Forbes: Bitcoin's decline may be due to traders reversing bets after Trump's election
Golden Finance reports that Bitcoin's decline has intensified this week, falling 25% from its historic high less than six weeks ago. The reason is traders reversed their bets after the election of US President Trump. Bitcoin fell 2.8% during the Asian trading session, hitting its lowest level since November 11th. This is part of a general downturn in cryptocurrencies, with Ethereum, Solana and XRP also experiencing significant drops in recent days. The sell-off highlights the rapid change in digital asset fortunes; Bitcoin hit a new historical high of $109241 on January 20th, Trump's inauguration day but has since fallen sharply due to concerns about Trump's aggressive stance and widespread worries about the US economy. Cryptocurrencies are also facing pressure from a broader shift in investor risk preferences.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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