Bitcoin Dips as Traders Book Profits Despite Trump's Pro-Crypto Executive Order
Singapore, January 25, 2023: Bitcoin experienced a slight decline on Monday as traders locked in profits following President Donald Trump's executive order recognizing the cryptocurrency industry as a key driver of innovation.
Key Findings:
* Bitcoin dropped up to 3.70% to below $101,000, while other altcoins like Solana and Cardano fell over 5%.
* The slump follows Trump's Friday order establishing a working group to advise the White House on crypto policy.
* Although the order fell short of confirming a U.S. Bitcoin reserve, analysts believe the market had already priced in most positive expectations.
* Bitcoin has surged over 50% since Trump's election victory in early November.
* Trump's pro-crypto stance was evident in his recent launch of memecoins with his wife, Melania.
Market Sentiment:
"The market is taking a breather after a string of bullish news," said Justin d'Anethan, head of sales at token launch advisory firm Liquifi.
Global Context:
* Asian stocks rose on Monday despite renewed trade war concerns.
* U.S. stock index futures fell amid fears of an artificial intelligence model disrupting the tech industry.
Current Price:
As of 11:20 AM in Singapore on Monday, Bitcoin was trading at $101,507.