Bitcoin Goes Above $10K 15 Minutes After President Trump's Speech on Law and Order

At 23:05 UTC (or 19:05 EDT) on Monday (June 1), 15 minutes after President Donald Trump finished explaining (during a speech from the White House's Rose Garden) how he was going to stop the rioting and looting going on across the U.S., the price of Bitcoin surged above $10,000 for the first time since May 7.

According to the White House, President Trump started delivering his prepared statement at 22:43 UTC (or 18:43 EDT).

Here are a few highlights from this speech, which took place on the sixth day of riots across the U.S. following the death of George Floyd whilst under custody of Minneapolis police:

"All Americans were rightly sickened and revolted by the brutal death of George Floyd... But we cannot allow the righteous cries and peaceful protesters to be drowned out by an angry mob.

"The biggest victims of the rioting are peace-loving citizens in our poorest communities, and as their President, I will fight to keep them safe. I will fight to protect you. I am your President of law and order, and an ally of all peaceful protesters...

"But in recent days, our nation has been gripped by professional anarchists, violent mobs, arsonists, looters, criminals, rioters, Antifa, and others...

"That is why I am taking immediate presidential action to stop the violence and restore security and safety in America. I am mobilizing all available federal resources — civilian and military — to stop the rioting and looting, to end the destruction and arson, and to protect the rights of law-abiding Americans, including your Second Amendment rights...

"Today, I have strongly recommended to every governor to deploy the National Guard in sufficient numbers that we dominate the streets...

"If a city or a state refuses to take the actions that are necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them."

President Trump finished his speech at 22:50 UTC (or 18:50 EDT), which is when Bitcoin's price surge started; according to data from CryptoCompare, Bitcoin was trading around $9,718 at 22:50.

The Bitcoin price then spiked above $10K approximately 15 minutes after the President's speech ended and by 23:35 UTC (or 19:35 EDT), or 45 minutes after the speech finished, Bitcoin's price had reached $10,332, as you can see from the 24-hour BTC-USD price below:

Finally, Santiment says that either FOMO (Fear of Missing Out) "kicks in now, or profit takers end up taking the safe route with the expectation of buying below $10,000 again."

As for the rest of the crypto market, 46 of the top 50 cryptoassets are currently (as of 06:30 UTC on June 2) in the green.

Here are a few examples: