According to Coinglass data, the amount of Bitcoin liquidations in the past 24 hours reached as high as 121 million US dollars, and the price briefly dropped to 93,700 US dollars. Hoya Bit founder, Peng Yunxian, analyzed that the “California wildfires” and “strong US employment data” are the main factors causing this market volatility. Peng Yunxian pointed out that California, as an important region for cryptocurrencies, has a high rate of cryptocurrency ownership. However, the recent sudden wildfires have destroyed many residents’ homes, forcing them to sell Bitcoin to raise living funds, intensifying the selling pressure in the market. In addition, some investors suffered significant losses due to the loss of cold wallet asset private keys, further affecting market sentiment. Meanwhile, the US December non-farm employment data showed an addition of 256,000 people, far exceeding market expectations. This news triggered a decline in all four major US stock indices, with the 10-year US bond yield rising to 4.77%, further deepening market volatility.
Prominent cryptocurrency trader, Ansem, stated that Bitcoin will still face challenges in the short term, but the price is expected to stabilize in the range of 91,000 to 92,000 US dollars. He believes that with the inauguration of Trump, the market’s low sentiment is expected to ease. Although the market is optimistic about the cryptocurrency-friendly policies that Trump may implement after taking office, some people believe that if Trump does not mention cryptocurrencies in his final public speech on the 19th and fails to address related issues during the official power handover on the 20th, it may indicate a lower priority for cryptocurrency policies in his governance, thereby weakening market optimism.
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Trump’s Bullish Actions Drive US States to Push for Cryptocurrency Strategic Reserves
Major Companies Embrace Bitcoin as a New Trend in Asset Allocation
Hoya Bit Founder Peng Yunxian’s Analysis: Market Downturn is Only a Short-term Phenomenon
Trump’s Bullish Actions Drive US States to Push for Cryptocurrency Strategic Reserves
Peng Yunxian, founder of Taiwan’s cryptocurrency exchange Hoya Bit, pointed out that although market sentiment has been low recently, with only 8 days left until Trump takes office, his friendly policies are expected to inject confidence into the market. Multiple states in the United States are actively promoting plans to include Bitcoin in their strategic reserves. According to Web3 media Decrypt, North Dakota has become the latest state considering adding Bitcoin to its balance sheet. The state legislature has proposed incorporating digital assets into the state government’s investment strategy to combat inflation and enhance fiscal stability. New Hampshire has also proposed a similar reserve bill, and Representative Keith Ammon warned that other states will miss the opportunity to establish Bitcoin reserves if they do not act quickly.
Peng Yunxian stated that many states, including Florida, Texas, Pennsylvania, and Ohio, have responded to this wave of reserve trend, demonstrating a high recognition of Bitcoin as a digital asset of value. At the same time, this also reflects the trend of global financial systems gradually digitizing. In the face of economic uncertainty and inflationary pressures, countries and state governments are choosing Bitcoin as a store of value tool, opening up a new situation for the future development of cryptocurrencies.
Major Companies Embrace Bitcoin as a New Trend in Asset Allocation
MicroStrategy’s successful inclusion of Bitcoin in its core asset management strategy and its large-scale investment has not only driven up the company’s stock price but also made its Bitcoin holdings worth over 40 billion US dollars, attracting industry attention. This success has inspired many companies to follow suit, including Tesla, financial payment giant Block, and video-sharing platform Rumble, among other well-known companies, all joining the ranks of Bitcoin asset allocation. For example, Tesla currently holds about 10,000 Bitcoins worth billions of dollars, demonstrating a high level of confidence in Bitcoin’s long-term potential. Block has been actively purchasing Bitcoin since 2020 and has accumulated over 8,000 Bitcoins, becoming another case of market attention. Peng Yunxian, founder of Taiwan’s cryptocurrency exchange Hoya Bit, pointed out that an increasing number of companies view cryptocurrencies as assets with long-term growth potential, and this trend is rapidly rising, becoming a new focus in the global business field.
Hoya Bit Founder Peng Yunxian’s Analysis: Market Downturn is Only a Short-term Phenomenon
Peng Yunxian, founder of Taiwan’s cryptocurrency exchange Hoya Bit, believes that the recent market downturn in the cryptocurrency market is only a temporary phenomenon. With Trump about to take office, his policies are expected to inject confidence into the market. This will be a key moment for the market rebound, and with more companies and state governments actively promoting Bitcoin as part of their asset allocation, the long-term value of cryptocurrencies is still worth looking forward to. Investors are urged not to be overly pessimistic. Learn more about Taiwan’s cryptocurrency exchange Hoya Bit.
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