traditional investment classes like global equities and gold. The cryptocurrency’s value also doubled in 2023, recovering dramatically from a steep decline earlier in the year.

As the market watches for Trump-era policy shifts and institutional activity, the crypto sector appears poised for another transformative year.