Bitcoin dipped below the $90,000 mark on January 14, 2025, a near 5% decline since the start of the year, before a slight recovery. This downward trend also extended to lower-capitalized cryptocurrencies like Ether this month.
Investors are increasingly leaning towards the scenario that the Fed will keep interest rates unchanged for an extended period, given the US economy’s surprising resilience and concerns about inflationary pressure from President-elect Donald Trump’s tariff and immigration policies, who will be inaugurated next week.
As a result, yields on US government bonds have surged, dampening enthusiasm for cryptocurrencies, which had been fueled by Trump’s commitment to making the US a global hub for digital assets through friendly policies and a reversal of the Biden administration’s regulatory crackdown.
The sell-off in government bonds across global markets also prompted traders to exit stock holdings. For instance, the S&P 500 index erased most of its post-Trump victory gains made on November 5.
“It would be imprudent to predict a turning point when the market hasn’t truly grasped the impact of the new administration,” wrote Charlie Morris, Investment Director at ByteTree Asset Management, in a report. He added, “While crypto-friendly policies can be expected, it’s undeniable that the major financial markets are currently priced high, with the tech sector vulnerable to downward adjustments.”
After reaching a historic peak of $108,316 last month, Bitcoin is now trading around the $94,800 level as of January 14, 2025. Its gains since Election Day have narrowed to approximately 40%.
However, many members of the crypto community maintain their faith in a sustainable boom under Trump. MicroStrategy Inc., a Bitcoin accumulator, announced its tenth consecutive week of digital asset purchases, pushing its total holdings to approximately $41 billion.
Katie Stockton, a technical analyst at Fairlead Strategies LLC, opined that the leading digital asset is currently in a “corrective phase.” Chart patterns indicate a potential test of support at the $87,500 level, she noted.
– 13:53 01/14/2025
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