The 'Rise' of Cryptocurrency!
Since the end of last year, the price of Bitcoin has been like a roller coaster. Positive remarks during Trump's election campaign pushed it to break $100,000 for the first time on December 5 last year, and it reached a new high of $109,000 on Inauguration Day.
However, with Trump taking office and waving the 'tariff stick', the overall cryptocurrency market plummeted, with Bitcoin briefly falling below $80,000 in early April.
Now, Bitcoin's rise is driven by multiple factors: the easing of US-China trade tensions, Moody's downgrade of US sovereign debt ratings, prompting investors to seek alternative investments to the dollar; a positive regulatory outlook, improved risk sentiment, and the overnight 'triple kill' of US stocks, bonds, and currencies leading to heightened risk aversion have contributed to its rise this morning.
Sean Farrell, head of digital asset strategy at US investment firm Fundstrat, said the market has shifted from a 'sell on dips' mode a few months ago to a 'buy on dips' mode now. Trump's heroic dog Conan, with its strong IP and good narrative, is worth watching!
