Did President Trump Cause A Pump And Dump? | The BTC, XRP, ETH, SOL and ADA Story
The Announcement
Following Trump’s announcement a couple of days ago to make ADA, XRP, and SOL as base coins/tokens for the U.S. crypto strategic reserves. All the coins just blasted off by a minimum of 30%. ADA went as high as 64%. I later saw the strategic reserves also had BTC and ETH, the obvious candidates.
Is It Hodl or Hold? Is it Bald Eagle or Blad Eagle? 😊
I thought that was great news as I was hodling almost all of the said coins/tokens except SOL. ☹
The Result
The instant upswing was crazy but the downswing wasn’t any less, and all of it happened within 24 hours. The funny part was someone pointed out on Binance that one wallet went in long on BTC and ETH just one hour before Trump’s announcement and left that person multi-million dollars richer.
Now, this sounds like I am talking about some conspiracy theory, but that’s not the case. It just happened and the coins are back to where they were before the news. This is the only time I am ruing my absence from the Futures market. I don’t intend to go there either, but still. 😊
What Next?
Wait for the next announcement, what else? I mean, the crypto market tends to react more vigorously to any positive crypto news coming out of the U.S. than any other country. So, let’s wait and watch. Or better still, let’s wait for the U.S. to accumulate these strategic reserves.
Would be a great day, I am sure!