Trump TACO trade pushes Bitcoin above $70,000 again

The White House won’t admit it, but by now it has become stock market science: TACO, or Trump Always Chickens Out, means you can count on Donald Trump changing his plans if the markets force him to. By announcing a 5-day war pause (or the length of the trading week), President Donald Trump caused a brief turnaround on the markets on Monday, allowing Bitcoin to trade above $70,000 again. Wall Street was very eager to capitalize on the well-known TACO trade.

Gold

If you thought that only Bitcoin could plunge deep during times of volatility, take note of the following: gold fell 8% on Monday morning, only to make up for all those losses following Trump’s social media post about the war pause. Silver made a similar move.

Oil, meanwhile, fell 11% following the announcement.

Bitcoin, which had traded just above $68,000 earlier in the day, jumped quickly to $71,000 following Trump’s news and continued trading until just above $70,000 after it became clear that Iran had not yet given its approval to the US President.

After Iran threw a further spanner in the works by claiming that they were not yet ready for a peace deal either, the markets reversed and went lower again (and went back up).