Bitcoin price thaws after Trump statement — Trader says ‘stay nimble and cashed up’

Bitcoin (BTC) terms rallied to an intraday precocious of $87,453 successful the aboriginal hours of the NY trading league but rapidly retraced its gains to $83,655 soon aft US President Donald Trump made a video quality astatine the Digital Asset Summit successful New York.

Prior to the video statement, rumors circulated connected X, suggesting that President Trump would denote zero superior gains taxes connected definite cryptocurrencies oregon contented a favorable connection astir the US strategical Bitcoin reserve. 

To the disappointment of immoderate traders, neither rumor proved to beryllium true, and Trump simply doubled down connected his committedness not to merchantability Bitcoin that has been confiscated by the government, and helium called for Congress to enact wide stablecoin authorities arsenic soon arsenic possible.

The astir affirmative connection made by President Trump was his restated extremity of making the US the person successful each things crypto. 

“Together, we volition marque America the undisputed Bitcoin superpower and the crypto superior of the world.” 

As is commonplace for crypto markets, traders intelligibly bought into the rumor that Trump would marque immoderate benignant of pro-Bitcoin enforcement bid statements, and erstwhile this was intelligibly not the case, they sold connected the news. 

In an X post, chartered marketplace technician Aksel Kibar said that determination is inactive a accidental of Bitcoin terms correcting to $73,700. 

BTC/USD 1-day chart. Source: Aksel Kibar / X 

Kibar said, 

“Long-term illustration connected BTC/USD. Still looks similar a pullback to the breached $73.7K. What follows from present volition determine connected the pursuing respective month’s terms action.” 

Not each of Bitcoin’s caller spot is attributed to excitement implicit today’s Trump statement. On March 19, BTC responded positively to the merchandise of FOMC minutes and Federal Reserve Chair Jerome Powell’s confirmation that the Fed’s quantitative tightening authorities would trim its gait and that the anticipation of 2 involvement complaint cuts successful 2025 remained connected the table. 

BitMEX co-founder Arthur Hayes took a triumph thigh astatine what helium described arsenic the Fed’s admittance that QT would fundamentally extremity connected April 1, but helium cautioned that portion $77,000 whitethorn person been the Bitcoin terms bottom, astonishment bouts of volatility could pb to much symptom successful stocks and BTC. 

Hayes said, 

“JAYPOW delivered, QT fundamentally implicit Apr. 1. The adjacent happening we request to gt bulled up for realz is either SLR exemption and oregon a restart of QE. Was BTC $77K the bottom, prob. But stonks prob person much symptom near to afloat person Jay to squad Trump truthful enactment nimble and cashed up.” 

Related: Trump says US volition beryllium ‘Bitcoin superpower’ arsenic BTC terms breaks 4-month downtrend

As reported by Cointelegraph, a bulk of Bitcoin’s caller terms enactment has been driven by activity successful the futures markets, but the reappearance of the BTC Coinbase premium could beryllium a motion that spot request is returning to the market. 

Bitcoin Coinbase premium index. Source: CryptoQuant

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.