The speculative frenzy surrounding Bitcoin is cooling in spot and derivatives markets since Trump won the U.S. presidential election. Trump promised to create a friendly regulatory framework for cryptocurrencies, establish a strategic Bitcoin reserve, and make the United States a global cryptocurrency hub. Trump was once a cryptocurrency skeptic, but changed his stance after digital asset companies invested heavily to promote their interests during the campaign, and now questions remain about the feasibility and implementation timeline of his promises.
Bitcoin fell below $87,000 on Friday after Federal Reserve Chairman Powell said there was no need to rush to cut interest rates, leaving Bitcoin about $6,500 below its all-time high set on Wednesday. (Bloomberg)