The White House today announced that president Donald Trump has “officially ended the war on crypto.” However, the crypto community doesn’t find the statement appealing because of the bleeding market.
Key Takeaways:
- The White House has stated that president Donald Trump has ended the war on cryptocurrency.
- Rather than bring excitement, the statement has brought resentment as the crypto market has been bleeding.
- Hopefully, the reassurance will initiate a recovery for bitcoin and the rest of the market soon despite the current negative sentiment.
White House press secretary Karoline Leavitt while taking questions from journalists said Trump has “officially ended the war on crypto” that was started by the Biden administration.
This would have been an exciting statement under a different set of circumstances but at this moment, crypto fans are not impressed.
Bleeding Market Fuels Anger
The crypto market has been in heavy correction in the past 48 hours. Close to $260 billion has been wiped off the market during this time, leading to frustration for investors.
Bitcoin for example crashed below $100,000 for the first time since June, dragging the rest of the market with it as predicted earlier.
The White House’s statement of support therefore seems to have come at the wrong time, thus fueling criticism from the community.
Some commentators went as far as implying that they prefer the Biden administration with Gary Gensler and his strict crypto oversight.
Could this Trigger a Recovery for the Market?
While it is true that the market is in a bloodbath and emotions are high, statements like this can be of much help at a time like this.
Investors who have been on the sidelines may be emboldened to take a step into the crypto space, bringing more participation.
Hopefully, the statement will have this effect and bring about a turnaround soon despite the overwhelmingly bearish sentiment in the market.
More Must-Reads:
- Crypto Crash Could Worsen as Bitcoin Inches Towards New Death Cross
- Eric Trump Predicts An “Unbelievable” Crypto Surge in Q4 – Here’s Why
- Cardano Flashes Buy Signal – Plot Twist Incoming?
What do you think?
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