How The U.S President - Donald Trump Disrupted The Crypto Market.
President Trump may be a pro crypto president, but he disrupted the crypto market in so great a way that the market is still struggling to recover from.
Let me explain.
Few days before the presidential inauguration of Donald Trump, the Trump meme coin was launched. And since it was believed that the project had the backing of the about to be inaugurated U.S president, the crypto market went wild with huge dumping for other tokens for the Trump coin.
Millions & billions of dollars were taken out of other projects & invested in Trump coin for a quick gain. Imagine a coin having few million market capitalization suddenly skyrocketing to tens of billions of market cap. in few days, while every other project in the market was bleeding red candles profusely.
The launch of the Trump meme coin created an unnecessary panic and imbalance in the crypto market, & also resulted in many novice crypto traders losing their money because they arrived late at the Trump coin party & they ended up being used as exit liquidity.
The problem the Trump coin created in the market is that it caused most real crypto investors to lose their money & give those with little interest in the crypto market huge profits because they got a first hand information prior to the coin launch.
This resulted in huge cash outflow from the crypto market. Mostly from the early investors that were not necessary loyal crypto investors, but profited hugely because they got a firsthand information of the coin launch.
Monies that would have been reinvested into the crypto market were taken out of it & an imbalance was created in the market.
So many projects are yet to recover from the sudden dumping they experienced during the $TRUMP coin launch, & I believe this is partly responsible for why we are yet to see any major recovery in the prices of most #altcoins
President Trump may be pro crypto, but the disruption he created in the crypto market may take much longer for the market to become stabilized.
