Bitcoin has set the longest consecutive decline since Trump won the U.S. election. As of Monday, Bitcoin has fallen about 6% for three consecutive days. Since the election date on November 5, the cryptocurrency market cap has grown by $1 trillion, but it is currently stagnant. "Crypto Is Macro Now" author Noelle Acheson wrote that Bitcoin's first attempt to break through the $100,000 barrier "may lead traders to believe the market has peaked and it’s time to lock in profits." However, she added that any such event should be "short-lived." Independent Reserve CEO Adrian Przelozny stated, "People have been looking for reasons to take profits. We remain very confident that the current bullish market sentiment will last until 2025." Additionally, TD Cowen analyst Jaret Seiberg stated in a research note that Trump will "immediately gain control of the U.S. SEC" after being inaugurated on January 20, adding that this will be "a positive signal for easing cryptocurrency enforcement and promoting compliance." Over $7 billion has flowed into U.S. spot Bitcoin ETFs since the election, with these ETFs currently holding total assets of $105 billion. IG Australia Pty market analyst Tony Sycamore noted that the recent Bitcoin pullback is "a much-needed correction to eliminate overbought readings rather than a reversal or any sinister action," and added, "This also reminds us that markets, even the cryptocurrency market, do not move in a straight line indefinitely." (Bloomberg)
