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- President Trump declares “National Emergency” to combat COVID-19(Coronavirus).
- The Crypto market is feeling anxious as Bitcoin (BTC) marked its biggest one day fall since 2013.
US President Trump declares a national emergency to fight against the deadly threat of coronavirus. Trump hopes this can be the break he needs to control this health crisis.
This declaration helps in the availability of more federal funds with supplies. Trump also requests every state to set up emergency operation centers and hospitals to start there emergency preparedness plans.
President’s declaration comes after the request from Washington
Requests are generally made by the governor of the affected state. Due to the increasing number of coronavirus cases, stats have been scrambling to find an effective response to it.
An additional declaration can be made regarding this issue so that federal governments can reimburse the state government for the cost regarding this issue. Bill Clinton declared a national emergency in the year 2000 due to the West Nile Virus, which allowed millions of dollars in federal funds so that the federal government can aid the state government.
Declarations can begin as one type of emergency and then changes to another type of emergency in regard to access to additional resources.
‘Emergency’ in Cryptoverse
This declaration is really a bad sign for the crypto and world market as Bitcoin’s price dropped by eight percent in minutes. As cryptocurrencies are not performing well due to the current market conditions, this declaration by the US President will only make it worst.
There is a gradual downfall in cryptocurrencies, as bulls run of the steams and there is complete dominance of bears in the market with a heavy selling volume. This declaration by the president will be very shocking for the market.
As crypto traders are liquefying their assets and heavy price fall in cryptocurrencies are very concerning issues regarding the crypto market.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
