10x Research: Market shifts away from Trump narratives

Cryptocurrency market analysis firm 10x Research stated on its official X account that financial markets have shifted away from narratives surrounding U.S. President-elect Donald Trump. U.S. stocks lost post-election gains, and altcoins saw a sharp decline after Dec. 6, 2024, the data after which the crypto market experienced a decline in trading volumes and funding rates. While Bitcoin and other cryptocurrencies are largely influenced by macroeconomic factors, the firm also highlighted the unpredictability of the U.S. Federal Reserve's rate cut forecasts, citing past inaccuracies. In September, the Fed lowered rates by 50 basis points in anticipation of a job market slowdown. However, the non-farm payrolls rebounded dramatically to 227,000 in November after adding only 12,000 jobs in October. Although a recent report indicated a rise of 256,000 jobs in December, these numbers cast doubt on the justification for the Fed's strategy of reducing interest rates.