BTC reached a new all-time high last week, registering a price of $93,000 and thus marking the beginning of a major upward wave after breaking the previous record. ETH proved relatively weaker while SOL surged to $240 over the weekend. Altcoins have seen overall growth.
First, external market disruptions can impact the cryptocurrency market. Following the election of Donald Trump as president, the US dollar index and the 10-year Treasury yield continued to rise, putting pressure on risky asset markets. The market expects the new US administration to increase tariffs and reduce taxes in the country, which could lead to economic instability and potentially raise inflation levels. Last Thursday and Friday, US stock markets experienced sharp declines, but this risk has not yet impacted the cryptocurrency market. It is necessary to carefully monitor the potential impact of the US stock market on cryptocurrency assets.
The appointment of the U.S. Secretary of the Treasury is another important factor. The Secretary of the Treasury is responsible for implementing fiscal policy in the US. The market currently expects Trump to choose between Howard Lutnick and Scott Bessent. Howard Lutnick is the CEO of Cantor Fitzgerald, which is the custodian of Tether’s US treasury bonds, while Scott Bessent, founder of Key Square Group, recently expressed support for BTC. Both candidates are seen as cryptocurrency-friendly, meaning the nomination could spark short-term speculation fueled by the announcement
BTC and ETH are expected to experience reduced volatility this week, with BTC forecast to trade between $85,000 and $95,000 and ETH between $2,800 and $3,500.
