The market trend repeats the short-term pullback after the ETF was approved, and regulatory changes will bring long-term benefits

BlockBeats News: On March 10th, CoinDesk analyst James Van Straten stated that although the market has shown short-term bear market characteristics, the positive shift in the US government's attitude towards cryptocurrency assets will bring long-term benefits to Bitcoin. The price of Bitcoin has fallen from $109000 to $80000 since President Trump took office on January 20th, exhibiting a typical "sell news" pattern. The current price trend is similar to the situation after the listing of the US spot Bitcoin ETF in January 2024, when Bitcoin rose more than 40% from October 2023 to January 2024, but experienced a 20% pullback after the ETF went public. After Trump won the election, Bitcoin rose 60% and reached a historic high of $109000, then experienced a nearly 30% pullback. Both events followed a similar pattern: positive news triggered local highs in Bitcoin prices, followed by a significant pullback. Despite exhibiting bear market characteristics in the short term, the positive shift in the US government's attitude towards digital assets may bring long-term benefits to Bitcoin.