Small dip in BTC price after Trump stimulus tweet

[STT]

Reminds me of Bitcoin being banned in 2017 by China and it was around this time of the year also, price fell then trebled in only a couple of months.   That price achieved after the ban proved significant initially forming lows around the ATH then closing highs in 2018 and 2019 and now we are back once again to the same place.   During that period many more dollars have been issued and GDP has not grown which is fairly certain to have made the dollar worth less in ratio to BTC.   There are more bitcoins in circulation now but its far less then supply of new dollars, over time it should have made this level easier to exceed so long as prospects for BTC improve every year and the population of users.

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[shoreno]

People are just over reacting on the situation and make Trump's tweet as big deal but actually I don't think it make sense to relate those things

It's a small dip and it's not a big deal however the dip that happened to btc did also happen to the stock market  right after that time Trump tweeted . Tbh I'm also puzzzled out with that but I'm not a fan of relating things  .

I consider it as normal impact of global health crisis and not with Trump's statements. Social media outbreak sometimes overfeed us with different information, we can't rely too much because it might not help us to pursue our aims for the future of our finances.

health crisis is more farther than what Trump said because it's related to financial/money  . There is a screenshot and it was officially said by Trump , not just a random news but not saying you take his advice seriously but it's still up to you .

[Silberman]

I believe that Donald Trump deliberately makes such statements because he expects a negative impact from his statements on the cryptocurrency market. His main opponent Joe Biden is very active in using cryptocurrency in his political activities, which is aimed not only at receiving dividends, but also at black PR against Trump. Although he does not own any cryptocurrency. Of course, this activity is not advertised, but there is a lot of information about this on the net. I believe that in this way Trump decided to disrupt the financing of his competitor Biden.

I doubt that Trump is thinking about cryptocurrencies at all at this point, he is trying to win the election on November, this is why he gave this stimulus check so people have fresh on their memories that he has basically given to them free money, this is the intention behind the money he is sending and I think it can be an effective tactic but I do not know if it is going to be enough to win the election, after all a great deal of the US media is against him and the same is true for many public personalities and while Biden is not precisely the best candidate that could be enough to win.

[lixer]

I don't care if you support trump or if you support Biden, I don't care if you like Pelosi or you love Mcconnel, this is not about something that is partisan, this is not something about any party, you yourself could be doing decent, sure you may want more in life but not starving neither, so you may not see this a as a world changing situations.

However because of the pandemic, there are tens of millions of people who are unemployed and there are families with absolutely no income right now applying for unemployment like crazy trying to just NOT DIE and that is not what USA stands for, it is the land of prosperity and without this stimulus check giving them a bit more time until they get back on their feet, there is no difference between USA and a bad third world country with starving people.

[kentrolla]

I don't consider that as a reason for such small dips, people of US are very much concerned about the daily lives, after the pandemic the entire globe had a hefty blow as tons of jobs has been trashed so far. Just a tweet can't be a reason for dip in BTC. Because there have been some serious debate going on these two Trump and Biden and I believe it will not be a reason for the price drop in BTC.

[Golftech]

I don't consider that as a reason for such small dips, people of US are very much concerned about the daily lives, after the pandemic the entire globe had a hefty blow as tons of jobs has been trashed so far. Just a tweet can't be a reason for dip in BTC. Because there have been some serious debate going on these two Trump and Biden and I believe it will not be a reason for the price drop in BTC.

There's always whales who are taking issues like this to create artificial movements, we should be more careful and aware if we are into this market, wrong quick decision will hurt our investment, considering that there's certain downfall that happened after this tweet traders and investors are working along the way taking position speculating with how things runs after this statement coming from the Pres.

[AmoreJaz]

I don't consider that as a reason for such small dips, people of US are very much concerned about the daily lives, after the pandemic the entire globe had a hefty blow as tons of jobs has been trashed so far. Just a tweet can't be a reason for dip in BTC. Because there have been some serious debate going on these two Trump and Biden and I believe it will not be a reason for the price drop in BTC.

There's always whales who are taking issues like this to create artificial movements, we should be more careful and aware if we are into this market, wrong quick decision will hurt our investment, considering that there's certain downfall that happened after this tweet traders and investors are working along the way taking position speculating with how things runs after this statement coming from the Pres.

in most cases, this kind of news doesnt really have nothing to do with the market movement. spectators are just amplifying the situation to take advantage of the market. i wont consider every dip or every pump related to some political situation happening in one country. crypto market is global and a lot of factors are pitching in to influence market movement. we shouldnt pinpoint it to one scenario as the major cause of market change. i think it's not fair to bitcoin.

[jossiel]

I don't consider that as a reason for such small dips, people of US are very much concerned about the daily lives, after the pandemic the entire globe had a hefty blow as tons of jobs has been trashed so far. Just a tweet can't be a reason for dip in BTC. Because there have been some serious debate going on these two Trump and Biden and I believe it will not be a reason for the price drop in BTC.

But with all of those events, we have seen the equal reaction of the market.

Maybe you haven't those moments before that a single tweet actually moves the market quickly. We're in a very speculative market and bitcoin is unpredictable. We may say that a single tweet doesn't really do much in the market.

But if it's coming to a powerful man as him, people are quick to take precautions and actions to make their pockets safe by doing a forceful action that they don't want such as selling. Because they do understand how the market works.

[palle11]

Just a tweet can't be a reason for dip in BTC. Because there have been some serious debate going on these two Trump and Biden and I believe it will not be a reason for the price drop in BTC.

It is an American election and the two contestants are big weight. So even if we don't see the reason of the deep from the tweets or contest, you can expect the price not to be stable. I expect more instability with the days ahead to the election.

[dimonstration]

I don't consider that as a reason for such small dips, people of US are very much concerned about the daily lives, after the pandemic the entire globe had a hefty blow as tons of jobs has been trashed so far. Just a tweet can't be a reason for dip in BTC. Because there have been some serious debate going on these two Trump and Biden and I believe it will not be a reason for the price drop in BTC.

Some tweets of other crypto enthusiast may affect BTC but not much about Trump as it's likely to affect more the stocks than crypto market however there are some now during this Pandemic who shift from stocks to crypto that may treat it like to stock market so we never know, but since BTC prices were moving down too much then it may only some correction and not necessarily due to the news.

[kotajikikox]

To those wondering why the BTC price went down a bit today, here's the reason:


https://twitter.com/realDonaldTrump/status/1313551794623127552 (Click to read the thread)

a few minutes later, BTC price went down:


Source: https://www.coingecko.com/en/coins/bitcoin

same behaviour in the stock market:


Source: https://finance.yahoo.com/

thoughts?

So how many similar occasion will happen before election in US that will make Bitcoin Down and up later? maybe we can use this tool to make a short
 term investments to at least gain 3-5 percent per trade?lol

But this will always effect the crypto market until the election finished and will make another change if the new president will be elected because for
 sure new policy will come and the market will react as usual.

Anyway we have passed couple of election yet Bitcoin stays stronger so let this thing pass and come the other one.

[btc78]

To those wondering why the BTC price went down a bit today, here's the reason:


https://twitter.com/realDonaldTrump/status/1313551794623127552 (Click to read the thread)

a few minutes later, BTC price went down:


Source: https://www.coingecko.com/en/coins/bitcoin

same behaviour in the stock market:


Source: https://finance.yahoo.com/

thoughts?

Being the president of the strongest and powerful country in the world,expect the market reaction in every important words comes to His mouth either positive or negative.
now the Crypto space and the world economy also reacted badly but at least a little here in our community.
Lets look for more positive things why He needs to release such tweets because we knew the Man for being Outspoken and sometimes not in the proper way
but this is how he is.

[SquallLeonhart]

May you enlighten me why?
What is the connection of that Donald Trump tweet with recent Bitcoin price dump? If it is about stimulus which they will pass and probably distributed for some american, why Bitcoin needs to dump? It is not good news that if people will get stimulus and there are a lot of possiblity they will use it to buy Bitcoin?

It's because Trump is going is rejecting the $2.4 trillion for a bailout proposal of Nancy Pelosi. So investors take this negatively. The supposedly bailout not just includes stimulus package for Covid-19, so probably more for US companies. And since this rejection, investors lose fait again so traditional and crypto markets reacted by dumping. And for crypto markets, time for whales to manipulate this news in their favour to create a dump, and then buy it back when the price is cheap again.

The problem here is that, covid-19 hit the democrat states more than it hit republican states, that is one of the main reasons why the money should also be going towards those states as well. Think about it, texas is so huge that even on the overpopulated areas it is not as dense as New York for example, or places like arkansas is soooo widely open that basically everyone there could live 6 feet from each other and can still have a lot of free land as well, if you put every single person 6 feet away from each other in manhattan, they won't fit in there.

So, the virus affected those places more, and the more money is needed there as well, in many countries where the most populated city was, there was a lot of covid there as well. If you give the same amount of money to states with 2k dead and same money to 40k dead, it wouldn't be fair.

[exstasie]

To those wondering why the BTC price went down a bit today, here's the reason:


https://twitter.com/realDonaldTrump/status/1313551794623127552

Update on BTCUSD price action since this post was made:



What often happens is that price drops (or vice versa) and people try to explain the drop in hindsight, with news. CNBC does it everyday. And this tends to create a narrative where you think some new dynamic is changing the market, or a new trend is occurring, etc. "Big red candle, no stimulus coming anymore, sell everything!"

Then the market bucks the narrative. This is why a lot of technical traders say news doesn't matter.

Personally I think another stimulus bill is coming, and the market knows it. Whether it happens before or after the election doesn't really matter.

[BrewMaster]

Then the market bucks the narrative. This is why a lot of technical traders say news doesn't matter.

i agree that news doesn't matter but at the same time i'd argue that whenever we see everyone is jumping at some news that makes that news matter a lot but only for short term.
sometimes it is FUD and can cause a short term drop and sometimes it is hyped up and can cause a rise.

in any case the big trend that also lasts long can not be changed by news as we can see these days that bitcoin price keeps rising even if it has some small drops from time to time. right now inching towards $12k.

[BTCappu]

That is the thing about news and the movement of bitcoin, that is the big trouble we have to stop but couldn't. Whenever there is a movement upside or downside, people take a look at what the situation is and they try to read the news and whenever there is something financial they come here and say "this happened and I read this on news are they related?" and unless it is satoshi nakomoto finally came out of shadows, no news would change bitcoin all by itself.

You know what changes bitcoin? People, people change bitcoin and unless there is a pandemic like situation there is no news in the world that affects the whole world all together. Trump may not sign the stimulus, that affects Americans who need money, not even all of USA neither, let alone there is 7.5 billion other people out there too.