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Mocking Trump's Twitter call to the US stock market, the crypto community refers to him as the "American version of Justin Sun."

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Mocking Trump

Amid the outbreak of the coronavirus, the global stock markets are also infected. President Trump has implemented a series of measures to rescue the financial markets, but it seems unable to stop the freefall of the U.S. stock market, which has triggered a circuit breaker for the third time in the past week. The crypto community is very skeptical of Trump's various "tweets," believing that this marketing tactic is reminiscent of Tron founder Justin Sun.

Crypto Community Mocks Financial Markets

Despite a historic surge in U.S. stocks on Friday, the Dow Jones Index still plummeted over 21% for the month. As a result, President Trump's remarks were seen as a joke by the vast crypto community.

Crypto analyst known as The Crypto Dog on Twitter stated, "It's like celebrating your shitcoin being up 25% while you're still down 98% overall."

https://twitter.com/TheCryptoDog/status/1238800075930779649?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1238800075930779649&ref_url=https%3A%2F%2Fbeincrypto.com%2Fcrypto-community-laughs-at-president-trump-pumping-stock-market%2F

Meanwhile, foreign netizens Steve North and Matt Odell commented on Twitter:

Hilarious, it feels like a pre-written announcement by Justin Sun and a partner, released just before the weekend closing.

This is the American version of Justin Sun.

Rate Cuts Fail to Save Market

Last night as the U.S. stock market opened, the Dow Jones Index dropped nearly 3,000 points again, triggering a circuit breaker. The Fed's rare emergency rate cut did not boost market sentiment. After a 4 basis point emergency cut on the 15th, the benchmark interest rate was lowered to 0 to 0.25%, close to zero rates, and a $700 billion quantitative easing measure was also initiated.

Overall, the U.S. is trying everything to support the financial market, but the hole seems to be getting deeper. Trading sentiment is low, and even the traditionally safe-haven asset gold has dropped nearly 10% since March 10, close to breaking the $1,500 mark.

Further Reading

  • Trump's Announcement of Euro-American Travel Ban Triggers a Market Plunge in U.S. Stocks and Bitcoin
  • [Analysis] Binance Leveraged Tokens Plunge Raises Questions, What's Really Happening?