The Bitcoin price did not follow the news flow and failed to surpass 112,000 dollars by the end of the week. While there was a slight recovery in altcoins, positive announcements failed to have the desired effect, contrary to the large drops caused by negative statements. Trump talked about some very significant topics.
Trump and Cryptocurrencies
In his recent statements, Trump denied allegations of launching an attack on Venezuela. Today’s reports, based on insider sources, suggested that an attack on military facilities was imminent. However, this did not occur, and Trump stated it wouldn’t happen. But since it’s Trump, one should not entirely rely on such assurances, as his sudden attack on Iran had previously demonstrated.
The U.S. President, failing to achieve the desired outcome with Canada, announced he would not initiate renewed negotiations and praised the agreements made with China.
Impact on International Relations
“The agreement with China will be a long-term one. The meeting with China was incredible. I want to remove the additional 10% applied to China.”
Treasury Secretary Bessent also made some statements regarding China:
“The leaders of the USA and China met halfway, but we warned that China cannot continue using critical minerals as a coercive tool. China made a significant mistake by opening fire on rare earth elements.
As long as other conditions remain the same, there is agreement on reaching a balance and moving within this balance for the next 12 months.
Under the one-year agreement, China agreed to delay the implementation of the rare earth elements regime and buy significant amounts of US soybeans. Under this agreement, China allows American investors to take control of TikTok in the USA.”
If things proceed smoothly, tariffs will not dominate the agenda for 12 months, which is great for cryptocurrencies. Trump’s continued positive remarks about the China agreement and Bessent’s confirmation of these comments are encouraging. The absence of an attack on Venezuela, hopefully, also reduced the burden on cryptocurrencies over the weekend.