- The crypto market has pulled back since Donald Trump’s election victory.
- US stocks have also struggled under Trump as Asian stocks soar.
- Analysts think it is too early to conclude on President Trump’s economic plans.
Contrary to what many in the cryptocurrency community anticipated, the crypto market actually experienced an overall pullback since Donald Trump won the election to become the current US president.
Data from TradingView show that cryptocurrencies and US stocks have experienced a pullback while Asian stocks rallied.
How Have Different Markets Performed Since the US Elections?
The famous Chinese journalist Colin Wu highlighted these assets’ performances in his latest post on X, showing how the top Asian stocks posted profits while the US stocks and cryptocurrencies have remained in a losing position.
According to Wu’s post, the Hong Kong Hang Seng Index rose 17%, while the China Shanghai Composite Index rose 3.27%.
Meanwhile, the major US stocks and top cryptocurrencies on Wu’s list recorded losses over the period under review. The S&P 500 fell 4.26%, the Nasdaq fell 6.1%, BTC fell 15.6%, and ETH fell 36.5%. Solana (SOL) and Dogecoin (DOGE) have also seen double-digit percentage drops.
Related: China vs. Trump Tariffs: Global Markets Shaken, Crypto Beckons
Why Isn’t the Crypto Market Booming Under a Pro-Crypto President?
This market reaction is surprising to many, especially considering Donald Trump’s vocal support for the cryptocurrency industry during his election campaign.
It is crucial to note that President Trump has followed through with most of his election campaign promises toward the crypto industry and the US stock market. However, many stakeholders, especially their international counterparts, have criticized the US President’s approach, with some taking steps to counter some of Trump’s moves.
What Do Analysts Say About the Current Market Trends?
However, analysts caution against drawing definitive conclusions just yet. They point out that various macroeconomic factors and broader market sentiment could be influencing these short-term trends.
Some suggest that the initial enthusiasm following Trump’s election might be giving way to a more cautious “wait-and-see” approach as investors assess the actual implementation and impact of his policies. The newly constituted crypto council also has yet to deliver a revised regulation for the crypto industry, while the SEC has not yet set an official closure on some of the cases pending under its purview.
Related: China Stocks Crash 7% While US Markets Soar: Crypto Implications
Things could turn positive for the crypto and US stock markets. However, the prevailing sentiment favors the acclaimed US rivals in China and Asia.
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