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Bitcoin (BTC-USD) prices remain under pressure, trading just above $86,000. The Wolf Of All Streets podcast host Scott Melker joins Morning Brief to analyze the cryptocurrency market's performance since President Donald Trump took office.
Melker identifies several factors behind the recent crypto sell-off, including excessive enthusiasm for a Trump administration rally, uncertainty surrounding political policy impacts on markets (^DJI, ^IXIC, ^GSPC), the recent ByBit hack, and what he describes as "the absolute meme coin madness."
"We've just had some short-term catalysts for downside that I think will be relatively quickly absorbed, and then we can get back to the bull market that we were used to," he explains.
Melker observes that despite the Trump administration's inclusion of numerous pro-crypto officials, everything Trump campaigned on was "priced in as promises, so now you need to see Trump and his team deliver on them," noting there are "really high expectations."
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Nonetheless, he states, "Volatility is the price of admission for exponential gains in bitcoin."
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
This post was written by Angel Smith