Over the past 24 hours the stock market’s fallen sharply while Bitcoin price seems to be sticking to its guns. The DOW has “plunged” over the past three days around 1,000 points over the past two days, falling especially sharply a moment after Donald Trump made comments about adding trade tariffs to steel and aluminum. Bitcoin prices stayed steady this morning, too, as Trump said that “trade wars are good” and “easy to win.”
Trump raged this morning at around 7AM Central Time with a Twitter post which suggested he wasn’t pleased with the market’s reaction to his comments on aluminum and steel. “We must protect our country and our workers,” said Trump, “Our steel industry is in bad shape. IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!” (Emphasis entirely Trump’s.)
Trump’s trade war comments suggested he has only a rudimentary idea of how the economy works and what an actual trade war is. “When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!”
As the stock market read the Tweet on trade wars, the DOW Jones Futures market slid a cool 200 points. At the same time, Bitcoin fell just under 2 points, recovering within 3 hours. It would appear that the reverse correlation of the overall stock market VS Bitcoin USDT prices continues to hold relatively strong. Keep your eye on the tweetstorms for more.
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