Leading Cryptocurrencies Dip as the Market Expects More from the New Donald Trump Administration

Bitcoin steadily fell from the highs of $107,000 tapped the day before. The top cryptocurrency hit an intraday low of $102,561 overnight.

Major cryptocurrencies fell on Wednesday evening, diverging from a rallying stock market as the market anticipates more from the new Donald Trump administration.

Bitcoin (CRYPTO: BTC) steadily lost ground from highs of $107,000 hit the day prior. The apex cryptocurrency hit an intraday low of $102,561 overnight.

Bitcoin was trading down 1.6% over the past 24 hours at $102,833.13.

What Happened: After the SEC, under acting Chairman Mark Uyeda, launched a dedicated cryptocurrency task force to frame regulations for the industry, investors have been left disappointed due to no cryptocurrency-related executive orders from Trump thus far.

Bitcoin’s Options traders remained bullish on the cryptocurrency, with another $565 million in short liquidations needed to push the cryptocurrency back to the $107,000 levels.

In the past 24 hours, 96,000 traders were liquidated, with total liquidations at $185.56 million. Upside bets worth $133.52 million were wiped out.

Long liquidations caused Bitcoin's Open Interest to slip by 3.06% in the last 24 hours.

The market sentiment cooled from "Extreme Greed" to "Greed" over the past 24 hours, according to the Crypto Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.62 trillion, expanding by 3.62% in the last 24 hours.

Stocks Surged For the Second Straight Trading Day of the Week: The Dow Jones Industrial Average (DJI) jumped 130.92 points, or 0.30%, to close at 44,156.73. The S&P 500 (SPX) lifted 0.61%, ending at 6,086.37, just below its record closing highs. The tech-heavy Nasdaq Composite gained 1.28% to close at 20,009.34.

Artificial intelligence players, including Nvidia Inc (NASDAQ:NVDA), surged as President Donald Trump announced a $500 billion initiative to bolster the industry in the U.S. Nvidia rallied 4.43% during Wednesday's session.

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Analyst Notes: Widely followed cryptocurrency technical analyst Rekt Capital noted that Bitcoin likely entered a re-accumulation phase before trend continuation to new all-time highs.

"The last time Bitcoin experienced re-accumulation was in the post-halving re-accumulation phase. Bitcoin rallied +46% upon breakout from that phase," the analyst added.

A similar move could propel the apex cryptocurrency to nearly $150,000, Rekt Capital projected.

#BTC Bitcoin is likely experiencing another Re-Accumulation period before trend continuation to new All Time Highs

The last time Bitcoin experienced Re-Accumulation was in the Post-Halving Re-Accumulation phase

Bitcoin rallied +46% upon breakout from that phase

If Bitcoin is… pic.twitter.com/66cu6CjZmS

Popular cryptocurrency trader Michaël van de Poppe made optimistic predictions for Ethereum (CRYPTO: ETH), owing to large purchases by World Liberty Financial, a decentralized finance platform backed by Trump.

"The fact that World Liberty has been buying so much ETH makes me more bullish on that particular asset," he said. "I don't think $ETH is the $ADA of this cycle. I think it’s going to start and make a great revival through 2025."

The fact that World Liberty has been buying so much $ETH makes me more bullish on that particular asset.

I don't think $ETH is the $ADA of this cycle. I think it's going to start and make a great revival through 2025.