Discussions on a second package of incentives for residents of the United States have been going on for months. President Trump today decided to postpone the issue until the 2020 presidential election. This appears to have caused the price of bitcoin (BTC) and other major markets to fall.
On October 6, Trump tweeted: “Nancy Pelosi is asking for $ 2.4 trillion to save democracies with bad governance and high crime rates, money that has nothing to do with COVID-19.”
“We made a very generous $ 1.6 trillion offer and, as usual, you are not negotiating in good faith. I answer no to their request and look forward to the future of our country. ”
Although he boldly predicted victory, the president said in subsequent tweets that there would be no new stimulus package before the election. “When I win, we will pass a large incentive bill targeting hardworking Americans and small businesses,” he wrote.
After these tweets, the market responded with disagreement. The stock fell significantly, while Bitcoin dropped about $ 200 before making a slight return, holding the price at the time of release at $ 10,577.
The fall in bitcoin seems to indicate that the asset’s price continues to interact side-by-side with major markets, at least when it comes to major economic news. For some, this contrasts with the asset’s perceived role as an unrelated asset.