#Gate广场圣诞送温暖 "Trump deal" collapsed?

Despite the rebound in Bitcoin prices, the latest price has fallen over 27% from the new high set in October this year ($126,080). Analysts have warned that the asset may still fall into a bear market.
Regarding the reasons for the sharp decline in Bitcoin, Nobel laureate Paul Krugman believes that this round of Bitcoin’s plunge can be attributed to Trump himself. It was Trump’s victory last autumn that led to the previous bullish trend in Bitcoin.
In a recent article, Krugman pointed out that Trump's declining poll numbers are negatively impacting the price of Bitcoin. He believes that Trump, who promised to support the digital asset industry during his campaign, will inevitably affect the price of Bitcoin as this leader's approval ratings decline.
According to a poll by Reuters/Ipsos earlier this month, Trump's approval rating has fallen to 38%, the lowest level since his second term in office.
Krugman wrote: "Trump's power is clearly waning, and the price of Bitcoin - which has effectively become a bet on 'Trumpism' - has also fallen sharply."
The so-called "Trump Trade" refers to traders buying cryptocurrencies due to Trump's election and the policies he promoted. The price of Bitcoin skyrocketed on the eve of Trump's victory and further surged after he took office.
Krugman added, "A weakened Trump finds it harder to act according to his will in all aspects, including pushing for cryptocurrency."
Trump promised to promote the development of the digital asset sector during his campaign, and big names in the crypto industry also donated to his campaign. His sons have also made money through several digital asset-related projects, which sparked controversy.
However, despite Trump signing multiple cryptocurrency-supporting bills after returning to the White House, this year has not been smooth for Bitcoin and other tokens, as the trade war initiated by Trump has caused significant upheavals in the cryptocurrency market several times.
Krugman further pointed out that Bitcoin has failed to find a practical use, and it behaves more like a tech stock with higher volatility.