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.
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.
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.
Bitcoin Unaffected as Markets Shrug Off Trump's Critical Tweets
Published on Jul 12, 2019
by Coindesk | Published on Coinage
Mentioned in this article
Research finds Bitcoin and Litecoin halvings do not impact price
Contrary to the popular media narrative, new research finds that Bitcoin and Litecoin prices are unimpacted by block reward halvings.
Libra's Biggest Problem
Among the barrage of commentary accompanying the Libra circus on Capitol Hill last week was a single short tweet from lawyer Marco Santori that summed up the core problem confronting Facebook's cryptocurrency project - and, for that matter, any corporate-led effort of its kind.
Crypto and FB's Libra Are Bridges to a Bitcoin World, Says Tim Draper
Bitcoin will be the ultimate benefactor from interest in Facebook Libra and cryptocurrencies, billionaire Tim Draper has said.
Craig Wright's misinformed attempt at scaling Bitcoin, BSV frivolously increasing block size to 2GB
In Craig Wright's latest marketing attempt, Bitcoin SV will increase its block size cap from 128MB to 2GB. The upgrade will make BSV less secure, more centralized, and more costly for infrastructure providers to maintain.