Bitcoin Unaffected as Markets Shrug Off Trumpâ€™s Critical Tweets
Donald J. Trump has just tweeted his disapproval for cryptocurrency.
On Thursday evening, the US president stated in a tweet that unregulated crypto assets possess the ability to facilitate unlawful behavior, so far the markets have been slower to react.
Having rose from a local low of $11,187 to $11,532 late evening on July 11, BTC was on the up moments before Trumpâ€™s tweets began.
In under an hour on June 12 at 00:15 UTC, BTC began to cool, dropping back toward its local low before another surge brought prices back to the $11,400 level.
BTC is currently changing hands at $11,384 so it seems as though for now, the presidentâ€™s tweets are having no effect on short-term traders.
Late Thursday evening the president took to Twitter to offer his sentiment on digital assets, highlighting his administrationâ€™s stance on crypto.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.
Itâ€™s a charged response to the ongoing debate over how to adequately regulate Facebookâ€™s proposed Libra project and the subsequent push-back being felt on a global scale. As a result the markets have begun to digest the onset of definite regulation and increased attention from policy makers by reflecting that in BTCâ€™s price.
While the move down may seem like an eggregious reaction, the event is not unlike others felt in the past.
For instance from June 26 to July 2 of this year, the price of BTC fell more than 29 percent from a top of $13,800 down to $9,600 before a sharp rally brought prices back above $12,000 in quick succession.
Time will tell on whether Trumpâ€™s anti-crypto sentiment is reflected in his administrationâ€™s stance, impacting BTCâ€™s long-term price or whether this is another bump in the road for global digital asset adoption.
Disclosure: The author holds no cryptocurrency at the time of writing
Trump via Shutterstock