Odaily Planet Daily News: Bitcoin has set a record for the longest consecutive decline since Trump won the US election. As of Monday, Bitcoin has fallen by about 6% for three consecutive days. Since election day on November 5th, the size of the cryptocurrency market has grown by $1 trillion, but it is currently stagnant.
Noelle Acheson, corresponding author of "Crypto Is Macro Now," wrote that Bitcoin's first attempt to break through the $100000 difficulty "may make traders believe that the market has peaked and profits should be locked in now. But she added that any such event should be 'brief'.
Adrian Przelozny, CEO of Independent Reserve, a cryptocurrency exchange, said, "People have been looking for reasons to profit. We remain very confident that the current bullish market sentiment will continue until 2025
In addition, TD Cowen analyst Jaret Seiberg stated in a research report that Trump "will immediately gain control of the US SEC" after taking office on January 20, and added that this will be a "positive signal in relaxing cryptocurrency enforcement and promoting compliance.
After the election, over $7 billion flowed into US spot Bitcoin ETFs, which currently have total assets of $105 billion.
IG Australia Pty market analyst Tony Sycamore stated that the recent Bitcoin pullback is an urgent correction to eliminate overbought readings, rather than a reversal or any malicious behavior, and added, "This also reminds us that the market, even the cryptocurrency market, will not fluctuate in a straight line indefinitely." (Bloomberg)
