Bitcoin – Trump fails to knock buoyant crypto

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Bitcoin resilient in the face of Trump opposition

It seems nothing can escape the attention and criticism of the US President, with Trump tweeting about Libra and cryptocurrencies as a whole on Thursday evening, warning that Facebook and others will need a banking charter and be subject to all regulations.

He also claimed not to be a fan and lauded the US dollar as the most dependable and dominant in the world, which suggests the road ahead is not going to be easy for these assets in the US.

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Bitcoin has proven to be very resilient to the attacks though, dropping around $500 following the tweets – a drop in the ocean by its standards – before rebounding today.

I doubt this will be Trump’s final intervention on the subject though so there’ll be plenty more tests for the cryptocurrency space which is probably being helped by the fact that it’s going through a good moment right now thanks to the Libra announcement.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.

Craig Erlam

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Wednesday, 17 July 2019
 
     
 

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