Cardano Bleeds 8% Amid Crypto Crash And Fears Trump Inauguration Might Be ”Sell The News” Event

Cardano
(ADA)
posted
the
biggest
24-hour
loss
among
the
top
10
largest
cryptos
with
an
8%
plunge
amid
fears
the
Donald
Trump
inauguration
will
be
a
“sell
the
news”
event.

ADA’s
correction
was
enough
to
erase
the
altcoin’s
weekly
gains
to
trade
at
$0.9139
as
of
7:22
a.m.
EST.

Bitcoin
Weakness
Pulls
Cardano
And
Other
Cryptos
Down

The
pullback
in
the
Cardano
price
comes
as
leading
crypto


Bitcoin

(BTC)
struggles
to
recover
back
above
the
psychological
$100K
mark
after
fresh
economic
data
caused
the
crypto
to
spiral.

Hovering
around
$93.6K,
BTC’s
lull
has
impacted
the
broader
crypto
market
as
well,
with
the
digital
asset
sector’s
collective
market
cap
recording
a
more
than
1%
drop
in
the
last
24
hours.

Analysts
attributed
the
drop
in
crypto
prices
to
fears
that
Trump’s
Jan.
20
inauguration
might
be
a
“sell
the
news”
event.
In
the
weeks
leading
up
to
the
event,
traders’
risk
taking
picked
up
across
financial
markets.
This
was
due
to
the
belief
that
more
pro-crypto
and
pro-business
policies
will
be
introduced
by
the
Trump
administration.

Another
potential
reason
for
the
pullback
in
the
crypto
market
could
be
the
US
government’s
recent


sale
of
Bitcoin

that
it
seized
from
darknet
marketplace
Silk
Road.
Last
year,
Trump
said
that
he
would
create
a
strategic
BTC
reserve
using
the
seized
assets
to
chip
away
at
the
nation’s
huge
debt
pile.

The
potential
creation
of
a
Bitcoin
strategic
reserve
fueled
speculation
that
BTC
will
soar
to
new
all-time
highs
this
year.
However,
the
sale
will
likely
delay
the
creation
of
such
a
reserve.

Bitcoin
Pullback
Just
A
Pause,
QCP
Capital
Says

The
poor
performance
by
Bitcoin
and
the
rest
of
the
crypto
market
in
the
last
few
days
could
be
an
opportunity
to
buy
the
dip.
Singapore-based
QCP
Capital
said
in
a
Thursday
market
broadcast
on
Telegram
that
BTC’s
pullback
“is
merely
a
pause”
that
is
“setting
the
stage
for
a
bullish
rally.”

Bitcoin
will
retrace
deep
enough
to
convince
you
that
the
Bull
Market
is
over

And
then
it
will
resume
its
uptrend#BTC

$BTC

#Bitcoin

—
Rekt
Capital
(@rektcapital)

January
8,
2025

Pseudonymous
trader
and
analyst
Rekt
Capital
echoed
this
sentiment
in
a
Jan.
8
X
post
to
his
over
529K
followers.
“Bitcoin
will
retrace
deep
enough
to
convince
you
that
the
Bull
Market
is
over,”
the
analyst
said,
before
adding
that
it
will
then
“resume
its
uptrend.”

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