In the early hours of Wednesday morning Beijing time, U.S. President Trump tweeted that negotiations on the economic stimulus plan will be suspended until after the general election, which has had an impact on the traditional market and the crypto market.
Trump said on Twitter that he rejected the Democratic Party’s stimulus package and ordered his representatives to stop negotiations until the end of the presidential election. He mentioned, “We have given a very generous 1.6 trillion US dollar plan, and the Speaker of the House of Representatives Nancy Lopesi, as always, has no intention of sincere negotiations.”
Trump stated that he had instructed Senate Majority Leader Mitch McConnell to “focus on approving my outstanding Supreme Court nominee, Amy Coney Barrett.”
According to comparison data, Bitcoin, the cryptocurrency with the highest market value, continued to fluctuate above US$10,700 before its Twitter release, and is likely to continue to rise to challenge US$11,000 again. However, after that, the situation suddenly changed. Bitcoin fell below 10,700 US dollars and 10,600 US dollars within 30 minutes, and then oscillated above 10,500 US dollars.
Traditional markets are also sorrowful. The three major U.S. stock indexes turned down immediately after the news came out. The Standard & Poor’s 500 Index fell below $3,400, the Dow fell more than 400 points, and the U.S. 10-year Treasury yield fell more than 5 basis points to 0.727%.
Regarding Trump’s statement, Lopesi responded that Trump put himself before the country and he was unwilling to “eliminate” the new crown virus, and the White House was clearly in a state of complete chaos.
Image source: Twitter, TradingView
Author Xiu Mu
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