Bitcoin Unaffected as Markets Shrug Off Trump’s Critical Tweets

Trump recently tweeted: unregulated crypto possesses the ability to facilitate unlawful behavior; So far the markets have been slow to react.

AccessTimeIconJul 12, 2019 at 6:01 a.m. UTC
Updated Sep 13, 2021 at 9:25 a.m. UTC
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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 Trump'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 president'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 administration'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.

It’s a charged response to the ongoing debate over how to adequately regulate Facebook’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 BTC's price.

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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 Trump's anti-crypto sentiment is reflected in his administration's stance, impacting BTC'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

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