Pantera Manager: 'Sell the News' is a Temporary Phenomenon Post-Trump Inauguration

Uk Jin

Summary

Bitcoin surged past $100,000 after the Consumer Price Index announcement.
Reduced inflation concerns and the prospect of interest rate cuts are positively impacting the virtual asset market as a whole.
Pantera manager stated that post-Trump inauguration news-driven selling might be temporary.

Bitcoin (BTC) has surpassed the $100,000 mark, buoyed by a lower-than-expected Consumer Price Index (CPI), and now all market eyes are on the inauguration of President-elect Donald Trump.

As of 10:56 AM on the 16th, Bitcoin is trading at $100,109, up 2.72% from the previous day according to CoinMarketCap.

The rise in Bitcoin today was triggered by macroeconomic indicators. Last night, the U.S. Department of Labor announced that the November Consumer Price Index (CPI) rose by 2.7%, in line with market expectations. This has alleviated inflation concerns and brightened the outlook for interest rate cuts, leading to a general bullish trend in the virtual asset (cryptocurrency) market, including Bitcoin.

Meanwhile, on the 20th (local time), the inauguration of President-elect Donald Trump will take place in the United States. Some speculate that once Trump takes office, a 'Sell the News' phenomenon, where profit-taking sell-offs occur, might emerge.

However, some opinions suggest that this is merely a temporary phenomenon. Cosmo Gian, a portfolio manager at Pantera Capital, stated, "Trump is expected to issue positive executive orders for digital assets shortly after taking office," adding, "There may be people who sell on the news in the short term, but this is like seeing the trees and missing the forest."

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