Bitcoin experienced a sharp decline to below $90,000 but quickly recovered and rose above $96,000. Singapore-based QCP Capital attributed the rise to US President Donald Trump. QCP analysts explained that the decline was influenced by market expectations of continued high interest rates, as investors began to abandon hopes of interest rate cuts. They noted that the markets have adjusted to the idea of prolonged high interest rates and are no longer pricing in a rate cut until October. The analysts emphasized the importance of upcoming US CPI and PPI figures for further market adjustments. Despite potential negative data, analysts believe that Trump's positive effects on the crypto sector will continue, particularly if he signs executive orders addressing banking curtailment and repealing a controversial crypto accounting policy.



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