The price of Bitcoin (BTC) reached the $ 87,453 Intrade high in the initial hours of the NY trading session, but US President Donald Trump quickly rushed his profit to $ 83,65555555555555555555555555 to $ 83,6555.
Prior to the video statement, rumors were broadcast on X, suggesting that President Trump would declare zero capital gains taxes on some cryptocurrency or issue a favorable statement about the American strategic bitcoin reserve.
For the disappointment of some traders, neither the rumor proved to be true, and Trump simply doubled on his promise to sell bitcoin, which has been confiscated by the government, and he called upon the Congress to enact a clear stabelin law as soon as possible.
The most positive statement made by President Trump was its restored goal to make America crypto in all things.
“Together, we will make America the undisputed bitcoin superpower and the world’s crypto capital.”
As the crypto is common for markets, traders clearly bought in the rumor that Trump would narrate the executive order of some kind of bitcoin, and once it was clearly not so, they used to sell on the news.
In an X post, Chartered Market Technician Akel Kieber said that the price of bitcoin is still likely to be correct by $ 73,700.
BTC/USD 1-day chart. Source: Aksel Kibar / X
Kibar Said,
“Long -term chart on BTC/USD. Still looks like a pullback for the broken $ 73.7K. Whatever the following will decide on the price action of several months from here.”
Not all of the recent strength of bitcoin have been held responsible for the enthusiasm on today’s trump statement. On March 19, BTC positively responded to FOMC minutes release and confirmation of Federal Reserve President Geom Powell that the fed’s quantitative tightening governance would reduce its pace and remain on the table likely to cut two interest rates in 2025.
Bitmex’s co-founder Arthur Hayes adopted a victory on what the Fed has described, which would essentially end the QT on 1 April, but he warned that while $ 77,000 bitcoin value can be below, the wonders of volatility can cause more pain in stock and BTC.
Hayes Said,
“Jaypow Diya, QT originally on Apr. 1. The next thing we need to bull GT for Realz is either SLR discount and or QE is restarted. BTC $ 77k below, prob.
Connected: Trump says
As mentioned by cointelegraph, the majority of the recent price action of bitcoins is operated by activity in futures markets, but re -revealing the BTC coinbase premium may be a sign that the demand for spots is returning to the market.
Bitcoin Coinbase Premium Index. Source: Cryptoctive
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
