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Home Business & Finance

Bitcoin Slumps After Trump’s Debt Comment

Nnaemeka OkwarabyNnaemeka Okwara
August 5, 2024
in Business & Finance
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Bitcoin Slumps After Trump’s Debt Comment
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In a surprise move, Former President Donald Trump suggested that Bitcoin could be used to pay off the United States’ $35 trillion national debt which led to an immediate crash of cryptocurrency’s value.

Speaking to Fox Business on Friday, Trump Stated, “Who knows? Maybe we will pay off our hefty $35 trillion, shake them hands with a little crypto check, right?” Furthermore he said, “we’ll hand them some bitcoin and just completely wipe out our said amount.”

Following Trump’s remarks, Bitcoin’s price dropped 12% in the last 24 hours while ether plunged 21%. As such, briefly on Monday Bitcoin prices fell below $50000 for the first time since February this year. The cryptocurrency market has lost significantly with approximately $500 billion in value, within the period covered by CoinTelegraph.

Trump is courting the crypto crowd ahead of the presidential election. At a Nashville bitcoin conference, he indicated they would make America “the crypto capital of planet” if he was re-elected to office again.

Regardless, the standpoint of Trump concerning crypto-currencies has changed dramatically over time. He said in 2019 that it is an extremely variable market and exists only in our imagination.

The sell-off of crypto market went together with fall of stocks over Asia-Pacific markets which were provoked by weak U.S jobs data, bad earnings results from leading tech companies as well as increased tensions in Middle East area.

Tags: BitcoinBitcoin Slumps After Trump’s Debt Commentcrashfederal characterForeign NewsNewstrump
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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