Bitcoin is around $60,000 to $70,000 now, I don't bothwr going into the accurate details, I sold the few Satoshi I had last year but still been following to see if it'll really do more than rise and fall and actually have utility since a lot of countries were adopting it.
Either way, it's way down from $126,000 last year when everyone was happy. For the time being, Trump is still saying what he thinks about crypto and it's not helping the price. Kevin Warsh is the new head of the Fed and he is a hard money guy who is all about high interest rates. That makes the dollar stronger and if the dollar is getting stronger, then holding a risky asset like Bitcoin has less attraction than just holding cash.
There is also the situation over in Iran, the thought of war terrifies everyone so they are not buying bitcoin right now. They are either buying gold or holding cash. The real problem though is the leverage in the market. A bunch of people borrowed money to buy crypto, then when the prices dropped, they were forced to sell everything to pay off their loan. That's how the crash happened. Billions of dollars vanished in the matter of hours.
I thought that having a pro crypto president would change all of that, maybe it will eventually but right now, the economy and general fear are winning. We might have to rethink whether America actually got a pro crypto president. How quickly people can go from thinking anything is possible to watching all the numbers fall. Red is everywhere on the charts but there's still hope for long term holders maybe.
