Editor's PiCK
"Even Bitcoin Eventually Kneels... Selling Pressure Expected to Continue for Now"
Summary
- Bitcoin showed a 5.80% decline amid the weakness of Asian financial markets and the virtual asset market.
- It was evaluated that the virtual asset market is generally weak due to the selling pressure from President Trump's tariff policy.
- There are concerns that Bitcoin selling may continue in the current situation driven by macroeconomic factors.
Asian financial markets and the virtual asset (cryptocurrency) market are both showing weakness due to President Donald Trump's tariff policy.
On the 7th (Korean time), Bloomberg News reported that the virtual asset market is plummeting with the start of the Asian financial markets.
As of 10:11 AM on this day, Bitcoin (BTC) is recording a 5.80% drop compared to the previous day, standing at $78,675. In addition, Ethereum (-12.56%), XRP (-10.82%), and Solana (-12.75%) also showed weakness.
Bloomberg News evaluated this by stating, "Despite President Trump's tariff policy, digital assets showed some resistance unlike U.S. stocks, but eventually fell significantly due to the selling pressure today."
Cosmo Zhang, General Partner at Pantera, explained, "The current downtrend is driven by macroeconomic factors," adding, "It's not due to deeper economic issues but a phenomenon caused by tariffs."
Sean McNulty, Head of Asia-Pacific at FalconX, stated, "The pressure from put options is strong," and added, "Bitcoin selling may continue."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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