Bitcoin trading declines in New York shrink as pro-crypto senator nominated for Senate Banking committee chair

Bitcoin (BTC) recorded its first weekly decline since Donald Trump’s US presidential election victory, before clawing back some of its initial losses.
On the 23rd (New York time), Bitcoin traded at the $94,000 level (approximately 14.78 million yen), and fell by 1-3%.
As of 7:26 a.m. on the 24th, it was trading at $94,677, down 0.55%. Bitcoin's decline was slightly reduced due to news of personnel changes to the parent cryptocurrency in the U.S. Congress.
According to Bloomberg, Senate Republican Leader John Thune has appointed crypto-friendly Sen. Bernie Moreno of Ohio to the Senate Banking Committee.
But last week, Bitcoin suffered its first weekly decline since Trump was elected, dropping 7.5% in the seven days leading up to the 22nd, with most of the cryptocurrency trading below $100,000.
Bitcoin is caught between a friendly regulatory environment under the incoming Trump administration and a high interest rate environment accompanied by high inflation.
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The backing of the stockpiling has poured cold water on speculative sentiment in the cryptocurrency market. Sean McNulty, head of trading at Arberos Markets, told Bloomberg
"Bitcoin needs to hold at $90,000 until the end of the year, but a drop below that could trigger further liquidations," he said. "January, February and March put options were traded in the options market last week.
"A meaningful downside hedge has emerged, with investors buying large amounts of $75,000-80,000 in options," he said.