Bloomberg: For the first time since Trump's election victory, Bitcoin has experienced a weekly decline, and the options market has begun to hedge downwards
Bloomberg published an analysis stating that due to the cautious policy outlook of the Federal Reserve, it has weakened the optimistic sentiment of the U.S. government embracing the cryptocurrency industry, and Bitcoin has experienced a weekly decline for the first time since Trump won the U.S. presidential election. On Monday this week, Bitcoin's seven-day drop reached about 7%, marking its biggest drop since September. Sean McNulty, head of trading at liquidity provider Arbelos Markets, said that last week's outflow of funds from exchange-traded funds directly investing in Bitcoin will put pressure on Bitcoin prices in the short term. He expects BTC price to remain around $90,000 by end-2024 and added that options market is beginning to try downside hedging with option buyers setting execution prices between $75,000 and $80,000 for January, February and March next year.
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