With some of the largest digital currencies wiping out almost all of their gains following Donald Trump’s election victory, which sparked a surge of enthusiasm in the sector, cryptocurrency values have dropped precipitously in recent weeks and are not predicted to rise anytime soon.
While waiting for a bullish signal, like as signs that the US Federal Reserve intends to lower interest rates or a certain pro-crypto regulatory framework from the Trump administration, several analysts predicted that the market will likely stay muted.
In anticipation of a strategic move, Bitcoin, the largest cryptocurrency, has dropped 21% from its peak on January 20 and is now back to levels observed soon after Trump won the US presidential election in November.
