Bitcoin prices surged to an intraday high of $87,453 before retracing its gains, following US President Donald Trump’s video appearance at the Digital Asset Summit in New York. The president made no announcement on capital gains taxes or a favorable statement about the US strategic Bitcoin reserve. However, he reaffirmed his goal of making the US leader in cryptocurrency and called for clear stablecoin legislation.
Despite initial excitement over potential pro-Bitcoin executive orders, traders quickly sold after Trump’s comments failed to meet expectations. Chartered market technician Aksel Kibar stated that a possible price correction to $73,700 is still on the table.
Recent strength in Bitcoin can be attributed to positive reactions to FOMC minutes and Federal Reserve Chair Jerome Powell’s confirmation of reduced quantitative tightening and potential interest rate cuts in 2025. However, BitMEX co-founder Arthur Hayes cautioned that surprise volatility could lead to further market fluctuations.
The reappearance of the BTC Coinbase premium suggests a return of spot demand in the market.
Source: https://cointelegraph.com/news/bitcoin-price-thaws-after-trump-statement-trader-says-stay-nimble-and-cashed-up