Editor's PiCK
Trump-Induced Bitcoin Rally Stalls... "Impact of US Fed Policy and ETF Fund Outflows"
Summary
- The Bitcoin rally, triggered by Trump's election, is reportedly losing momentum towards the year-end.
- The speculative fervor for Bitcoin is cooling as expectations for a rate cut by the US Federal Reserve diminish.
- Fund outflows from Bitcoin spot ETFs have also been said to impact the price decline.
The rally of Bitcoin (BTC), sparked by expectations of cryptocurrency regulation easing under President-elect Donald Trump, is losing momentum as the year-end approaches.
According to Bloomberg on the 30th (local time), Bitcoin was trading at $93,678 as of 8:53 AM (Korean time), approximately $15,000 lower than the all-time high recorded in mid-December.
Trump's election, with his pro-cryptocurrency policies throughout the campaign, raised market expectations. However, the speculative fervor appears to be cooling as expectations for a rate cut by the US Federal Reserve (Fed) diminish.
Additionally, according to Chris Weston, head of research at Pepperstone Group, fund outflows from Bitcoin spot ETFs are also analyzed to have had an impact. As a result, the direction of Bitcoin is expected to be postponed until after Trump's official inauguration on January 20th next year.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
