Standard Chartered: If Trump does not provide a catalyst to restart crypto market growth, sell-off risks will rise

Odaily Planet Daily News: Before Trump's inauguration day, cryptocurrencies soared on bullish expectations, with the market expecting the new president to enact supportive changes within a few days. When Trump entered the White House on Monday, Bitcoin jumped to an all-time high of $109,000, and investors cheered and eagerly awaited new pro-cryptocurrency policy statements. However, the frenzy did not last. Bitcoin and other cryptocurrencies have been falling since January 20. On Wednesday, the token fell another 2%, trading at around $104,172. Analysis believes that the longer it takes for US President Trump to announce cryptocurrency-specific policies, the higher the risk of painful sell-offs faced by investors. Standard Chartered Bank said that the weakening of market momentum and the possibility of deeper adjustments reflect the growing disappointment with the lack of new policy announcements. If the Trump administration does not provide new catalysts to restart growth, the pain will intensify. Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, said on Wednesday. "When hope is shattered, digital asset prices will fall by 10-20%. Hope is not a strategy. It can last for a few days, but not weeks." (Businessinsider)