Bitcoin churns near $90,000 after largest drop since US election
Amid a period of caution in global markets as traders evaluate the possible impact of President-elect Donald Trump's economic program, Bitcoin saw its worst two-day decline since the US election. After dropping about 3% on saturday and Sunday, the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital asset somewhat recovered to trade around $90,100 as of 9:05 a.m. singapore time on Monday. Trump's timeline for fulfilling his pro-crypto promises and whether or not they are entirely realistic—like creating a US Bitcoin stockpile—are among the unknowns.
Inflation worries from the possibility of trade tariffs and deficit spending to pay for tax cuts dampen the enthusiasm surrounding Trump's business-friendly policies in the US stock market. Since liquidity circumstances can affect speculative demand for wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital tokens, investors are lowering their expectations for Federal Reserve interest-rate reduction in a strong US economy, which might be a barrier for cryptocurrency.
Following a record-breaking increase since election Day on november 5, Bitcoin became "overheated," and "a lot of good news has been built into the price," according to a note by Tony Sycamore, IG australia Pty Market Analyst.
Following a record-breaking increase since election Day on november 5, Bitcoin became "overheated," and "a lot of good news has been built into the price," according to a note by Tony Sycamore, IG australia Pty Market Analyst.
Trump has promised to establish a strategic Bitcoin stockpile, provide a welcoming regulatory environment for cryptocurrencies, and establish the US as the world's center for the sector. The president-elect, who had previously been skeptical of cryptocurrency, altered his mind after wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital asset companies massively invested in election campaigning to further their interests.
According to a report from analysts at JPMorgan Chase & Co. headed by Nikolaos Panigirtzoglou, crypto legislation may soon be enacted under a trump administration, causing a change away from enforcement-based regulation to a more cooperative approach.
According to a report from analysts at JPMorgan Chase & Co. headed by Nikolaos Panigirtzoglou, crypto legislation may soon be enacted under a trump administration, causing a change away from enforcement-based regulation to a more cooperative approach.