US President Donald Trump appeared in the State of the Union Address, wherein he covered several topics. However, it was the crypto segment that took a few notes for a reaction hours after the session concluded. Cryptocurrencies recorded a surge in their respective values. There was a hint of being under control because earlier reports underlining contradictions resurfaced.
Trump at the State of the Union Address
Trump managed the State of the Union Address by grounding it on the nation’s economic success. The US President even called the recent phase a golden age, reportedly to project a stronger image, considering that mid-term elections are months away from this moment. Trump took a dig at Democrats, but it was his economic claims that stayed in the media.
Donald Trump highlighted that the stock market was going to new heights and how he lowered the prices of drugs. He also mentioned in his televised speech about signing tax cuts along with measures taken to curb inflation. The session was reportedly crucial, given that the US-Iran war stakes keep coming up, along with Trump’s currently declined approval ratings.
Cryptocurrencies Post the Address
Cryptocurrencies noted a slight surge after the State of the Union Address. The market cap jumped by 2.58% to over $2.25 trillion. The CMC20 Index soared by 3.45%, and the Altcoin Index reached 35 points. BTC saw an uptick of 3.44% over the last 24 hours, reaching a value of $65,436.84 when the article was being written.
However, cryptocurrencies have not precisely surpassed their respective milestones. BTC is still trading below $68k, and ETH is exchanging hands at a price lower than $2k. Also, the FGI is 11 points, closer to getting into a single-digit mark.
Contradictions that Controlled the Rise
The session ended, but was followed by earlier reports coming to the surface – contradicting parts of his speech. For instance, a report by Reuters mentioned only a 1.4% economic growth rate in the fourth quarter. It also mentioned growth of 2.4% in consumer spending, mostly driven by higher-income households.
Some economists expressed their worries, per the report, about a higher financial burden and low savings among low-income households. A 43-day Government shutdown is one of the factors that has been linked to these figures. For cryptocurrencies, it remains important to do thorough research and risk assessment.
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