- Ki Young Ju has analyzed the current state of the Bitcoin market.
- The crypto market will likely remain slow until sentiment in the US improves.
- President Trump’s administration is showing support for the crypto industry.
Cryptoquant’s CEO Ki Young Ju has analyzed the current state of the Bitcoin market, identifying the potential effect of sentiments in the US and how crucial that could be for the crypto market’s immediate future. According to Ju, the market will likely stay slow until US sentiment gets better.
Ju’s latest post on X highlighted how crucial indicators have remained neutral despite bullish fundamentals. The well-known crypto market analyst mentioned the growing number of Bitcoin mining rigs as a basic development that hints at a bullish future for the crypto market.
Bitcoin’s On-Chain Activity Remains Subdued
Besides the clear fundamentals, Bitcoin has little on-chain activity. However, Ju doesn’t think the current market condition means the bull run is over.
He also believes many traders, including whales, mining companies, TradeFi, and Donald Trump, feel the same way. Basically, Ju doesn’t believe retail traders can decide the crypto market’s next move.
Related: Trump’s Crypto Orders: SEC Reforms and a Presidential Crypto Council
US Crypto Regulation in Focus Under Trump
In the meantime, developments in the US suggest that President Trump’s administration is working towards fulfilling its goal of making the US a leader in the crypto industry. The newly constituted
The Crypto Council has yet to release laws governing the American crypto sector. However, crypto users within the region are optimistic that any laws it releases will be more friendly than those under the past administration.
Trump’s XRP Stance Boosts Market Optimism
Trump’s recent statement about the composition of the US Strategic Reserve boosted crypto users’ optimism about the upcoming regulation. The President included XRP in the list of cryptos that the US will stockpile, suggesting that the protracted battle between Ripple and the SEC may conclude in a way that will favor the former.
Related: Ripple SEC Settlement May Arrive by April, Says Lawyer
That happening will go a long way in determining the narrative in the crypto industry and could trigger significant bullish sentiment. Thus forming the tailwind behind the next wave of the crypto cycle, which aligns with Ju’s expectation that events in the US would determine the crypto market’s next direction.
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