Standard Chartered: If Trump does not provide a catalyst to restart the growth of the cryptocurrency market, the risk of selling will increase

Odaily Planet Daily News: Prior to Trump's inauguration day, cryptocurrency surged due to bullish expectations, and the market expects the new president to enact supportive changes within a few days. When Trump entered the White House on Monday, Bitcoin surged to a historic high of $109000, and investors cheered eagerly for a new pro cryptocurrency policy statement. However, this frenzy did not persist. Since January 20th, Bitcoin and other cryptocurrencies have been declining. On Wednesday, this token fell another 2%, with a trading price of approximately $104172. Analysis suggests that the longer it takes for US President Trump to announce specific cryptocurrency policies, the higher the risk of painful selling for investors. Standard Chartered Bank stated that the weakening of market momentum and the possibility of deeper adjustments reflect increasing disappointment with the lack of new policy announcements. If the Trump administration does not provide new catalysts to restart growth, the pain will intensify. Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, stated on Wednesday. When hope is shattered, digital asset prices will fall by 10-20%. Hope is not a strategy. It can last for days, but not weeks. "(Businessinsider)