"Trump Trade" Fizzles Out, Crypto Market Bathed in Red Again
"Trump Trade" Fizzles Out, Crypto Market Bathed in Red AgainThe "Trump Trade" appears to have fizzled out, sending the cryptocurrency market back into a bloodbath. According to Investing
"Trump Trade" Fizzles Out, Crypto Market Bathed in Red Again
The "Trump Trade" appears to have fizzled out, sending the cryptocurrency market back into a bloodbath. According to Investing.com data, Bitcoin plunged to nearly $68,000 per coin during intraday trading on November 3rd. Over the past 24 hours, more than 100,000 people have liquidated their positions in the crypto market. On Tuesday, Bitcoin surged to a near $74,000 high before experiencing a continuous correction.
On October 29th, cryptocurrencies, led by Bitcoin, saw a sharp surge. Bitcoin reached a peak of nearly $74,000, marking its highest point since June 7th. Ethereum, Dogecoin, BNB, Cardano, and other coins followed suit. This rally was interpreted by the market as a result of the "Trump Trade," driven by expectations that a Trump victory would benefit the price of Bitcoin and other cryptocurrencies.
However, as the election results became clear, market sentiment shifted. The rally in Bitcoin and other cryptocurrencies quickly reversed. Currently, market analysts generally believe the crypto market is in a high-level correction phase, with significant uncertainty surrounding its future price trajectory.
It's important to remember that the cryptocurrency market has always been known for its volatility. Investors are advised to invest cautiously and implement appropriate risk management measures.
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