Bitcoin

$160 million bitcoin war chest could ruin Democrats in November

Published

7 months ago

26 June, 2024

$160 million bitcoin war chest could ruin Democrats in November

Several of the world’s largest cryptocurrency companies organized a political war chest of the more than $160 million they plan to spend this year supporting candidates who advocate “lightweight” industrial regulations — and Republicans stand to benefit the most, experts tell The Post.

Cryptocurrency companies’ spending on lobbying and government relations hit a new high of $24.7 million in 2023, according to the Securities and Exchange Commission.

Another $5.6 million has already been spent in the first quarter of 2024 – an amount that is expected to more than quintuple by November.

The two biggest spenders are Coin basea popular crypto exchange platform, and the Blockchain Association, a nonprofit organization that lobbies legislators at the state and federal levels.

Many of the world’s largest cryptocurrency companies have organized a political war chest. REUTERS

A campaign fund of this size makes crypto one of the most influential players in this election cycle.

Former President Donald Trump’s embrace and adoption of crypto stands in stark contrast to the overwhelmingly regressive approach to crypto taken by the Biden administration and the Democratic Party in general, which has consistently attacked the industry, in most cases unfairly,” Edward Wilson, an analyst at blockchain firm Nansen, told The Post.

“The issue of encryption is likely to influence and could even influence the elections. This is because many US-based crypto supporters place crypto as a fundamental issue for them and are fed up with the approach of chasing good players in the space like Coinbase and Uniswap while blocking access to products and airdrops, while other countries prosper, taking industry abroad with them. Based on this, it is likely that Republicans will receive significantly more in crypto donations – but it is difficult to determine how much – than Democrats.”

This could be extremely bad news for Democrats like current Senator Sherrod Brown of Ohio, who has repeatedly challenged the ethics and effectiveness of crypto companies and cryptocurrencies in general. (Brown’s campaign did not respond to The Post’s request for comment.)

“Our founders would have been bitcoiners,” said Brown’s Republican opponent, Ohio businessman Bernie Moreno. “They believed in decentralization of power and control. That’s what it is. [Brown] I laughed about it, but I take it very seriously.”

Moreno already owned his own blockchain company and says Ohio has “a lot” of crypto “farmers” that his government should also consider.

“Encryption represents freedom, and philosophically what lawmakers like Brown and Democrats believe is that they should have control,” Moreno told the Post. “They would prefer to have control over schools, jobs and, of course, the currency. . . . They hate encryption in their hearts because they want to be in control. We disagree.”

“Our founders would have been bitcoiners,” Bernie Moreno said. PA

When asked whether Democrats could reverse course and find more support for the crypto industry before polls open, Moreno was not optimistic.

“The power of the Democratic Party is controlled by extremists like Brown and Elizabeth Warren,” Moreno said. “Word has gotten out to the industry that if they get four or more years of control, crypto in America will be completely dead.”

But not everyone is convinced that crypto will ever make it to the political mainstream in America.

“The cryptocurrency industry has become much more involved in politics in just the last few years, from lobbying efforts to campaign donations,” said University of Dayton political scientist Christopher Devine. “But it’s unclear whether cryptocurrency will be successful in influencing elections across the country or in tight races involving powerful members of Congress, like Sherrod Brown’s battle for re-election in Ohio.”

One thing that can hold them back, according to Devine, is a lack of focus.

“It’s worth noting that the cryptocurrency industry donated almost equally to both parties in 2022,” he told The Post. “Their goals are not particularly partisan or ideological. They want to win the favor of whichever candidate is most likely to win a seat in the next Congress and potentially be able to vote on legislation that affects their industry.”

Jason Allegrante, chief legal and compliance officer at crypto firm Fireblocks, agrees – to a point.

“Blockchain is first and foremost a technology – and the development of this technology transcends political parties. What is notable about the industry’s positioning in this election cycle is that it will continue to prioritize the cause of innovation first, even as it returns to electoral politics. Republicans may benefit most this November simply because many already seem to understand the issues. But all candidates, regardless of party, will have the opportunity to defend crypto or test an anti-crypto stance with the American electorate,” he told the Post.

Right now, the industry appears to be determining whether men like Brown and Moreno are the outliers of their parties when it comes to cryptography or the exemplars. Simply put: he wants to make friends.

And the Republican Party seems very friendly.

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We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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