Trump Breaks Major News! The Reason Behind Bitcoin's Sharp Correction to $90,800 Has Been Found, Many Whales Are Awakening...

On Wednesday (November 27th), Bitcoin sharply corrected to around $92,300. On-chain data from the institution CryptoQuant found that long-term Bitcoin holders sold over 728,000 Bitcoins in the past 30 days. This sell-off represents a reversal from the whales who purchased hundreds of thousands of Bitcoins in October. Insiders revealed that President-elect Donald Trump may transfer cryptocurrency regulatory authority to the Commodity Futures Trading Commission (CFTC), weakening the functions of the Securities and Exchange Commission (SEC).

This significant sell-off coincides with a comprehensive rebound in the cryptocurrency market. Previously, Trump was elected president and strongly supported the blockchain industry during his campaign. In particular, Bitcoin's price soared to reach an all-time high, just a few dollars shy of $100,000.

TradingView data shows that Bitcoin's dominance (Bitcoin Dominance, a measure of its share in the total cryptocurrency market capitalization) is currently around 58%, down from recent highs of over 60%.

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