As Trump tanks Bitcoin, PMI offers a roadmap of what comes next
The US manufacturing PMI has entered expansion mode for two months in a row, setting the stage for a positive reversal in the business cycle.
The first six weeks of US President Donald Trump’s second administration have been a wrecking ball for cryptocurrency markets.
Since peaking above $109,000 on Inauguration Day, Bitcoin (BTC) crashed to a low of around $78,000 in late February before swiftly rebounding to $96,000 a few days later on Trump’s crypto reserve plans. However, 24 hours later, those gains were completely reversed in a move that some have attributed to outright market manipulation.
Despite the short-term volatility, Bitcoin’s trajectory moving forward can be better understood through the lens of the business cycle and global liquidity. Both variables are trekking higher as of February.
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