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Financial, Crypto Markets Crash Following Trump’s COVID-19 Revelation

The global financial markets suffered a mild crash following reports that the US President Donald Trump had tested positive to COVID-19.

COVID Announcement Causing Ripple Effect on Financial Markets

Trump announced on Twitter on Friday that he and the First Lady Melanie Trump had tested positive for the Covid-19 virus. He further revealed that they had begun their quarantine process.

Following the announcement, some key markets recorded negative returns although there is a general sentiment that financial markets tend to drop during the weekends.

In the US markets, Futures in New York dropped by as much as 5% before recovering slightly following new efforts by the US government to reach a deal on fiscal stimulus. Trump’s positive coronavirus diagnosis further throws uncertainty across the US financial markets that have struggled in recent months o reach normal levels.

It is also a huge blow for many that thought that the COVID situation had been controlled and the country could move forward with job markets slowing down in December.

Oil also fell to its lowest levels in more than a month while Gold is up 0.32% on the day to stand at $1,908 after falling to a low of $1,888 in early Asian trading hours.

Bitcoin down 3.6% Following Recent Developments

The leading cryptocurrency is Bitcoin is down by 3.16% and currently trading at $10,522 as at press time. The price drop could be a result of the current saga involving BitMex.

BTCManager had earlier in the week reported that the owners of BitMEX Arthur Hayes, Ben Delo, and Samuel Reed had been indicted by US officials of tax evasion.

In response to reports from the CFTC and the Department of Justice filing a complaint against BitMEX, the group said in a statement:

“We strongly disapprove of the brutal decision of the US government to bring these charges, and we intend to vigorously defend the claims. From our beginnings as a startup, we have always sought to comply with applicable US laws, as they were designed at the time and based on available guidelines.”

BitMEX also confirmed that operations on the platform would continue as normal, despite this, there is a negative sentiment from the crypto community regarding the news. Meanwhile, Trump is expected to quarantine as he enters the final month of his reelection bid which would be keenly monitored within the financial space.

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Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin39,565 0.47 % 1.55 % 22.18 %
Ethereum2,312.3 0.11 % 0.18 % 15.40 %
Tether1.000 0.02 % 0.11 % 0.16 %
Binance Coin313.74 0.24 % 0.16 % 6.77 %
Cardano1.280 0.89 % 0.34 % 8.84 %
XRP0.7127 0.57 % 0.20 % 24.23 %
USD Coin1.000 0.00 % 0.13 % 0.70 %
Dogecoin0.2067 0.40 % 1.22 % 7.89 %
Polkadot14.93 1.30 % 2.86 % 20.39 %
Binance USD1.000 0.04 % 0.27 % 0.68 %

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