Print Page - Bitcoin, Stocks Fall as Trump Tests Positive for COVID-19

The cryptocurrency and Asian stock markets sold off early Friday after U.S. Pres. Donald Trump announced he and his wife had tested positive to COVID-19.

In a tweet on Friday, Trump said he and First Lady Melania Trump had tested positive for COVID-19 and would begin their quarantine process "immediately."

"We will get through this TOGETHER!," Trump tweeted.

The Australia ASX All Ordinaries is down 1.35%.

In the U.S. markets, S&P 500 futures fell about 2%.

Gold is up 0.32% on the day to stand at $1,908 after falling to a low of $1,888 in early Asian trading hours.

Bitcoin is also down by 1.9%, having fallen from $10,678 to around $10,400, at press time.

The price action comes several hours after a 3.7% fall on news that U.S. officials indicted BitMEX owner Arthur Hayes and other company executives on charges the crypto trading platform violated know-your-customer and derivatives trading laws.

Trump will quarantine as he enters the final month of his reelection bid. His major-party opponent, Democratic nominee and former Vice President Joe Biden, has been touring the midwestern states following a debate with Trump on Tuesday.

Reference- https://www.coindesk.com/bitcoin-stock-trump-covid?amp=1

Imo, Bitcoin was relatively unaffected. A 2% increase or decrease in price is not out of the ordinary and does not have to be based on any specific event. The fact that the price held off so well is also an indication of the increased stability in the value of Bitcoin.

A couple of years ago, news like the U.S president getting a virus or a major exchange being involved in shady deals could have had a much more significant effect on the price of Bitcoin, the price has however held off above the $10k mark, as it has been for a couple of months now.

Quote from: kolbalish on October 03, 2020, 02:13:38 PM

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Bitcoin is also down by 1.9%, having fallen from $10,678 to around $10,400, at press time.
~~~

This doesn't look like panic, but rather ordinary volatility. I don't think there is any influence on the bitcoin price just because Trump is going into quarantine, a 1-2% drop in my opinion is still considered normal in crypto. Hacking and several other major accidents (whale play) were more influential than trump news that tested positive for Covid-19.

Quote from: Febo on October 03, 2020, 02:59:21 PM

Quote from: kolbalish on October 03, 2020, 02:13:38 PM

The cryptocurrency and Asian stock markets sold off early Friday after U.S. Pres. Donald Trump announced he and his wife had tested positive to COVID-19.

They will go back up on Monday. It really does not make any change if Trump is in bed or if he is playing golf. Only thing is that we might have few tweets a day instead of 10. That actually sounds bullish for stocks to me.

This. Markets tend to behave crazy in the short-term. Trump getting COVID-19 or a hurricane, it doesn't matter. That's why I don't like trading. It pretends to predict what's unpredictable: human emotions reacting to news.

Quote from: kolbalish on October 03, 2020, 02:13:38 PM

The Australia ASX All Ordinaries is down 1.35%.

In the U.S. markets, S&P 500 futures fell about 2%.

That's nothing, and you could expect movements like that on any typical trading day. I'm pretty sure Trump's alleged COVID-19 diagnosis had nothing to do with those little dips. Most markets are resilient enough such that they don't drop a few percentage points if a world leader comes down with an upper respiratory infection.

Quote from: kolbalish on October 03, 2020, 02:13:38 PM

"We will get through this TOGETHER!," Trump tweeted.

Trump is full of alternating layers of shit and hot air, and he spews both out in the form of Twitter posts. I don't particularly feel as though I'm getting through his little ailment together with him, as though we were old buddies from college....what a cnut. Can't wait until November, and I'm keeping my fingers crossed that he'll be a one-term wonder.

Bitcoin was affected when he released the tweet. Basically as soon as his tweet went live the global market indices all sold-off. And since bitcoin is correlated to stocks these days as a risk-on asset, it also had a sell-off.

Generally this is normal. Since he has covid19 there is a small chance he might pass away, if he passes away the Democrats will most likely win the next election and this don't hold well for the stock market, which won't be good for the crypto market either.

Plus, he is an important figure. If he passes away, people will take this covid19 thing more seriously and prepare for the worse which will impact consumer spending and other markets until a vaccine is out.

Quote from: slaman29 on October 04, 2020, 10:07:04 AM

Stockmarket effects yes, agree. But Bitcoin nah. Come on. Bitcoin was probably affected by a lot of thing, including stock market price performance for sure, but no way directly because a US president got Covid come on guys.

This is just all about confidence and stability -- what makes stockmarkets go up and down.

I am sure the panic will not occur, bitcoin prices will still be quite enduring even though the stock market always has an impact from news about Trump who is positive for Covid-19 but I believe some investors have convinced bitcoin that it will not just fall with any news, let's see guys. what will happen is it possible for the bitcoin market to outperform the stock market?

Your positive thoughts will affect the value of bitcoin in the market.

Quote from: Fundamentals Of on October 04, 2020, 01:47:00 PM

I guess the BitMex mess has caused more damage to Bitcoin's price than Trump's announcement that he and his wife Melania got infected with COVID-19. Trump is no very special man and he's not the first head of state who contacted the virus. Before him, the UK's Boris Johnson was also infected. Brazil's Jair Bolsonaro also got the virus. The stocks may be affected by Trump getting positive in his COVID-19 test but not Bitcoin.

I agree with you, Trump has nothing to do with the dump of bitcoin, unless he says USA will ban bitcoin. It was the BitMex where people are panicking due to the recent news, however, it seems like the market is quite stable now, it has already survive the panic since it's just one site and we are not anymore in the old days that one site controls the biggest portion of the volume.

Quote from: freedomgo on October 04, 2020, 01:50:54 PM

Quote from: Fundamentals Of on October 04, 2020, 01:47:00 PM

There was really no dump that happened. Bitcoin losing less than $500 in its value is no dump at all. We can just consider it a dip, a short and very quick one. Not serious at all. We are now on our way back to $11,000.

The market is now stronger it seems. Bitcoin keeping its 5-digit price in the middle of a worsening pandemic causing economies to fall. And while that is happening, KuCoin got hacked. And while the investigation is still going on, BitMex got attacked by no other than the US government. And while the harassment is ongoing, Trump got infected with COVID-19.

But look at where Bitcoin is?

Quote from: slaman29 on October 04, 2020, 10:07:04 AM

As indicated by the reports Stock business sectors fall after the declaration from Trump Tests Positive for COVID-19. The situation is entirely clear stocks market would go negative if Biden wins. Whether or not crypto will continue following stocks is the central issue there.

Trump = will have a positive effect
Biden = will have a negative effect

From what I have seen on twitter, he has taken some high level medicine that is not even approved by FDA yet, obviously if they are giving it to the President of USA that means the medicine is on track to get accepted, just some paper work left, they are not going to give him something that may not get approved by FDA in the end, they are also giving him something like remdevisir or something which is also for risk group people (rarely given to young infected patients) so at the end of the day I feel like he is not doing that well but he is getting the best care in the whole world so even if he is not great right now, he will recover and be good in the end.

There is no way they would allow president of USA to die from a pandemic with such a low rate, they will do basically all the medically possible things available in the entire world to keep him alive one way or another.

Quote from: The Pharmacist on October 03, 2020, 06:10:14 PM

Quote from: kolbalish on October 03, 2020, 02:13:38 PM

The Australia ASX All Ordinaries is down 1.35%.

In the U.S. markets, S&P 500 futures fell about 2%.

That's nothing, and you could expect movements like that on any typical trading day. I'm pretty sure Trump's alleged COVID-19 diagnosis had nothing to do with those little dips.

I was in front of the charts when the announcement dropped. The dip in the markets was immediate. It was pretty obviously a reaction to the announcement.

The more interesting thing is how the markets didn't continue dumping, and recovered the losses shortly after. Investors don't seem too worried about it, which I find slightly surprising.

Quote from: The Pharmacist on October 03, 2020, 06:10:14 PM

Most markets are resilient enough such that they don't drop a few percentage points if a world leader comes down with an upper respiratory infection.

At his age, it's no joke. I have my doubts he's really sick though.

Quote from: onecall123 on October 04, 2020, 04:58:18 PM

Quote from: slaman29 on October 04, 2020, 10:07:04 AM

This is worst if Biden wins, stocks and crypto will always follow their economic growth together, so it always matter when situation falls or recover. Hopefully when Trump fully recovers from the deadly disease, there could be a brighter future for bitcoin in parallel with stock market. We're still depending on the fiat economy, because people used their funds on investments for cryptocurrency.

He made a little appearance today in his Suburban SUV and the stock market futures went up 0.50% or so. Basically it saved the stock markets from crashing. When it was annouced that he needed to go to the hospital the markets were already closed. If it was annouced during market hours then most likely there would be another crash in the stock markets and including bitcoin.

So far the markets are stable because he will most likely recover and be fine in a few days. However I think after this people will take the covid19 move seriously since if he can get it then most likely anyone can. In Europe there are many closures and even in NYC there are some schools which had to close to prevent spread. With winter coming it doesn't look too well with a second wave coming. Fall I dont think will have much positive news. Maybe a sideways season.

Quote from: Upgrade00 on October 03, 2020, 03:14:09 PM

exactly!
some people don't seem to be able to comprehend daily fluctuations of bitcoin and have never seen the bitcoin price charts before. right now price is back up to $10600-$10700 and in a couple of days maybe next week we will be back to $10400 again and it will be repeated until the resistance breaks.
these small fluctuations don't have to have any reasons even though a handful of newbies might have actually panicked after seeing this news and sold their bitcoins.

we also have trends like this very commonly. the longest and most recent one was from May to the end of July when we had the same exact thing but in $9k range. or the one bigger than that was the first 4 months of 2019.

Quote from: onecall123 on October 04, 2020, 04:58:18 PM

Quote from: slaman29 on October 04, 2020, 10:07:04 AM

Stocks are also politically affected so who ever wins the stock market will react and so the investors. This is shocking news actually considering Trump who made a lot of good statement that they already have the vaccine and they already controlled the virus. Bitcoin seems unaffected, it didn't dump that much but no sign of pump as well. Whoever the president of USA, if there's a bad news I'm sure it will matter on the stock market.

Really nothing to worry about here since this is what really happens in bigs news like this one. Stock markets and other markets are also speculative in nature as well as even their board of directors and owners of the company are speculating what will happen next or the affects of Trump testing positive with COVID-19. This is similar to how the markets have react during March where majority of them fell hard because the coronavirus is affecting their businesses. As you may remember stock prices went up when the congress have impeached Donald Trump so really this is just a proof that the price movements happening with these kinds of events are speculative in nature.

I guess market will react obviously, this is president of USA and you might imagine if he dies there is going to be some economical "what are we going to do now?" period, which is obviously going to affect the prices of stocks, forex and basically everything else, maybe not bitcoin because trump dying doesn't change anything with bitcoin, it may with stocks and all because it is their president that dies, but for bitcoin there is no president.

However since stocks fall, people may lose money and that loss could come out of crypto end as well, because people who lose money on the stock market could still have some expenses or they might want to get in at lower for stocks and they could use that by cashing out their cryptos which could lead us to lose money as well, but we have to hope that doesn't happen.

Quote from: samcrypto on October 05, 2020, 06:31:58 AM

Quote from: onecall123 on October 04, 2020, 04:58:18 PM

Quote from: slaman29 on October 04, 2020, 10:07:04 AM

This is were importance of fundamental news can never be overemphasized in any trading system, meaning that whatever technical analysis of stock, forex, crypto market without considering any upcoming negative or sudden shocking news will influence price volatility of that market, however immediately the news of Trump contacting Covid-19 was announced Bitcoin price dumped for some period of time thereafter price recovery commenced
thus the impact was not much.

Quote from: pooya87 on October 05, 2020, 06:18:03 AM

Quote from: Upgrade00 on October 03, 2020, 03:14:09 PM

There doesn't need to be a reason for fluctuations like that, but in this case I think there was. I was watching the charts when the news broke. There was clearly a 1-2 hour dump in both stocks and BTC because traders anticipated more of a selloff in reaction to the news.

Those traders were just wrong. The market seems broadly unconcerned about Trump's illness. I'm not sure if that's because investors don't believe he's really sick, or because they believe he'll be fine despite his age and other risk factors.

Believe me though, if he takes a turn for the worst and the market thinks he might die, be ready for a crash. In both stocks and BTC.

Quote from: kolbalish on October 03, 2020, 02:13:38 PM

The cryptocurrency and Asian stock markets sold off early Friday after U.S. Pres. Donald Trump announced he and his wife had tested positive to COVID-19.

Reference- https://www.coindesk.com/bitcoin-stock-trump-covid?amp=1

This may simply be a small drop due to the panic of many Americans who think that Trump is like that pillar that supports the markets, especially the stock market, but it is not like that, it must be remembered that many traders and investors also take advantage of it in China. This type of news to buy cheap bitcoin, at any moment can make a good jump to $ 12k, if the fundamental Covid-19 did not manage to lower the price of Bitcoin to fear levels, much less now with Trump and his wife.

In the news they have said that President Trump has already been discharged, which means that it is very likely that he is improving or that he is already healthy.

I guess big news like this in the US pretty much are affecting everything from stock to cryptocurrency. Well, maybe because the USA has the biggest share of stock and Bitcoin adoption, thus people there are easily influenced with bad or good news from both political and economical aspect.
Well, I won't blame the people who are speculating on the current stock market and crypto market price movements and I won't say there's no correlation between this event either.

Well it doesn't matter anymore. He is "saying" he has already recovered, but who knows (he is arrogant and that is what lead him to catch the virus. He says anything to proof himself right). I wonder what magical treatment did he receive that gave him a prompt recovery (people over here are even saying that he is faking everything to proof that the virus isn't as scary as it looks). I hope we don't see another Herman Cain case with trump.

Quote from: pilosopotasyo on October 09, 2020, 01:57:31 AM

It's not affecting Cryptocurrency at all Bitcoin even reached the $10900 level before settling to $10800, the market that is affected is the stock market but in the Cryptocurrency market there is no issue at all, the Crypto market might even go up by 2% next month nothing it seems Crypto market when it comes to US politics.

Did you bother reading this thread even. It was already concluded that his positive test for covid19 affected all risk-on assets including bitcoin. Risk-on is generally stock markets and crypto markets. Right when the tweet happened the stock market immediately started to crash. Then BTC markets followed, including ETH and some alt coins fared worse.

Yes BTC reached almost $11000 because he seems to have fully recovered already. In a few days he will take another test and it might be negative. So what is said already happened. If he gotten more ill then the markets will either trade sideways or would go downwards.

Next verdict is going to be what happens with the US election.

Quote from: adzino on October 08, 2020, 07:26:31 PM

Well if he is really recovering and going to back in normal what he needs to face is the coming election in which looks like Biden is on top of Him.
The stocks and Bitcoin is now recovering maybe because of His being stable but when the election near to come then another fall will happen temporarily .
I think we must be ready in this ups and downs until we finally kill the Virus and the world will be in good move again thats one thing for sure.

There is already a panic in the air right now, things are not looking good in the economy and the recovery is not doing that well neither, there is a big chance that stimulus package could be accepted and agreed and that is why it could be used to help people once again but until that happens people are really starving at this point, it is harder to find food let alone pay other stuff, so at the end of the day I am not really considering Trump is the real issue here, he may have caused a ripple effect and made it go down at first but this is the reaction of a nation that is unsure about what will happen with its economy, that is the reason why people are not really considering stock market to be a good investment right now, even though prices are low and that is when you should buy, the pandemic is still out there so people are afraid and keeping tight on their money.

In fact, today the markets are not showing good results, but I believe that not only Donald Trump's coronavirus disease is the reason, since the current situation is influenced by other factors that pull market indices down, including the increase in the number of COVID infected in the world, as well as big disagreements between Republicans and Democrats over the new stimulus package. In addition, the confrontation between the two parties is already beginning to go beyond what is permitted.

Quote from: justdimin on October 09, 2020, 11:25:42 AM

while there is a panic but the price of Bitcoin now grows up to $11,000 the highest we got since almost 1 month now when the price starts to fell down.
Pandemic started to be lessen and people try to live even with the potential of being infected because life must continue .
We have been in scary moment for more than half year now and we believe that its time to move on and make things normal again but of course with care in every movement we do.

Quote from: rodskee on October 09, 2020, 12:35:18 PM

Quote from: justdimin on October 09, 2020, 11:25:42 AM

I really believe in manipulation in the recent fall back and this currency increase in the price, But I think that the market of cryptocurrency is striving even in the midst of this Pandemic and people are choosing economy Versus their health,

In the light of the rise to the $11,000 USD I guess it will keep going up until the end of October, but this is just my opinion and I guess we really have a great price for the moment and I am loving it right now.

Quote from: rodskee on October 09, 2020, 12:35:18 PM

Quote from: justdimin on October 09, 2020, 11:25:42 AM

We are already into a transition for the new normal and yes, life must go on but now we are on a different way of living where mask and face shields is already a part of our daily lives as long the vaccine for covid isnt
still available or ready.On the topic about Trump test positive and about on how market reacts? Do it really matter? Some said its dumb to consider but these sentiments can really make out some significant impact
towards traditional markets but excluding on having mentioned about bitcoins price dropped 1.9%? Its just normal or typical day on the market and also crypto market isnt really correlated from others.
Good thing that Trump is on their recovery at the moment, Is it really just right to mind of economic events than someones health?

Bitcoin Forum

Economy => Speculation => Topic started by: kolbalish on October 03, 2020, 02:13:38 PM