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Bitcoin managed to reach $10,000 again but failed to go higher. Mike Novogratz explained that the current situation in the U.S. is the reason for its growth. However, now BTC is below $9,500.
Bitcoin (BTC) prices have crossed the $10,000 mark and fallen again, this happened as the current chaos and rioting in the U.S. have continued. President Donald Trump has nipped it in the bud though. It also gives credence to the proof of concept that Bitcoin is a store of value in times of uncertainty.
Bitcoin evangelist Mike Novogratz indicated that the current situation in the U.S. is the cause of this price rise.
$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it’s the opposite of balanced. When 10k goes it will move fast. Get on the train.
— Mike Novogratz (@novogratz) June 1, 2020
However, at the time of filing this report, Bitcoin price was 1.11% down, at $9,466.
This comes a few months after Bitcoin (BTC) prices dropped to less than $4,000 on March 12.
At the press time, the mayor altcoins were down as well. Ethereum (ETH) has dropped to $233.40 (1.9%). XRP is down to $0.20 (1.68%), Litecoin (LTC) $45.35 (2.9%).
Bitcoin (BTC) Price Is Volatile in the Wake of Riots in America
As the riots continue across America, investors have been forced to seek an alternative refuge. Investments in U.S. securities have been the traditional haven for investors in times of uncertainty.
This time, the U.S. seems to have lost its “street credibility” in this regard.
Americans are protesting over the unlawful killing of George Floyd an African American by a former police officer Derek Chaud. George was killed by the officer using a knee chokehold despite being unarmed. This has led to protests that have since turned violent. George Floyd died in Minnesota Minneapolis on May 25, 2020.
President Donald Trump has waded into the matter.
I can’t stand back & watch this happen to a great American City, Minneapolis. A total lack of leadership. Either the very weak Radical Left Mayor, Jacob Frey, get his act together and bring the City under control, or I will send in the National Guard & get the job done right…..
— Donald J. Trump (@realDonaldTrump) May 29, 2020
Trump’s now-infamous quote can be traced back to Miami’s Police Chief Walter Headley.
Headley made this statement in late 1967:
“I’ve let the word filter down that when the looting starts, the shooting starts.”
Protests have since spread to several cities and the Capital Washington DC.
With these problems happening at the same time as the COVID-19 pandemic, investors are worried that the United States may not offer the solace it once did.
Bitcoin and Altcoins Positively Reacted to U.S. President’s Words but Fell Back
Cryptocurrencies have proven at this time to work based on trustlessness. As such, Bitcoin (BTC) prices have shot up. The markets dropped on March 12th due to the failure of 2 different exchanges. prices have since decoupled from traditional markets in an upward trajectory since then.
Sources say that Bitcoin (prices) hit and crossed $10,000 15 minutes after President Trump’s speech on the restoration of law and order to the U.S.
Trump said yesterday:
“All Americans were rightly sickened and revolted by the brutal death of George Floyd… But we cannot allow the righteous cries and peaceful protesters to be drowned out by an angry mob”.
When Bitcoin (BTC) price kicked in, many have wondered if the Fear, Uncertainty, and doubt (FUD) would kick in and drag prices below $10,000. And it happened.