After riding the Trump Bump tantalizingly close to $100K, Bitcoin was back below $93,000 on Tuesday, as the reality of a high-tariff future hit home (and pretty much every market outside the US.)
The pullback came even as MicroStrategy, already the largest Bitcoin-holding public company, said it bought 55,000 Bitcoins for $5.4 billion in cash last week at an average price of $97,862 each. Another big bet on a crypto-fueled future.
Even Justin Sun’s $30 million investment in World Liberty Financial, a cryptocurrency platform backed by Donald Trump, failed to arrest that BTC slide.
Sun’s move has big picture implications for the larger crypto industry, given he was charged earlier this year by the SEC for selling unregistered securities.
Could Trump 2.0 see his and many crypto-related SEC cases settled or dropped entirely? It’s not yet clear. Neither Sun nor WLF responded to a request for comment.
Bitcoin’s surprise stumble follows a running joke in the trading world though: CNBC’s Jim Cramer. Whenever Cramer turns bullish on an asset, it tends to drop.
As predictions market site Kalshi noted, “Since Jim Cramer turned bullish, Bitcoin has dropped $5,000, and the odds of hitting $100K by December have fallen from 88% to 36%.”
What’s the play?
OK, here’s the juice. The broader market is still big on Bitcoin, viewing the dip as a temporary setback because growing institutional interest and Trump’s pro-crypto moves are net-positive.
So, for now, Bitcoin’s march toward $100,000 is on track — though it may take a few more twists and turns to get there.
If you buy that, you might also want to buy the dip.
