Investor interest in the Best Wallet presale continues to surge, with the project surpassing the $5.6 million threshold on Christmas Eve. In just the past four days, this Web3 crypto wallet has raised an average of $500,000 daily to reach this milestone. Meanwhile, the price of Bitcoin ($BTC) has experienced a pullback from its December 17 all-time high of $108,268. Over the past seven days, it has declined by 6.7% to $98,676, dropping as low as $94,700.
However, traders believe this is a normal profit-taking move following the significant rally crypto assets witnessed after the election. The Federal Reserve's statements and outlook on interest rates and inflation, perceived as hawkish by market participants, have also impacted market sentiment. Expectations now are for the Fed to cut rates only twice, compared to the previously anticipated three times. Similarly, altcoins like Ethereum ($ETH), Ripple ($XRP), and Solana ($SOL) have also retreated in the past week by 10%, 8.7%, and 11.7%, respectively. The overall crypto market has seen a comparable decline of 6.5% during this period, with meme coins, layer-two protocols, blockchain games, and metaverse tokens also experiencing downward pressure. Traders remain optimistic despite this setback, viewing it as an opportunity for late buyers to enter and further propel the bullish cycle to a higher level. Additionally, the so-called Santa Claus rally could positively influence the valuation of crypto assets before the year-end. This technical event typically occurs from Christmas Eve to January 2, when both the stock market and digital assets experience a surge. Finally, as Trump prepares to assume office, the market anticipates that he, along with a cohort of lawmakers entering the U.S. Congress next year, will champion pro-crypto legislation that fosters the sector's growth