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Bitcoin Declines as Traders Secure Profits

by admin January 28, 2025
January 28, 2025
Bitcoin Declines as Traders Secure Profits

In the wake of President Donald Trump’s recent executive order emphasizing the significance of the digital-assets industry for U.S. innovation, Bitcoin experienced a notable decline. The cryptocurrency’s value dropped over 6.5%, falling below $98,000 on Monday morning in Europe, before recovering some losses. Other cryptocurrencies also faced downturns; Solana and XRP decreased by approximately 11% and 14%, respectively, while Ether saw a decline exceeding 8% at one point.

The executive order, issued on Friday, mandates the formation of a working group to advise the White House on cryptocurrency policy. This group is tasked with proposing a regulatory framework for digital assets within six months and evaluating the establishment of a crypto stockpile. Notably, the order did not confirm the creation of a Bitcoin reserve, a commitment President Trump had made during his campaign.

Sean McNulty, head of APAC derivatives at FalconX, commented on the market’s reaction: “Even though the market got 90% of what it wanted with the executive orders, it evidently was mostly priced in.” He added that anything short of an immediate Bitcoin reserve purchase was likely to disappoint investors.

Since President Trump’s election victory in early November, Bitcoin has surged over 50%. Initially a crypto skeptic, Trump shifted his stance during his campaign, influenced partly by substantial political contributions from the crypto industry. He has pledged to position the U.S. as the world’s crypto capital and, in December, appointed venture capitalist David Sacks as the nation’s artificial intelligence and crypto czar.

In the days leading up to his inauguration on January 20, both President Trump and First Lady Melania Trump launched memecoins—highly volatile tokens with questionable intrinsic value—further highlighting the administration’s engagement with the crypto sector.

Justin d’Anethan, head of sales at Liquifi, a token launch advisory firm, observed, “After a string of bullish news—like pro-crypto regulatory appointments, new ETF product filings, and executive orders—the market seems to be catching its breath.”

The post Bitcoin Declines as Traders Secure Profits appeared first on FinanceBrokerage.

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