Bitcoin Dips Slightly After Trump's Speech Skips Crypto Mention

Following President Donald Trump's State of the Union address, Bitcoin experienced a modest downtick, moving from its highs around $66,000 to the $65,000 territory, which translates to a slight decrease of 1.5%. Such movement lent credibility to the predictions of Peter Schiff regarding possible sell-offs due to the absence of cryptocurrency discourse in the speech. There had been speculative fervor before the address, with expectations that Trump might give a nod to the crypto sphere, contributing to an uptick in Bitcoin's valuation. However, the lack of any crypto mention prompted a small pullback to the $65k level. Schiff, who is a recognized advocate for gold and a Bitcoin skeptic, had surmised that regardless of the particulars of Trump's address, a 'buy the rumor, sell the news' response could lead to insiders taking profits and exert downward pressure on Bitcoin's price. Even though the post-address price adjustment was minor, Schiff continues to argue that Bitcoin's upward trajectory over the years is indicative of a bubble and cautions that its valuation could plummet, potentially approaching $40,000. The market sentiment stays vigilant, with investors and analysts deliberating over the effects such macroeconomic speeches may have on the worth of cryptocurrencies.