Bitcoin sees first weekly decline post US election win of Donald Trump
Bitcoin just experienced its first weekly decline since Donald Trump’s election win, with the original cryptocurrency down over 7% for the seven-day period ending Monday morning in Singapore. This drop is the largest since September, showing a shift in the market.
The broader cryptocurrency market, including tokens like ether and dogecoin, also saw a steep decline of about 10%. This comes as the US Federal Reserve announced a cautious policy outlook, with a third interest-rate cut and a slower pace of monetary easing next year to control inflation. This news caused global stocks to plummet and put a damper on the exuberance in the cryptocurrency world following Trump’s support for the industry.
The recent withdrawal from US exchange-traded funds that directly invest in bitcoin is also contributing to the downward pressure on prices, according to Sean McNulty, director of trading at Arbelos Markets. This shift in the market is a reminder of the volatility and uncertainty that come with investing in cryptocurrencies, even as they gain wider acceptance and attention.
As always, it’s essential for investors to stay informed and cautious, especially in such a rapidly changing and unpredictable market. Keep an eye on the latest developments and expert insights to make informed decisions about your investments.
