Bitcoin price experiences volatility following a 3.5% decline. President Trump's administration announces evaluation of a Bitcoin Reserve. K33 report highlights cautious trading sentiment among CME traders. FTX set to begin repaying creditors, potentially impacting the crypto market.
Bitcoin price fluctuated around $97,000 on Wednesday following a 3.5% decline the previous day. Despite this dip, President Trump 's crypto czar, David Sacks, announced during a digital asset press conference that the administration would evaluate a Bitcoin Reserve. This news, coupled with K33 Research's report highlighting a defensive position among Bitcoin CME traders and a recommendation to avoid leverage at all costs, contributed to the market's mixed sentiment.
Bitcoin initially surged to close above $101,300 on Monday after a brief dip to $91,231, but failed to maintain this momentum, dropping 3.52% on Tuesday. The press conference revealed several frameworks and regulatory support initiatives for digital assets and stablecoins, signaling a potential shift towards greater crypto adoption. However, market uncertainty persists due to factors like tariffs and broader economic instability. Adding to this volatility, the upcoming FTX repayments to creditors starting February 18 are expected to have a significant impact on the crypto market. FTX will begin repaying creditors with claims under $50,000, particularly those in the Bahamas, at an annual interest rate of 9% from November 11, 2022. This marks a crucial step in the recovery process for those affected by the FTX collapse in November 2022.The ongoing price correction suggests that Bitcoin could test its psychologically significant level of $90,000 if the bearish momentum persists. Technical indicators, like the RSI reading 43 and the bearish MACD crossover, further reinforce this possibility. Conversely, if Bitcoin recovers and finds support around $100,000, it could retest its recent high of $106,012. The market remains closely attuned to these developments, as they will likely shape the short-term trajectory of Bitcoin's price
BITCOIN PRICE TRUMP FTX CME LEVERAGE VOLATILITY REGULATION DIGITAL ASSETS
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