On January 15, while Bitcoin quickly hit an all-time high after Trump won the U.S. presidential election in November, macroeconomic headwinds have weighed on the market since mid-December, causing K33 analysts to question their previous expectations of Trump’s inauguration as a “sell-the-news” event.
K33 had previously tended to sell Bitcoin on the January 20 inauguration, citing the high expectations that Trump’s pro-crypto campaign promises would collide with the reality of Washington’s typically slow political machine. However, as the inauguration approaches, “sell-the-news” becomes less attractive.
The market is trying to weigh the inflationary impact of Trump’s tariff rhetoric against potential tax cuts and favorable crypto policies that are expected to boost risk assets this year, K33 analysts Vetle Lunde and David Zimmerman wrote in a client note on Tuesday.
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