Bitcoin – Trump fails to knock buoyant crypto

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.

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.

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam