Trump Pump? Bitcoin Price Buoyant After US President Says He’s ‘Not a Fan’
Market visualization courtesy of Coin360
At press time, the pair traded around $11,600, having bounced off support at just above $11,000.
Volatility has lessened over the past nine hours, despite the first-ever public comments from Trump on crypto, which turned out to be highly negative.
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he added.
Similarly dismissive of Facebook’s Libra digital currency protocol, Trump’s Bitcoin bashing nonetheless failed to leave any impression on markets, with BTC/USD showing no change in behavior after the tweets went live.
The phenomenon underscores Bitcoin’s newfound resilience to external criticism, which has only increased in 2019 as markets shake off the opinions of naysayers.
Amongst investors, however, almost all the attention was on Trump, many in fact thanking him for drawing attention to the industry and proving it did not need his support.
Among altcoins, meanwhile, a more diversified picture was beginning to present.
Ether (ETH), showed little change in its generally lackluster trend, dropping another 1% over the past 24 hours to $270.
Ether 7-day price chart. Source: Coin360
At the same time, Bitcoin SV (BSV), the off-shoot of Bitcoin Cash (BCH), dropped despite the pressure on Bitcoin itself. Previously, the token had managed to capitalize on downward Bitcoin price movements, a trait which recently evaporated.