🧐 As 2024 approaches its end, why has the Bitcoin surge driven by Trump lost momentum?
As we approach the close of 2024, we witness the Bitcoin frenzy sparked by the victory of Donald Trump, the newly elected President of the United States, in early November. However, as the year draws to a close, the market seems to gradually lose momentum.
Currently, Bitcoin's price hovers around $94,000, down approximately $15,000 from its historical high in mid-December. It’s not just Bitcoin; other established tokens like Ethereum and Dogecoin also struggle to capture the market's attention.
Previously, Trump's friendly attitude towards cryptocurrencies and his support for establishing a national Bitcoin reserve injected vitality into the digital asset market. However, as expectations for Fed interest rate cuts have weakened, market speculation has also cooled.
As Trump is set to take office on January 20, the market anticipates that U.S. cryptocurrency policies will become clearer, contrasting with the strict regulations of the Biden administration. This is seen as a positive development for the cryptocurrency market, as the Trump administration may adopt a more friendly policy.
Chris Weston, the research director of Pepperstone Group, pointed out that this wave of Bitcoin's surge is primarily driven by post-election trends, while part of the decline is also due to the outflow of funds from exchange-traded funds (ETFs).
Meanwhile, software manufacturer MicroStrategy, which has transformed into an active Bitcoin hoarder, has been making large-scale purchases of Bitcoin over the past few weeks. Market participants are closely watching whether this company, which holds over $40 billion in digital assets, will continue to announce Bitcoin purchases on Monday.
This year, Bitcoin's price has risen by about 120%, indicating that Bitcoin has brought more than double the gains from the bear market of 2023. At the same time, its performance has also outpaced the overall returns of traditional financial investments like global stocks and gold.
As the New Year’s bell is about to toll, we can’t help but ask whether this surge in Bitcoin has reached its end, or if it is just a temporary pause, accumulating strength for a new round of increases in the coming year? Let’s wait and see!
#特朗普 #比特币 #市场动态 #MicroStrategy