Gate Blog: What’s The Driver Behind The Lastest BTC Sharp Pullback?

[TL; DR]

1. On November 22nd, U.S. president Joe Biden announced that he would nominate Jerome Powell for a second term as the Fed chair.
   
2. It’s expected that Powell will normalize monetary policy without disrupting the markets during his next four-year term.
   
3. Powell's re-election implied continuity in Fed policy and market expectations for Fed rate hikes were further consolidated.
   
4. Taper Tantrum and potential rate hikes may be among the reasons for the Bitcoin market's recent underperformance.
   
5. BTC plunge may also be credited to the SEC's rejection of Bitcoin spot ETFs.
   
6. The SEC has presented seven reasons for rejecting the Bitcoin spot ETFs.
   
   
   
   [Keywords] Bitcoin, Federal Reserve, SEC, Bitcoin ETF, Jerome Powell
   
   
   
   
   
   For more information on the specific analysis process, please read this blog:What’s The Driver Behind The Lastest BTC Sharp Pullback?
   
   
   
   
   
   
   
   
   
   
   
   
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   Gate Team
   NOV 24