CandleFocus

Red weekend: Bitcoin posted biggest two-day retreat since the US election

Author: Content Editor
The crypto community has become uncertain about Trump's promised crypto policies, resulting in a decline in Bitcoin over the weekend. Trump had previously made promises to create a more crypto-friendly environment and end the war on crypto initiated by the Biden-Harris administration. However, traders are cautious about whether Trump will deliver on these promises and when. Bitcoin experienced a 3% drop but has since shown signs of recovery. Uncertainty also extends to monetary policies, affecting speculative demand for crypto assets. Industry experts have criticized the U.S. SEC's regulatory enforcement strategies and it is unclear who will take over the vacancy under Trump's administration. JPMorgan Chase predicts that Trump's administration may approve crypto legislation, transforming regulatory oversight to a more collaborative approach. There may also be a more diversified investment environment for digital assets, including the introduction of exchange-traded fund offerings. Despite the weekend decline, Bitcoin has risen by 12.96% in the last seven days. Bitcoin ETFs experienced outflows worth 770 million after recording positive flows for several consecutive days.

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