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June 8, 2021

Donald Trump criticized Bitcoin

 The fundamental background for bitcoin remains very negative. And there is a whole group of news and messages that first led to the collapse of quotes from $65,000, then to the second wave of sales, and now, it seems, the third "wave" begins. Recall that it all started due to power outages in some areas of China, where a large number of mining facilities were located. As a result, the hash rate of the network fell, and with it the bitcoin rate. Then, the Chinese authorities announced that the country's financial institutions would be prohibited from providing any services related to bitcoin and other cryptocurrencies. Also, Elon Musk began to comment on bitcoin in a completely unusual way, and Tesla began to sell its coins under a plausible pretext (which it had previously bought for $1.5 billion), and then refused to accept payment for electric cars in bitcoins (although only a month ago it allowed it do to their customers), referring to the high environmental friendliness of the first cryptocurrency. As if this was not known before. Such confusing behavior from Tesla and Elon Musk brought panic to the cryptocurrency market and bitcoin was already getting cheaper at every opportunity. In addition, it became known that in China, mining may be completely banned, and in the United States, tax legislation regarding the 1.5 trillion cryptocurrency market may be toughened. Joe Biden himself even talked about this. As a result, over the past few months, Bitcoin has been squeezed from all sides, so what's so surprising about the fact that it is falling?


In the end, even former US President Donald Trump joined the general criticism and pressure on Bitcoin. He stated that Bitcoin is a scam. "I don't like it because it's another currency that competes with the dollar... I want the dollar to be the currency of the world, that's what I always said, " Trump stated in an interview with Fox News. He called on the US authorities to regulate the circulation of cryptocurrencies as strictly as possible. Trump has never been a fan of digital assets and during his presidency repeatedly wanted to put an end to them, at least in the United States.


Technically, what we talked about and what we were waiting for happened on the 4-hour timeframe. The quotes still broke out of the triangle, in which they had been for several weeks. The overcoming of the lower trendline happened, thus, immediately after this event, the quotes immediately collapsed downward without any delay. At the moment, after breaking the trend line, Bitcoin has lost $3.5 thousand in 12 hours. Thus, we are waiting for it around the levels of $30,500 and $29,873, around which the further fate of the world's number one cryptocurrency will be decided.