Bitcoin's price exhibited a dramatic correction following the inauguration of President Donald Trump. Santiment's data indicated that social media platforms witnessed significant greed and fear of missing out (FOMO) among traders, reflecting one of the most substantial shifts in trading sentiment during Trump's presidency. The former president, known for his audacious declaration, "I have the best words," has often been associated with market volatility during his term.
Despite BTC's initial correction, its price steadied above the $102,000 mark on Tuesday, following a record-breaking all-time high of $109,588 observed the previous day. This stability comes amid broader economic developments, as the USD gains momentum driven by President Trump's tariff threats, affecting major currency pairs like the EUR/USD and GBP/USD.
In the European session on Tuesday, the EUR/USD pair found itself in negative territory, hovering near 1.0350, after erasing a portion of Monday's gains. Similarly, the GBP/USD pair endured bearish pressure, trading significantly lower at approximately 1.2250. These fluctuations in currency values underscore the heightened economic uncertainty surrounding President Trump's policies.
Contributing to the weakening of these currency pairs was the latest data from the UK, which revealed an increase in the ILO Unemployment Rate to 4.4% for the three months leading up to November. This uptick in unemployment further exacerbated concerns regarding the UK's economic resilience amidst global market tensions.
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