Jim Bianco Attributes Bitcoin Peak to Trump’s Memecoin Launch
Macro strategist Jim Bianco asserts that the launch of President Trump’s memecoin in January may have triggered the peak in Bitcoin and crypto markets. Bitcoin reached an all-time high shortly after the launch, but has since decreased by 8%. Solana, another significant player, also peaked around the same time but has drastically declined since, reflecting a broader market downturn.
Jim Bianco, a prominent macro strategist and president of Bianco Research, suggests that former President Donald Trump’s launch of a memecoin in January may have played a crucial role in catalyzing the recent peak of Bitcoin (BTC) and the wider cryptocurrency market. According to Bianco, Bitcoin achieved its all-time high of approximately $109,000 just days after the memecoin debut. As of now, Bitcoin has faced a nearly 8% decline in the last 24 hours, trading at $87,244, its lowest level since mid-November.
Furthermore, Bianco noted that Solana (SOL), a leading competitor to Ethereum (ETH), also reached its peak around the same time. He stated, “The Solana network is the home of the memecoin mania,” observing that SOL peaked on January 22, three days subsequent to the Trump coin’s launch. Currently, SOL is priced at $143.66, showing a downturn of about 7.5% over the past week and over 51% from its all-time high of $293.31.
In summary, Jim Bianco posits that Donald Trump’s memecoin launch significantly influenced the peaks of both Bitcoin and Solana. As the cryptocurrency market adjusts, both BTC and SOL have encountered significant declines since their respective highs. Investors are recommended to conduct thorough research before engaging in cryptocurrency investments.
Original Source: dailyhodl.com
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