The crypto market appears to be in limbo ahead of US President-elect Donald Trump’s inauguration. 

“Bitcoin $BTC has been struggling to crack the much-coveted $100K psychological resistance level as the crowd has been growing restless once again,” said an analyst in its report.

According to the analyst, the lackluster price action displayed by Bitcoin is due to reduced buying by Bitcoin wallets holding between 100 and 1,000 BTC, also known as “sharks.”

At times, when bitcoin rallied, these entities which are popularly called as Sharks, were responsible for almost 91% of the bull run. Now, Since 18.12.2024, these entities have stopped buying. This analysis only mean that the communities and enthusiasts are solely responsible for any rallies from December 18 of 2024 till the time of writing of this article.

In addition, the uncertainties surrounding, transfer of power in the US between POTUS Joe Biden and the President-elect Donald Trump due to recent decision of the U.S. Supreme Court to go ahead with the sentencing of the Former President of the United States of America has left the crypto world to a mush and has further led to reduced global liquidity.

Donald J. Trump, last year won the presidential elections and is due for a transfer of power from the current administration to the new administration. In the run-up of his accession to be the 47th President of the US, has already announced his new administration, with the crypto community anticipating ouster of Gary Gensler from the SEC chair who has been nothing but a thorn in the ass of crypto community during Biden Administration and also one of the reasons for Biden's exit from the Presidential race.

Now, the community is awaiting further events with fingers crossed for a favourable administration in the US.