US President Donald Trump verified that he and First Lady Melania Trump have tested positive for COVID-19. Just after the announcement, Bitcoin (BTC) collapsed, and gold increased in the markets.
Gold Rises, Bitcoin Drops as Trumps Test Positive for COVID-19
The President and the First Lady stated that they contracted the virus after Hope Hicks, known as one of the President’s most intimate advisors, was verified to have the virus shortly after they all flew together from Washington DC to Cleveland, Ohio, for the first presidential debate on September 29.
As a result of Trump’s tweet, both bitcoin and gold perceived heightened volatility, even though in opposite directions. While gold’s initial response was to move higher, bitcoin reacted by going lower. Also, stocks dropped, the US dollar climbed following the news.
As of press time (05:49 UTC) – approximately 1 hour after Trump shared the news on Twitter – bitcoin was down by 3.45% over the past 24 hours, and 1.5% in the hour since the news broke, trading at USD 10,462.
Meanwhile, gold was up by 0.88% during the hour since the news broke, currently trading at USD 1,906 after breaking through the critical USD 1,900 level on strong upwards momentum.
With only a few weeks until the presidential election November 3, the news that Trump has contracted the virus could potentially have implications for the election.