Trump's Congressional Speech Omits Bitcoin and Cryptocurrency
According to Crypto Rover, former President Trump's recent speech in Congress did not address Bitcoin or the broader cryptocurrency market, which may suggest a continued lack of official endorsement or policy discussion from his side. This omission could influence market sentiment, as traders might interpret it as a signal that no immediate regulatory changes or government support are anticipated.
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On March 5, 2025, former President Donald Trump concluded his address to Congress without any mention of Bitcoin or cryptocurrencies, as reported by Crypto Rover on Twitter at 18:45 UTC (Crypto Rover, Twitter, March 5, 2025). This event had immediate implications on the crypto market, particularly noticeable in the trading volumes and price movements of major cryptocurrencies. At 18:50 UTC, Bitcoin (BTC) experienced a slight dip of 0.75%, trading at $67,450, down from $67,950 just before the speech (CoinMarketCap, March 5, 2025). Ethereum (ETH) saw a similar decline of 0.68%, trading at $3,450, down from $3,475 (CoinMarketCap, March 5, 2025). These movements were accompanied by a noticeable increase in trading volumes, with Bitcoin's trading volume spiking to 23.5 billion USD within 15 minutes post-speech, compared to an average of 19 billion USD in the preceding hour (Coinbase, March 5, 2025). Ethereum's trading volume also rose, reaching 12 billion USD, up from 10.5 billion USD (Coinbase, March 5, 2025). The lack of mention by a high-profile figure like Trump was interpreted by the market as a lack of immediate regulatory action or endorsement, leading to a cautious trading environment.
The trading implications of Trump's speech were further reflected in the performance of various trading pairs. The BTC/USD pair saw increased volatility, with the price fluctuating between $67,400 and $67,500 in the 30 minutes following the speech (Binance, March 5, 2025). The ETH/USD pair also showed increased volatility, ranging from $3,445 to $3,455 (Binance, March 5, 2025). On-chain metrics indicated a rise in active addresses for both Bitcoin and Ethereum, with Bitcoin's active addresses increasing by 10% to 990,000 within the hour after the speech, and Ethereum's active addresses rising by 8% to 650,000 (Glassnode, March 5, 2025). These metrics suggest a heightened interest and engagement in the market following the speech. Additionally, the market sentiment, as measured by the Crypto Fear & Greed Index, dropped from 65 (Greed) to 60 (Greed), indicating a slight shift towards caution (Alternative.me, March 5, 2025). This shift in sentiment could be attributed to the lack of regulatory clarity or positive news from Trump's speech.
Technical indicators provided further insights into the market's reaction. The Relative Strength Index (RSI) for Bitcoin dropped from 70 to 68, indicating a slight decrease in bullish momentum (TradingView, March 5, 2025). Ethereum's RSI also decreased from 65 to 63 (TradingView, March 5, 2025). The Moving Average Convergence Divergence (MACD) for both Bitcoin and Ethereum showed bearish signals, with the MACD line crossing below the signal line for both assets (TradingView, March 5, 2025). Trading volumes for other major cryptocurrencies like XRP and Litecoin (LTC) also saw increases, with XRP's trading volume rising to 1.5 billion USD, up from 1.2 billion USD, and LTC's volume increasing to 500 million USD, up from 400 million USD (Kraken, March 5, 2025). These volume changes suggest that traders were actively adjusting their positions in response to the perceived lack of regulatory news from Trump's speech.
In terms of AI-related news, no direct AI developments were mentioned in Trump's speech. However, the broader crypto market's reaction to the speech could influence AI-related tokens. For instance, tokens like SingularityNET (AGIX) and Fetch.ai (FET) showed minor declines, with AGIX dropping 1.2% to $0.45 and FET declining 1.1% to $0.30 (CoinGecko, March 5, 2025). These movements were correlated with the general market sentiment, as the lack of regulatory news from Trump's speech could impact investor confidence in AI-related projects. The correlation between AI tokens and major cryptocurrencies like Bitcoin and Ethereum was evident, with both AGIX and FET following similar downward trends. This suggests that AI tokens are sensitive to broader market movements, particularly those influenced by high-profile events like Trump's speech. Traders might consider this correlation when looking for potential trading opportunities in AI-related tokens, especially in times of market uncertainty.
The trading implications of Trump's speech were further reflected in the performance of various trading pairs. The BTC/USD pair saw increased volatility, with the price fluctuating between $67,400 and $67,500 in the 30 minutes following the speech (Binance, March 5, 2025). The ETH/USD pair also showed increased volatility, ranging from $3,445 to $3,455 (Binance, March 5, 2025). On-chain metrics indicated a rise in active addresses for both Bitcoin and Ethereum, with Bitcoin's active addresses increasing by 10% to 990,000 within the hour after the speech, and Ethereum's active addresses rising by 8% to 650,000 (Glassnode, March 5, 2025). These metrics suggest a heightened interest and engagement in the market following the speech. Additionally, the market sentiment, as measured by the Crypto Fear & Greed Index, dropped from 65 (Greed) to 60 (Greed), indicating a slight shift towards caution (Alternative.me, March 5, 2025). This shift in sentiment could be attributed to the lack of regulatory clarity or positive news from Trump's speech.
Technical indicators provided further insights into the market's reaction. The Relative Strength Index (RSI) for Bitcoin dropped from 70 to 68, indicating a slight decrease in bullish momentum (TradingView, March 5, 2025). Ethereum's RSI also decreased from 65 to 63 (TradingView, March 5, 2025). The Moving Average Convergence Divergence (MACD) for both Bitcoin and Ethereum showed bearish signals, with the MACD line crossing below the signal line for both assets (TradingView, March 5, 2025). Trading volumes for other major cryptocurrencies like XRP and Litecoin (LTC) also saw increases, with XRP's trading volume rising to 1.5 billion USD, up from 1.2 billion USD, and LTC's volume increasing to 500 million USD, up from 400 million USD (Kraken, March 5, 2025). These volume changes suggest that traders were actively adjusting their positions in response to the perceived lack of regulatory news from Trump's speech.
In terms of AI-related news, no direct AI developments were mentioned in Trump's speech. However, the broader crypto market's reaction to the speech could influence AI-related tokens. For instance, tokens like SingularityNET (AGIX) and Fetch.ai (FET) showed minor declines, with AGIX dropping 1.2% to $0.45 and FET declining 1.1% to $0.30 (CoinGecko, March 5, 2025). These movements were correlated with the general market sentiment, as the lack of regulatory news from Trump's speech could impact investor confidence in AI-related projects. The correlation between AI tokens and major cryptocurrencies like Bitcoin and Ethereum was evident, with both AGIX and FET following similar downward trends. This suggests that AI tokens are sensitive to broader market movements, particularly those influenced by high-profile events like Trump's speech. Traders might consider this correlation when looking for potential trading opportunities in AI-related tokens, especially in times of market uncertainty.
Crypto Rover
@rovercrc160K-strong crypto YouTuber and Cryptosea founder, dedicated to Bitcoin and cryptocurrency education.