Key Support Levels Revealed by Prominent Analyst as Cryptocurrency Market Continues to Decline Prior to Trump’s Presidency

Key Support Levels Revealed by Prominent Analyst as Cryptocurrency Market Continues to Decline Prior to Trump's Presidency

Key Support Levels Revealed by Prominent Analyst as Cryptocurrency Market Continues to Decline Prior to Trump's Presidency

Coinglass data shows that the liquidation amount in the Bitcoin market reached 121 million dollars in the past 24 hours, and the price once fell to 93,700 dollars. Hoya Bit founder Peng Yunxian analyzed that the “California wildfires” and the “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 among its residents. However, the recent unexpected wildfires have destroyed many residents’ homes, forcing them to sell Bitcoin to raise funds for their livelihoods, intensifying the selling pressure in the market. In addition, some investors suffered significant losses due to the loss of their cold wallet asset keys, further affecting market sentiment. At the same time, the US December non-farm employment data showed an increase of 256,000 people, far exceeding market expectations. This news triggered a decline in all four major US stock indexes, with the 10-year US Treasury yield rising to 4.77%, further deepening market volatility.

Well-known cryptocurrency trader Ansem stated that Bitcoin will still face challenges in the short term, but it is expected that the price will stabilize in the range of 91,000 to 92,000 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 does not address related issues during the official handover of power on the 20th, it may indicate a lower priority of cryptocurrency policies in his administration, thereby weakening market optimism.

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Trump’s Bullish Moves 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 Temporary

Trump’s Bullish Moves 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. Many states in the US are actively promoting plans to include Bitcoin in their strategic reserves. According to Web3 media Decrypt, North Dakota has become the latest state considering including Bitcoin in its balance sheet. The state legislature has proposed including digital assets in the state government’s investment strategy to combat inflation and enhance fiscal stability. New Hampshire has also introduced a similar reserve bill, and Representative Keith Ammon warned that if other states do not take action soon, they will miss the opportunity to establish a Bitcoin reserve.
Peng Yunxian stated that several states, including Florida, Texas, Pennsylvania, and Ohio, have responded to this wave of reserve enthusiasm, demonstrating a high level of recognition for Bitcoin as a digital asset. At the same time, this also reflects the global trend of the gradual digitization of the financial system. In the face of economic uncertainty and inflationary pressures, countries and state governments are choosing Bitcoin as a store of value tool, opening up new prospects 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 investments have not only boosted the company’s stock price but also made its Bitcoin holdings worth over $40 billion, attracting widespread attention in the industry. This success has inspired many other companies to follow suit, including Tesla, financial payment giant Block, and video sharing platform Rumble, all joining the ranks of Bitcoin asset allocation. For example, Tesla currently holds around 10,000 Bitcoins, worth billions of dollars, demonstrating a high level of confidence in Bitcoin’s long-term potential. Since 2020, Block has actively purchased Bitcoin and has accumulated over 8,000 coins, becoming another case of market attention. Peng Yunxian, founder of Taiwan’s cryptocurrency exchange Hoya Bit, pointed out that more and more companies are considering cryptocurrencies as assets with long-term appreciation potential. This trend is rapidly emerging and becoming a new focus in the global business field.

Hoya Bit Founder Peng Yunxian’s Analysis: Market Downturn is Only Temporary
Peng Yunxian, founder of Taiwan’s cryptocurrency exchange Hoya Bit, believes that the recent 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 to 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. Get to know Taiwan’s cryptocurrency exchange Hoya Bit.

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