Trump coin sees a 12% rally after President’s pro-crypto speech

Bitcoin (BTC), the most popular crypto asset, has finally recovered to $103,000. Today, most other cryptoassets are trading in green territory. Trump Coin, or Official Trump/TRUMP, in particular is experiencing massive gains. It has a double-digit rise on the 14-day and daily charts. According to CoinGecko data, TRUMP’s price has rallied 12.8% in the last 24 hoursThe chart shows a 37.6% increase in 14-days and a 1.9% rise over the prior month. The coin has still fallen by 4,1% in the past week. TRUMP currently ranks 4th in daily crypto charts behind Quant (QNT), Internet Computer (ICP) and Zcash.

Coin Rally After President Trump’s Crypto Speech

TRUMP’s recent reversal is due to the US President giving a speech in favor of cryptography. Trump said that the crypto industry was under siege by the previous administration. Trump said that crypto was no longer under siege and has become a large industry. Trump said that crypto relieves a lot of pressure from the US dollar. Also, he added that “we are turning the United States into a Bitcoin superpower.“

Trump has made it clear that he supports the crypto industry. Even his presidential campaign in 2024 will accept crypto donations. After assuming the office, one of his executive orders was to establish a strategic digital asset reserve for the US.

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Trump Coin could have seen its latest price rise as a result from the recent remarks of President Trump. It could be that the rally is due to an overall market recovery. We could be seeing a delayed response to the 25 basis-point cut in interest rates. Many investors may also be buying crypto assets at a discount and accumulating them.

The current upward trend could, however, be just a bounce of a dead kitten. According to CoinCodex analysts, Trump Coin (TRUMP) will dip The next week. On Nov. 16, 2020, the platform predicts the asset falling to $5.71.