Bitcoin News Update: Bessent's Public Key Appearance: Sign of Crypto Market Rebound or Indication of Further Decline?
- U.S. Treasury Secretary Bessent's unannounced visit to Pubkey Bitcoin bar sparked mixed reactions as Bitcoin fell below $85,500 amid macroeconomic uncertainty. - Market analysts warned against overreacting to signals like Bessent's visit, noting delayed interest rate cuts and equity weakness drive Bitcoin's 28% market cap drop since October. - Institutional buying ($835M) and increased short-term holder activity suggest market resilience, though $1B+ liquidations highlight structural fragility in late 20
Treasury Secretary Scott Bessent made an unannounced stop at Pubkey, a bar in Washington, D.C., on Thursday, stirring both enthusiasm and doubt among crypto enthusiasts, even as Bitcoin continued to slide below $85,500
Bitcoin's downward momentum has intensified in recent weeks,
The recent downturn has also led to a surge in liquidations.
Despite the turbulence, some experts maintain that the market is not in a freefall. Danny Nelson from Bitwise and Tim Sun of HashKey pointed out that, unlike previous crashes, this decline has not been triggered by a major event like the FTX collapse. Instead, they highlight ongoing improvements in infrastructure—such as tokenization and the growth of stablecoins—as evidence of a maturing ecosystem
Bessent's reputation as a crypto supporter, including his backing of the GENIUS Act and his department's consideration of a Strategic Bitcoin Reserve, has fueled optimism among Bitcoin advocates
As the market seeks direction, Pubkey's role as a gathering place for Bitcoin fans highlights the sector's unique mix of innovation and debate. Whether Bessent's visit will be remembered as a turning point or just another chapter in the ongoing story remains uncertain.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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