The most positive statement made by President Trump was his restated goal of making the US the leader in all things crypto. “Together, we will make America the undisputed Bitcoin superpower and the crypto capital of the world.” As is commonplace for crypto markets, traders clearly bought into the rumor that Trump would make some sort of pro-Bitcoin executive order statements, and once this was clearly not the case, they sold on the news. In an X post, chartered market technician Aksel Kibar said that there is still a chance of Bitcoin price correcting to $73,700. BTC/USD 1-day chart.
But stonks prob have more pain left to fully convert Jay to team Trump so stay nimble and cashed up.” Related: Trump says US will be ‘Bitcoin superpower’ as BTC price breaks 4-month downtrendAs reported by Cointelegraph, a majority of Bitcoin’s recent price action has been driven by activity in the futures markets, but the reappearance of the BTC Coinbase premium could be a sign that spot demand is returning to the market. Bitcoin Coinbase premium index.
On March 19, BTC responded positively to the release of FOMC minutes and Federal Reserve Chair Jerome Powell’s confirmation that the Fed’s quantitative tightening regime would reduce its pace and that the possibility of two interest rate cuts in 2025 remained on the table. BitMEX co-founder Arthur Hayes took a victory lap at what he described as the Fed’s admission that QT would essentially end on April 1, but he cautioned that while $77,000 may have been the Bitcoin price bottom, surprise bouts of volatility could lead to more pain in stocks and BTC. Hayes said, “JAYPOW delivered, QT basically over Apr.1.
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