By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market is a sea of red, with bitcoin trading at three-month lows under $88,000 and the CoinDesk 20 Index down more than 10% in 24 hours. There are several catalysts for the swoon, including risk-off sentiment in traditional markets and influence from memecoins, especially the recent trading in TRUMP and LIBRA.
As we discussed Monday, market makers attending the Consensus Hong Kong conference last week were worried the memecoin frenzy had sucked liquidity from the productive crypto sub-sectors, leaving the broad market vulnerable.
Another reason is President Donald Trump’s inaction. Although he made significant promises in the lead-up to the elections, concrete action has been scarce. The anticipated strategic BTC reserve remains absent, and even state-level reserves are proving challenging to implement.
“The industry is still waiting for this to manifest in a tangible…
