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Despite Trump being tested positive, crypto markets add $ 5 billion over the weekend!

Photo of: Dennis Ramos
by Dennis Ramos

Looks like the stock markets did not take too well the news of US President Donald Trump testing positive last week. But we cannot say the same for the crypto markets that remained robust and strong despite Trump being detected and secondly stock markets taking a beating. In fact, it did well over the weekend and remained resilient throughout the weekend to report strong numbers. 

Our claims are backed by numbers because over the weekend the total market capitalization for cryptocurrency markets gained $5 billion. There has been no slump as claimed by the detractors of the system. After the gain, the total market capitalization turns back to a new figure which is $345 billion. Although compared to its this year’s high it is still 13% less but it still is up by 80% than what it was at the beginning of 2020. 

There was no dearth of negatively charged events in Crypto last week beginning from the KuCoin hack to the CFTC charging BitMEX founders and now Trump’s Covid detection. Bitcoin’s prices nosedived by a minuscule 2.5% when the news broke that Trump had Coronavirus on Friday. But since then it has also recovered all the losses and took the Friday levels back to $10,700 again when it traded early Monday in Asia. This move has been beneficial and has added almost 3% to Bitcoin prices over the weekend. 

Source: Trading view

Bitcoin has been trading below its 50-day moving average but within its range bound channel. CryptoHamster which is a noted analyst has been on it for some time and what it is showing as below, seems to indicate that a slump is on the anvil. 

Source: Cryptohamster

This has been noted by other analysts as well who believe that the recent news has little effect on Bitcoin prices but it will be proportional to the stock market performance. 

“Bitmex FUD & Trump Covid barely made a dent on the $BTC price. That’s pretty telling on the strength. On-chain metrics are bullish as well. I see no reason to be bearish on $BTC unless the stock market crashes.”

Are investors around the world pinning their hopes on digital assets because of the associated fears? The job market has been hit badly, the leader of the world’s most powerful economy is not active, and the massive hack – everything is just contributing to the mess more and more. But if we look at it closely a majority of the assets in the digital asset space are posting gains at the moment. Ethereum has salvaged well and has come to $350 levels and XRP has reached $0.25 with 7% gains. 

Litecoin also has done some wonders with the market cap increasing by 5.5% which is great. But there have been tokens like UMA and Ampleforth that need to reclaim their original positions considering the TVL in DeFi is hovering around $11 billion.

This surely needs to be taken advantage of!