Ever since Donald Trump’s victory in the US presidential election in November of 2024, many avenues have seen an uptick in their prospects.
Trump and Crypto
One such key aspect that has seen its prospects go on overdrive is in the case of cryptocurrencies, more specifically Bitcoin, the largest of them all.
The virtual, blockchain-oriented currency saw a significant boost in its prospects in the days and weeks following Trump’s victory.
This came to pass as Trump, who was once sceptical of the medium of wealth, changed his tune, inclining and aligning himself closer to the larger cryto world, espousing their use.
US President Donald Trump | PIC: AFP
In the recent past though, the picture appears to have changed. In the past month of trade, the scale of the crypto currency has declined by 5 per cent. This however is still not enough to dislodge the gains made since November.
The Recent Slump
Just in the past five trading sessions, Bitcoin has lost 3.89 per cent or a whopping USD 3,817.39 worth of its value
This development comes at a time, when the cryptocurrency celebrated its sweet-sixteen, turning 16 since its inception. In these 16 years, the currency has seen its value rise by a total of 20,699.85 per cent or USD 93,975.25.
When we look at the picture of the past month alone, Bitcoin has lost a major 5.04 per cent or over USD 5,000 of its value. This has brought the current value of the cryptocurrency to USD 94,429.24 for one Bitcoin.
The Previous Episode Of Drop
Bitcoin appears to have hit a period of lull, with lower demand. And this is not the first time that the currency has seen a period of relative decline. A similar lull was observed in December.
However, the positive developments including the nomination of Paul Atkins as the next head of the Security Exchange Commission or SEC boosted its prospects. For context, Paul Atkins is renowned crypto advocate. In fact, Bitcoin even went to hit the coveted USD 1,00,000 mark after that.
It remains to be seen whether in the times of greater volatility that is expected to hit the global economy with Trumpian economic policy, Bitcoin and other crypto currencies retain favour of investors.
