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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Ethereum Stimulus Response Shaves 3% Off Price In 30 Minutes Or Less

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
2 mins read
ethereum ethusd

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Ethereum has been holding up well compared to the rest of the DeFi space, but the recent news that the second-round of stimulus checked proposed by the House was rejected by Trump has changed that.

The top-ranked altcoin just took 3% off its value in a matter of thirty minutes or less following the tweet making rounds. What does this mean for Ethereum and the already suffering DeFi space?

ethusd ethereum stimulus

ETHUSD Falls 3% In Less Than 30 Minutes Following Stimulus Cancellation | Source: TradingView 

Ethereum Falls 3% Sharply Following Further Stimulus Stagnancy

Ethereum price followed along with Bitcoin and stocks in plummeting after markets caught wind that US President Donald J. Trump had ended any chances of a second stimulus effort before the coming election this November.

The Senate and the House have been locked in battle preventing any version of the bill from being passed. A recent adjustment to the proposal passed by the House, according to Trump, won’t see the light of day.

…request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business. I have asked…

— Donald J. Trump (@realDonaldTrump) October 6, 2020

In a tweet, Trump says he is rejecting the request, and holding off any stimulus until after he “win[s].”

In response, Bitcoin fell $200 and Ethereum dropped by $10 or 3% in a matter of minutes. On shorter timeframes, the cryptocurrency can be seen setting a lower low above as a result of the news breaking.

Related Reading | DeFi Overtakes Ethereum In The Media, Data Shows

Ethereum was among the assets that fared the best following the last round of stimulus, offering anyone who took their $1,200 and put it into ETH earning a substantial ROI.

Ethereum surged over the summer months due to the DeFi trend, but with no more stimulus money on the way, these assets could fall just as quickly as they went on the way up.

Featured image from Deposit Photos, Charts from TradingView
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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