Initial Edge Case
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- Bitcoin prices showed an upward trend after the U.S. election, surpassing 90,000 dollars.
- Powell, the Fed Chairman, stated that there is no need for rate cuts, which negatively affected the market.
- Market experts predict that despite Powell's remarks, Bitcoin will continue to rise until the end of the year.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Cryptocurrency Collapse A to Z
First time surpassing 90,000 KRW
Powell "No need for rate cuts" remarks
Market experts "Only a short-term adjustment"
Some "Will reach 100,000 KRW within the year"
After Donald Trump was elected as the U.S. President, Bitcoin prices have been on the rise. Jerome Powell, the Chairman of the U.S. Federal Reserve (Fed), stated that "there is no need for rate cuts," which had a negative impact on the market.
Before the election, Bitcoin, which was fluctuating around 70,000 dollars, surpassed 90,000 dollars for the first time on the 13th in Korean time. On the 14th, it even reached up to 93,000 dollars, raising expectations for a year-end rally to 100,000 dollars.
This upward trend is analyzed as an effect of Trump's election, who promised a pro-cryptocurrency policy. The expectation that Trump's election would lead to deregulation of virtual assets in the U.S. has grown. Previously, during the Trump administration, there was a notion to treat Bitcoin as a national strategic asset and ensure all cryptocurrencies are mined in the U.S. He also appointed Mark Tesla, known as a supporter of Bitcoin and Dogecoin, as the CEO of the newly established 'Government Efficiency Committee (DOGE)'.
The atmosphere shifted on the 14th when Powell attended a Fed event in Texas and stated, "There is no signal that the U.S. economy needs rate cuts," which negatively affected the market. Initially, the market expected the Fed to lower the base rate in November and continue to cut in December. This led to a surge in Bitcoin prices. CoinDesk, a cryptocurrency specialist media, stated, "Powell's remarks have dashed hopes for a rate cut," and predicted that "the idea of a December rate cut is not as certain as it was thought." Bitcoin prices fell to 87,000 dollars by the afternoon of the 15th in Korean time.
However, in the market, there are many predictions that "even if Bitcoin undergoes a short-term adjustment, it will continue to rise until the end of the year." Jeff Kendrick, an analyst at Standard Chartered Bank, said, "Bitcoin could rally to 100,000 dollars by the end of the year, and there is enough potential to reach up to 125,000 dollars."
