Trump Says ‘You’re Welcome’ as Oil Is Flowing and Prices Are Dumping
Unfortunately for all crypto investors, the digital asset market went down as well after Trump's statement.
US President Donald Trump took it to his social media platform Truth Social to declare that oil has begun flowing, jobs are at record levels, and prices in the US are dropping, which will increase affordability. While there are some controversies about the last few statements, oil prices are indeed dropping now, with USOIL dipping below $73 per barrel. USOIL.
Source: TradingView Today’s decline to $73 and just under it means that USOIL has dropped by roughly 40% since the peak after the war broke out at almost $120 per barrel. However, its price is yet to reach the lows before the US and Israel started the war against Iran. Trump also said Iran “can never have a nuclear weapon,” which will make the world safer, as part of the Iran-US deal that is reportedly agreed to, but it’s still not signed.
The POTUS also bragged that the “stock markets are roaring, jobs are at records, and prices are dropping (affordability). He explained that the US is “strong, safe, and respected like never before.” He ended his statement with, “YOU’RE WELCOME!”
It’s worth noting that the US CPI numbers for the past two months hit multi-year highs, so the decline in prices and rising affordability have yet to be proven. The US stock market is close to its record level, but not quite there. Bitcoin’s price, on the other hand, has followed USOIL’s path south in the past 24 hours.
Yesterday’s decline was mostly attributed to the US Fed refusing to change the rates and the new Chairman’s hawkish stance. Today, though, BTC dipped once again to $63,600 after Trump’s statement went live. Although it rebounded to $64,200 immediately, it was stopped once again and now sits well below $64,000.
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