Santiment's latest data reveal a swift correction in Bitcoin prices following the inauguration of former President Donald Trump. The cryptocurrency world buzzed with excitement as social media platforms reflected significant enthusiasm and a fear of missing out (FOMO) among traders. This surge of interest coincided with one of Trump's notable quotes, "I have the best words," which symbolized a pivotal moment in trading dynamics during his presidency.
Despite the fervor in the Bitcoin market, the EUR/USD currency pair has been struggling. As of Tuesday's European session, EUR/USD traded in negative territory near 1.0350, erasing some of Monday's gains. Meanwhile, GBP/USD remains under bearish pressure, trading significantly lower near 1.2250. The strengthening of the US dollar can be attributed to Trump's tariff threats, which have influenced market sentiment and currency valuations.
In the UK, economic indicators painted a less optimistic picture. The ILO Unemployment Rate rose to 4.4% for the three months leading up to November, contributing to the subdued performance of the British Pound in the forex markets. These developments underscore the intricate interplay between political events and financial markets, as traders navigate uncertainties.
Bitcoin continues to capture attention after reaching a new all-time high of $109,588 on Monday. On Tuesday, its price steadied above the $102,000 mark, indicating sustained investor interest despite recent corrections. Traders and analysts remain vigilant as they assess the implications of evolving market conditions and geopolitical factors.
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