Bloomberg: Bitcoin's first weekly decline since Trump's election victory, options market begins to hedge downwards

According to an analysis by Bloomberg, as the Federal Reserve's cautious policy outlook has dented the optimism of the US government to embrace the cryptocurrency industry, Bitcoin has experienced its first weekly decline since Trump won the US Presidential Election. On Monday, Bitcoin fell by about 7% in seven days, the largest decline since September. Sean McNulty, head of trading at liquidity provider Arbelos Markets, said outflows from U.S. exchange traded funds that invested directly in bitcoin last week will weigh on bitcoin prices in the short term, and he expects BTC prices to remain at $90,000 levels until the end of 2024, adding that options markets are beginning to experiment with downside hedging, with options buyers setting strike prices of $75,000 to $80,000 in January, February and March next year.