In the bustling bazaar of New York’s trading floor, where fortunes are made and lost faster than a sneeze in a crowded room, the price of Bitcoin (BTC) soared to a dizzying height of $87,453. But lo and behold! Just as quickly as it ascended, it plummeted to a mere $83,655, all thanks to a certain video appearance by none other than President Donald Trump at the illustrious Digital Asset Summit. Ah, the drama!
Before the grand spectacle of Trump’s video, whispers fluttered through the digital ether, suggesting he would unveil a miraculous decree of zero capital gains taxes on select cryptocurrencies or perhaps even proclaim the establishment of a US strategic Bitcoin reserve. Alas! To the chagrin of many hopeful traders, these rumors evaporated like morning mist. Instead, Trump reiterated his steadfast promise not to part with the Bitcoin seized by the government, while urging Congress to craft clear legislation for stablecoins. How thrilling!
His most optimistic proclamation? A vision of America as the unrivaled Bitcoin superpower and the epicenter of all things crypto. “Together, we will make America the undisputed Bitcoin superpower and the crypto capital of the world,” he declared, as if he were rallying the troops for a grand crusade.
As is the custom in the whimsical world of crypto, traders, like eager children at a candy store, bought into the fantasy that Trump would deliver some pro-Bitcoin executive order. But when reality struck, they hastily sold their treasures, leaving behind a trail of disappointment.
In a post on X, the astute market technician Aksel Kibar suggested that Bitcoin might still be on a path to correct itself to $73,700. “Long-term chart on BTC/USD. Still looks like a pullback to the broken $73.7K. What follows from here will decide on the following several month’s price action,” he mused, as if peering into a crystal ball.
Yet, not all of Bitcoin’s recent vigor can be attributed to the excitement of Trump’s statement. On March 19, BTC responded with glee to the release of FOMC minutes and the reassuring words of Federal Reserve Chair Jerome Powell, who confirmed that the Fed’s quantitative tightening would slow down, leaving the door ajar for potential interest rate cuts in 2025. A glimmer of hope!
BitMEX co-founder Arthur Hayes took a victory lap, celebrating what he deemed the Fed’s admission that quantitative tightening would effectively conclude on April 1. However, he cautioned that while $77,000 might have been the bottom for Bitcoin, unexpected jolts of volatility could still inflict pain on both stocks and BTC. “JAYPOW delivered, QT basically over Apr. 1. The next thing we need to get bulled up for realz is either SLR exemption and or a restart of QE. Was BTC $77K the bottom? Prob. But stonks prob have more pain left to fully convert Jay to team Trump so stay nimble and cashed up,” he quipped, with a wink.
As reported by CryptoMoon, much of Bitcoin’s recent price action has been driven by the frenetic activity in the futures markets. Yet, the reappearance of the BTC Coinbase premium might just signal that spot demand is making a comeback. Oh, the twists and turns of this digital currency saga!
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2025-03-21 00:59