Bitcoin posted its biggest two-day pullback since the U.S. election over the weekend, Bloomberg reports .

Global markets have gone into caution mode as they assess the potential impact of President-elect Donald Trump's political agenda on asset movements, including cryptocurrencies.

The main digital coin fell by almost 3% over Saturday and Sunday, after which it returned to growth and as of 10:02 Moscow time on Monday was trading at $92,145.

Among the uncertainties is the timing of Trump's promises to support cryptocurrencies, as well as their implementation.

In the US stock market, euphoria over Trump's business-friendly stance is tempered by inflation risks from the prospect of trade tariffs and budget deficits to finance tax cuts.

Investors are reconsidering expectations of interest rate cuts by the Federal Reserve amid a robust U.S. economy, which could be a headwind for cryptocurrencies as liquidity conditions could impact speculative demand for digital tokens.

Bitcoin has "overheated" after a record rally since the November 5 election, and "a lot of good news has been priced in," IG Australia Pty market analyst Tony Sycamore wrote in a note.

Trump has promised to create a crypto-friendly regulatory environment, create a strategic reserve of bitcoin, and make the U.S. a global hub for the industry. A former cryptocurrency skeptic, the president-elect changed his tune after digital asset firms spent heavily on advancing their interests during the campaign.

Cryptocurrency legislation could be approved soon under the Trump administration, shifting regulation away from enforcement to a more collaborative approach, JPMorgan Chase & Co strategists led by Nikolaos Panigirtzoglou wrote in a note.

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Matthew Sigel noted that Bitcoin has shown a similar trend as in previous cycles, especially during presidential elections. According to his forecast, BTC will reach $180,000 by next year. The researcher attributed this to the changing dynamics of the mood of regulators and politicians in the United States. The friendly attitude of President-elect Donald Trump and Vice President JD Vance increases the popularity of Bitcoin, Siegel noted.

Interest in the first cryptocurrency is also growing on the part of investment consultants, who are ready to increase the share of bitcoin in their portfolios — from 1% to 3%. This is also an important factor in supporting the bitcoin rate, believes the top manager of VanEck. In addition to the loyalty of politicians and institutional investors to the cryptocurrency, Siegel noted the stable interest in bitcoin on the Internet, despite the fact that search queries on Google (NASDAQ: GOOGL ) about bitcoin are significantly lower during the period of past peaks.

Siegel also sees increased activity in the Bitcoin futures market, a dynamic the strategist believes will be sustained over the long term. According to Siegel, the BTC market remains in a “price discovery mode” that has historically provided the foundation for a sustained bull run.

VanEck's top manager said that many crypto projects are planning to hold conferences in the US for the first time in many years. Siegel called this a good sign for the US economy, in which Bitcoin can play an important role as an "international currency of exchange." Integrating BTC with artificial intelligence (AI) could prepare the financial system and society for the introduction of Bitcoin, Siegel concluded.

Siegel previously predicted the imminent launch of spot exchange-traded funds (ETFs) tied to the SOL cryptocurrency if the new US administration takes a "pro-crypto" approach.

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The U.S. Securities and Exchange Commission (SEC) has approved Japanese crypto exchange Coincheck's application to list on Nasdaq. This marks the first time that a Japanese crypto exchange will trade on the U.S. stock market.

Coincheck's SEC filing

The listing on Nasdaq became possible after the crypto exchange merged with Thunder Bridge Capital Partners IV, which will be finally approved on December 5 at the shareholders’ meeting of the companies. After that, Coincheck will debut on the US stock market under the ticker CNCK. The listing on Nasdaq is scheduled for December 10, 2024, with trading in shares starting the following day.

It is known that after the merger, the combined company will receive $237 million, which will be held in trust by Thunder Bridge Capital Partners IV. The joint venture will be headed by Thunder Bridge CEO Gary A. Simanson. Monex Group, the parent company of Coincheck, will retain 82% of the shares.

The planned listing of a Japanese cryptocurrency exchange on Nasdaq will be a major event for the American market, as it will strengthen the US friendly stance towards digital assets and attract more international crypto companies to the country.

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