Standard Chartered: If Trump does not provide a catalyst to restart crypto market growth, sell-off risks will rise

Odaily Odaily News reports that before the inauguration of Trump, cryptocurrencies surged due to bullish expectations, with the market anticipating that the new president would issue supportive reforms within a few days. When Trump entered the White House on Monday, Bitcoin soared to a historic high of $109,000, and investors cheered excitedly, eagerly awaiting a new pro-cryptocurrency policy statement. However, this frenzy did not last. Since January 20, Bitcoin and other cryptocurrencies have been declining. On Wednesday, this token fell another 2%, trading at around $104,172. Analysts believe that the longer US President Trump delays the announcement of specific cryptocurrency policies, the higher the risk of painful sell-offs for investors. Standard Chartered Bank said the weakening of market momentum and the possibility of a deeper correction reflect an increasing sense of disappointment over the lack of new policy announcements. If the Trump administration does not provide new catalysts to reignite growth, the pain will intensify, said Geoff Kendrick, Standard Chartered Bank's global head of digital asset research, on Wednesday. "When hope is dashed, digital asset prices will fall 10-20%, and hope is not a strategy. It can last for a few days, but not for a few weeks." (Businessinsider)