President Trump decided to do a victory lap this weekend, calling Friday’s rally in financial markets the “biggest stock market rise in history.”
Global turmoil has rattled markets and politicians have suddenly become the stock market’s biggest cheerleaders. President Donald Trump has been especially keen on celebrating all stock market gains as his own.
Donald Trump Celebrates Stock Market’s ‘Historic Rise’
After posting double-digit losses on Thursday, U.S. stock indexes saw massive gains on Friday. The Dow Jones, for example, closed on Friday with gains of +9.36%. The rally came after one of the worst-ever days for losses in financial history after the coronavirus was properly labeled a ‘pandemic’ by the World Health Organization.
President Trump, as you might expect, closely considers the stock market as a barometer for his own success. As BeInCrypto previously reported, he has oftentimes unabashedly tried to pump the U.S. stock market. Well, it looks like he’s doing it again and gloating in Friday’s rally.
BIGGEST STOCK MARKET RISE IN HISTORY YESTERDAY!
— Donald J. Trump (@realDonaldTrump) March 14, 2020
However, it was, in reality, all an elaborate show. The president decided to showcase a parade of victories in fighting the health epidemic just hours before the bell closed. This was done intentionally to pump stocks and keep the daily green candle as large as possible.
The Cryptocurrency Community Takes Notice
President Trump doing victory laps over a stock market dump-and-dump became the butt of many jokes on crypto-Twitter and beyond. Despite Friday’s historic rise, the Dow Jones is still down more than 21% for the month.
As The Crypto Dog (@TheCryptoDog) put it, it’s like celebrating when your alt pumps 25% but you’re still down -98%.
— The Crypto Dog
(@TheCryptoDog) March 14, 2020
Others noticed how Trump was acting much like Justin Sun by shamelessly using announcements of announcements to pump the stock market. Sun is known for exploiting any opportunity imaginable to pump his project, TRON (TRX). As Matt Odell (@matt_odell) writes:
lol it did feel like the Justin Sun playbook – preannounced announcement complete with partnerships snd hyperbole – right before markets close for the weekend
— Matt Odell (@matt_odell) March 14, 2020
Others also noticed the similarity.
America got their very own @justinsuntron
— Steve North (@snorth86293881) March 14, 2020
In all, it seems like the financial markets might follow the same fate as Bitcoin in the coming weeks if the coronavirus pandemic worsens. President Trump might not be able to manipulate markets with his announcements of announcements if the worst-case scenario ends up coming to fruition.
An Uncertain Future
Amid the financial meltdown on Thursday, the Federal Reserve Bank of New York announced it would be offering $1.5 trillion in short-term loans. [Vox] This comes just days after the Federal Reserve pumped another $168 billion into the economy. In short, it seems that the state is propping up this market and the cracks are showing.
If the depressed demand caused by the coronavirus pandemic continues, we could see extended losses which not even President Trump can hold back. For now, traders are so cautious that many are sitting on cash and waiting to see what unfolds next week.