As investors are taking a cautious stance ahead of US President Donald Trump’s scheduled executive order today, Bitcoin has slipped to a two-month low. On Thursday, White announced the Trump executive order and a subsequent policy meeting scheduled for Friday. While specific details were not disclosed, speculations sparked uncertainty across risk assets, including cryptocurrencies.
Bitcoin Hovers Near $80K
The crypto market has once again slipped into a downturn, with the total cap reaching a low of $2.81 trillion, down by a notable 6.03%. Leading cryptocurrencies face extreme market pressure, creating a climate of widespread investor fear.
The current BTC price stands at $82,675 after experiencing a daily decrease of 6.5%. The Bitcoin price reached its two-month low after dropping 7.5% during the past week and 6.5% during the past month. The market experienced negative sentiment, which resulted in a liquidation wave because traders lost their positions during the sudden price drops. A severe liquidation event hit the market today, according to CoinGape, with more than $2 billion in assets vanished from multiple exchanges.
It is worth noting that this sustained downturn for Bitcoin aligns with critic Peter Schiff’s prediction. Recently, Schiff noted, “The Bitcoin trade is over,” adding that the cryptocurrency will have its worst time in the next four years. As per this projection, BTC is expected to decline further in the coming months.
Trump Executive Order Looming: What to Expect?
The White House declared that Trump will sign an executive order today. The crypto market is closely watching for any economic signals, financial regulation updates, and institutional leadership changes, although specific details remain unknown.
The current speculation suggests that Trump will declare Fed Chair pick today, while Kevin Warsh stands as the primary candidate. Trump stated,
While the crypto market is awaiting the Federal Reserve’s potential interest rate decisions, Trump’s Chair pick could have far-reaching implications on the industry.
This uncertainty surrounding the Trump executive order has significantly impacted Bitcoin and other digital assets. Until more clarity emerges, traders are likely to remain defensive, keeping pressure on prices amid broader risk-off sentiment.
Source: https://coingape.com/bitcoin-drops-to-two-month-low-as-crypto-market-braces-for-trump-executive-order/
