As we can see the price of bitcoin has done nothing but wildly swing on the downward trend. Now sure if you were lucky enough to buy bitcoin at 20k you're still sitting well and if you were able to get lucky and buy at the lower lows you're also doing well. But overall the trajectory of BTC has been slowly on the decline for nearly the whole year so far.
In the last 14 days bitcoin is now down nearly 7% and it really looks like it's going to take a lot to star to hit ATH again. However this is a pattern we have seen in the past just before bitcoin moonshots of course that doesn't mean it's going to many things come into play.
New Laws and Regulations
Laws and regulations have been playing a large part in all of this. Across the world pretty much every country has made a clear stance in terms of rules and regulations on the asset. However the USA continues to flip flop on it making it increasingly confusing and hard for any business to really interact with it because most live in fear of some how doing the wrong thing even though there are no real clear rules about it.
The way things work in the USA are normally slow and while it's good it's also bad as it takes forever to get clear insight or bills to pass that are needed. However the president does have the power of ushering in fast bills or pushing for approval faster which can help keep down wasteful money and time on projects that most agree on.
What bills are coming?
One of them is one president trump is pushing for and that's to create a strategic national crypto fund. Which actully would make sense and help to better the overall value of the USA as a whole. You honestly in todays age have to look at country leadership as a business and the underlying assets, money, gold, silver, military, GDP and so on. These assets help support the value of the paper money that is printed.
Another is focused on stable coins in which should be the easiest way to start regulations before getting into bitcoin and other assets of the like. It would be much easier most likely for the house to pass such a bit over the crypto holdings so a lot of focus has been in this area.
This will mainly focus on banks releasing their own stable coins to put them into competitive action to the links of USDT tether and Coinbase.
Yes politics will of course play a factor in this and a big one because Harris has pretty much made it clear she will continue the battle against crypto and will most likely appoint Gary for the SEC once again who has done nothing but battle crypto on all fronts and still continues to randomly sue people and companies. He's even stated that stable coins are also securities making it even harder for bills like the above to pass.