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

[kolbalish]

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

[Febo]

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.

[Upgrade00]

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.

[skarais]

~~~
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.

[Poker Player]

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.

[The Sceptical Chymist]

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.

"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.

[adaseb]

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.

[Tytanowy Janusz]

Zoom out sometimes:)




I don't see any dump here. I can say more. Chart look so damn strong and 10500$ hold even after 3 horrible newses. Mark my words. BTC is going to ATH in 6 months. Being bad news resistant is the best indicator of no weak hands on asset.

[slaman29]

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.

[$crypto$]

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.

[Fundamentals Of]

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.

[freedomgo]

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.

[Fundamentals Of]

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.

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?

[onecall123]

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.

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

[bitgolden]

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.

[exstasie]

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.

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.

[Hippocrypto]

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.

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

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.

[adaseb]

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.

[pooya87]

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.

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.

[samcrypto]

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.

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

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.