Trump's $5,000 Dividend Plan Fails to Boost Bitcoin Above $78K
US President Donald Trump's proposal to send $5,000 dividend checks to American adults if Republicans retain Congress in the midterm elections has failed to move Bitcoin's price past $78,000.
The cryptocurrency held steady between $77,650 and $78,000 despite the pledge, which was made at a Republican convention. Investors appear focused on upcoming US inflation data from the Bureau of Labor Statistics, set to be released on September 10 and 11.
Bitcoin's price has remained in the $77,500 to $78,500 range since September 9, with a few dips below $78,000 support. At 8:25 am EST, the cryptocurrency traded at $77,719 per unit as investors prioritized economic indicators over promises made by Trump.
The Federal Reserve's rate policy and a $40 trillion US national debt will dictate Bitcoin's next major price movement, according to market experts.