Bitcoin Price Decline Amid Trump’s Pro-Crypto Statements
Bitcoin’s price fell to $84,418 after a brief rise to $87,301 despite President Trump’s pro-cryptocurrency remarks. His commitment to establish the U.S. as a leader in virtual assets did not meet market expectations, highlighting that price movements may be more influenced by macroeconomic factors.
Bitcoin experienced a decline in price, dipping to $84,418, a 1.7% drop by 2 p.m. on the 21st, following a previous increase to $87,301 driven by optimistic expectations regarding the U.S. Federal Reserve’s interest rate decisions. Despite U.S. President Donald Trump’s commitment to positioning the United States as a leader in the cryptocurrency space through supportive policies, these assertions did not uplift Bitcoin’s market value.
During a virtual asset conference held in New York on the 20th, President Trump delivered a pre-recorded address emphasizing his plans to establish the U.S. as the capital of virtual assets and to dominate emerging financial technologies. This aligns with his previous campaign pledges made last year. However, his statements on this occasion fell short of market expectations, viewed as repetitive and lacking fresh substance.
Trump mentioned, “The U.S. has included Bitcoin in its strategic reserve assets,” and assured, “The government will not sell its bitcoin.” He also promised to remove excessive regulations on virtual assets. Analysts noted that the subsequent decline in Bitcoin prices indicates that the market may have already factored in such pro-crypto political comments.
Kim Byung-joon from Disfred Rechercher pointed out that Bitcoin’s value is increasingly influenced by larger macroeconomic factors, such as the Fed’s interest rate decisions and the implications of Trump’s tariff policies. Additionally, Trump commented on stablecoins, stating, “Dollar-based stablecoins will help strengthen dollar dominance,” and he urged Congress to legislate on the matter.
Despite President Trump’s assertions aimed at promoting Bitcoin and virtual assets, the cryptocurrency’s price failed to sustain the previous surge. The market appears to have discounted these promises, with stronger impacts anticipated from macroeconomic developments rather than political rhetoric. The outlook for Bitcoin remains intertwined with broader economic conditions and regulatory approaches toward digital currencies. In summary, Trump’s intentions reflect ongoing efforts to shape U.S. cryptocurrency policy, though current market reactions suggest skepticism about the immediate effects of such political statements.
Original Source: www.mk.co.kr
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