Bitcoin’s meteoric rise to near $100,000 hit a stumbling block this week, with the cryptocurrency witnessing its longest losing streak since 2016. The decline comes amid global market uncertainties, profit-booking by traders, and cooling enthusiasm over US President-elect Donald Trump’s crypto-friendly stance.
What Caused Bitcoin’s Retreat?
- Profit-Booking: Many investors locked in profits as Bitcoin approached $100K.
- Global Risks: Tariff threats by Trump and geopolitical tensions, including Russia-Ukraine conflicts, spurred market caution.
- Market Sentiment: Analysts highlight overbought conditions and the need for a “healthy correction.”
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Bitcoin’s Price Movement
Bitcoin fell 6% over three days, trading at $94,532 as of Tuesday. Despite the pullback, the token remains up significantly for the year, with major inflows into US Bitcoin ETFs post-election.
Bitcoin Price Overview
| Metric | Value |
|---|---|
| Peak Price | $99,830 |
| Current Price | $94,532 |
| YTD Performance | +60% |
Trump’s Crypto Policies: A Double-Edged Sword?
Trump’s pledges to foster supportive crypto regulations have sparked optimism:
- Pro-Crypto Moves: Plans for a national Bitcoin stockpile and eased regulatory hurdles.
- Challenges: Skepticism about how quickly these promises can materialize.
What’s Next for Bitcoin?
While the recent correction has rattled some investors, experts remain optimistic:
- Short-Term Volatility: Analysts expect continued fluctuations as markets digest recent gains.
- Long-Term Potential: Trump’s pro-crypto policies and growing institutional adoption signal a bullish future.
Disclaimer: Cryptocurrency investments are highly volatile and carry significant risks. Please conduct thorough research or consult with an expert before investing.
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