Dear Readers,
The Crypto market faced a sudden dip during these days and we could find a blood bath across all the markets as well.
When everyone is expecting after the US election and Donald Trump as the next President, there were wide range of joy and expectation, the market rallied led by BTC crossed over 100K mark and touched its All Time High of $108,268.45 on Dec 17, 2024.
While the rate cut is expected widely, the remarks by the US Fed Chairman Jerome Powell made everything upside down on the growing inflation in the next year and its consequences, which is normally taken as hawkish
The immediate impact was seen in the crypto market which shed more than 5% of its marketcap value.
There was a wide range of sell off found across the crypto assets.
It it to be remembered that the US President elect, Trump wished to have the US as Crypto capital in the world and he said that he would make also make the BTC stockpile too.
When it was referred before Powell, he categorically said that the Central Bank will not allow to own the crypto assets (digital currencies) under the current policy regulations and they are also not looking for a change of law too.
This statement is a major blow to the crypto holders and we have seen the results in the markets.
It is also with the some sections of the crypto enthusiasts and analysts are saying that there would be a fall in the crypto market as with the expectations, there was a bull run started from November 2024 soon after the US election results.
This was due to a hype that Donald Trump will make a pro-policy regime in his next tenure as stated throughout the campaign period.
But, it is already interesting to know that when ever BTC is in dump, there was a huge buying happened in the crypto market.
While BlackRock significantly had a purchase of over 9,000 BTC this week too.
It's BTC ETF attracts $733.6M inflows which records one of the top inflows since its launch in the beginning of 2024.
The biggest BTC holder MicroStrategy's induction to Nasdaq-100 also cheered the market and BTC a lot earlier.
BTC is currently trading slightly above and low to the mark of 100K mark.
BTC is currently trading at $100,617.70 (-3.7%) in the last 24 hours.
It is also to be accepted that the Donald Trump Government cannot able to bring the policies suddenly.
We are witnessing a climate that of BTC ETF approval at this stage- before the BTC ETF approval, there was a greater run. But soon after the approval, there was a great calm in BTC price contrast to the expectations.
Let's see how market would react in the days to come!
Follow the technicals, sentiments and news to have a cautious approach as well.
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