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Bitcoin (BTC-USD) has been falling, seemingly signaling the end of the crypto rally fueled by US President Donald Trump's return to the White House. Movement Labs co-founder Cooper Scanlon joins Asking for a Trend host Josh Lipton to discuss what the drop signals about the crypto trade.
Scanlon says "sentiment is still strong" among crypto investors, with the industry "looking at this as a blip on a long-term horizon of technical innovation and excitement for what's to come in the US regulatory market."
He credits the decline to the drop in consumer confidence as concerns around inflation persist and as leading stocks pull back, saying, "The very foundation of the market is being rattled."
"As a 24/7 online industry, crypto tends to feel uncertainty first and the hardest," Scanlon adds. "So, it's a very sobering moment to reflect on the foundations that you're building on and investing in."
To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here.
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This post was written by Naomi Buchanan.