Cryptocurrency market update: Donald Trump will send Bitcoin to the moon

The push for negative rates makes Bitcoin and other coins more attractive.
BTC/USD managed to settle above the critical barrier $9,000.

Tanya Abrosimova Independent Analyst

The American president Donald Trump pressured on the FED to force the regulator to lower rates deeper into the negative territory. He believes the central bank should keep up with global trends and support the economy with negative rates.

The same views aired the former head of FED in Minneapolis Narayana Kocherlakota.

Bitcoin enthusiasts criticized this approach as it means that the citizens would have to pay for saving money. They believe that this policy would speed up the cryptocurrency adoption as people will seek for alternative ways to protect their wealth.

Top-3 cryptocurrencies price updates

Bitcoin (BTC) has returned back on the recovery track. After hitting the low of $8,100 on May 10, the first digital asset got back above $9,000 to trade at $9,120 at the time of writing. A sustainable move above the thick layer of stops clustered around $9,000 improved the technical picture and opened up the way towards next resistance at $9,200. The volatility remains high.

Ethereum settled above $197.00 amid strong recovery from as low as $188.41. The second-largest digital asset gained over 3.6% since the start of the day moving in sync with the market. The next resistance is created by a psychological $200.00.

XRP/USD is changing hands at $0.2013 as the coin struggles to settle above the upper boundary of the recent consolidation channel at $0.2000. The next resistance is created by $0.2030 (38.2% Fibo retracement for the downside move from February 2020 high).

Author

Tanya Abrosimova

Independent Analyst

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