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Bitcoin is Mirroring Obama-Era Gains
The cryptocurrency market has been sent into a frenzy as the price of Bitcoin surged over 10% in a single day, reclaiming the $80,000 mark and restoring over $150 billion in market value. The dramatic turnaround is drawing parallels to the historic market recovery in early 2009 under President Barack Obama.
At the time, investor confidence was at an all-time low as the financial crisis had engulfed the world. However, following a now-famous comment by then-President Barack Obama that stocks were becoming a “potentially good deal” for long-term investors, the S&P 500 launched into a four-year bull run, gaining over 75%.
Similarly, Bitcoin has made an incredible recovery from macro-driven volatility and is currently tracking a similar trajectory. The sudden reversal in U.S. trade policy announced by President Donald Trump, coupled with his public encouragement of investors to “buy,” has sparked comparisons between the two market recoveries.
The sequence of events bears striking resemblance to that of 2009. Like then-President Obama’s comment, which came just days before the S&P 500 hit its bottom, President Trump’s call to buy just minutes before announcing a tariff pause and increasing tariffs on China has sent ripples through the crypto community.
It is unclear whether this market momentum will continue, but for now, Bitcoin seems to be mirroring Obama-era gains.
Source: https://coinchapter.com/bitcoin-is-mirroring-obama-era-gains/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-is-mirroring-obama-era-gains
