Bitcoin is not maintaining its meteoric rise

Dogs got up “Bitcoin“ Above $93,000 for a short time as cut expectations increase Interest ratesto the movement that came from the position of the president-elect Donald Trump Cryptocurrency supporter.

rose Cryptocurrency By about 6% in the United States to a higher level of $93,462, but failed to sustain the increase, and fell to $89,370 at 6:10 am on Thursday in Singapore. The broader cryptocurrency market was swinging between gains and losses, amid choppy trading.

Speculators are trying to analyze whether Trump’s rhetorical support for cryptocurrencies will continue to push the price of Bitcoin, opening the way towards the $100,000 threshold, or making way for a wave of profit, from after a 33% advance since the US elections in November. 5.

Change in attitudes

“It is reasonable to believe that we will see a shift in sentiment, leading to more flows in both directions,” Chris Weston, head of research at Pepperstone Group, wrote in a note. He said: “However, the bias towards Bitcoin is higher at the moment, and I expect that once the intense process of liquidation of positions is over, buyers will return and move to better roles. “

Wednesday’s inflation data was in line with analysts’ expectations, prompting traders to boost bets on another quarterly interest rate cut by the Federal Reserve in December. Meanwhile, Trump’s broader policies of tax cuts and protectionist trade tariffs complicate the picture by threatening to lighten price pressures in the future.

Trump’s promises

The president-elect promised to create a friendly regulatory framework for cryptocurrencies, create a strategic stock of Bitcoin, and make the United States the global center of the industry. After Trump was skeptical about cryptocurrencies, he changed course after digital asset companies spent big money to support him during the election campaign, with the aim of promoting their interests.

There are still questions about the feasibility of these promises and the possible timeline for implementation. Trump and his party have controlled the elected branches of government, but state issues such as economic and fiscal policy may come first.

Billionaire Michael Novogratz, the founder of Galaxy Digital LP, which focuses on cryptocurrencies, said in an interview on Bloomberg TV that the prospects for the creation of a strategic reserve of Bitcoin in the United States are low, adding that the cryptocurrency could at most rise to 500. One thousand dollars, if that comes true.

The cryptocurrency rally is spreading across the financial sector, pushing trading volume and flows in US Bitcoin exchange-traded funds to record highs. MicroStrategy Inc, a software company that has adopted Bitcoin on balance, supported Bloomberg’s measurement of US revolving debt, helping it achieve the best month of the year.