"U.S. President Donald Trump once again emphasized his intention to foster the Bitcoin and cryptocurrency industry, but Bitcoin prices showed a downward trend."
U.S. President Donald Trump has once again highlighted his aim to nurture the Bitcoin and cryptocurrency industry, but Bitcoin prices are showing a downward trend. Analysts suggest that Trump’s remarks fell short of investors’ expectations.
Industry sources said on the 23rd that President Trump, in a virtual speech at the ‘Blockworks Digital Asset Summit’ held in New York, U.S.A., on the 20th, stated, “I will make the U.S. a superpower and hub for Bitcoin and cryptocurrency,” and added, “Cryptocurrency is a key driver for explosive growth in the U.S. economy.” He further stated, “The strategic reserve of Bitcoin will play an important role in maximizing the value of national assets,” and “Dollar-based stablecoins can be a means to further expand the global dominance of the U.S. dollar.”
However, the market reaction was lukewarm. Just before Trump’s speech, Bitcoin surged about 6% to surpass the $86,000 mark, but immediately after the speech, it fell about 4% to below $84,000. As of the 21st, on the global cryptocurrency exchange Binance, Bitcoin was trading at $84,660, down 1.3% from the previous day.
Market evaluations suggest that expectations were dampened as President Trump failed to present new cryptocurrency-related policies. U.S. cryptocurrency media outlet CoinDesk evaluated, “Investors expected President Trump to propose clearer Bitcoin promotion measures, but he only repeated previous remarks.”
Some point out that Trump’s influence on the Bitcoin market has diminished compared to before. It is analyzed that as macroeconomic uncertainties grow, the cryptocurrency market is reacting more sensitively. Cryptocurrency exchange Paybis explained, “The structural economic instability in the U.S. is increasing uncertainty in the cryptocurrency market,” and “The daily price volatility of Bitcoin has recently soared to 3.6%, the highest level since last August.”
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