President Donald Trump’s controversial memecoin launch in January might have catalyzed the current Bitcoin (BTC) and crypto market peak, in keeping with the macro strategist Jim Bianco.
Bianco, the president of Bianco Analysis, tells his 443,700 followers on the social media platform X that Bitcoin hit its all-time excessive of round $109,000 in January, only a few days after Trump launched his official memecoin.
BTC is down almost 8% previously 24 hours and greater than 7% previously week. The highest-ranked crypto asset by market cap is buying and selling at $87,244 at time of writing, its lowest stage since mid-November.
Bianco additionally notes that high Ethereum (ETH) competitor Solana (SOL) additionally hit its peak in late January.
“The Solana community is the house of the memecoin mania. SOL peaked on January 22, three days after the Trump coin peak and is now down by nearly half. So goes SOL, so goes memecoins. SOL’s rally finish coincided with Trump’s memecoin.”
SOL is buying and selling at $143.66 at time of writing. The sixth-ranked crypto asset by market cap is down almost 7.5% previously week and nearly 13% previously week. It’s also at present down greater than 51% from its all-time excessive of $293.31.
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