Bitcoin

A major breakthrough for cryptocurrency

Published

6 months ago

19 July, 2024

Hello and welcome to the FT Cryptofinance newsletter. This week, we’re looking at JD Vance’s crypto stance.

For cryptocurrency fans already excited about the prospect of former President Donald Trump’s potential return to the White House, his choice of running mate could hardly have been better.

In J.D. Vance, bitcoiners see one of their own. The author of Hillbilly Elegy not only owns a lot of bitcoin (at least he did in 2022, his most recent financial records show), but he has championed the cryptocurrency as an alternative to traditional finance. That’s music to the ears of an industry that sees itself as the victim of unfounded hostility from U.S. regulators.

“Overall, it’s a positive thing for crypto because the current administration and the regulatory situation in the U.S. has been very challenging,” said Alexander Blume, chief executive of trading firm Two Prime. “It could only get better.”

From Vance rise in US politics was helped by prominent venture capitalist and cryptocurrency enthusiast Peter Thiel, for whom Vance worked briefly early in his career. Thiel later helped fund Vance’s successful Senate bid and, in addition to giving him an education in technology, has even been credited with his spiritual awakening and conversion to Christianity.

The possibility of the Ohio senator serving as vice president has been widely praised by cryptocurrency enthusiasts, who were already very excited about the prospect of a Trump presidency and a pro-crypto outlook from Washington.

O Bitcoin price went up nearly 11 percent to more than $65,000 this week after Trump survived an assassination attempt in Pennsylvania, while traders increased their bets that he would win in November.

Among Silicon Valley’s tech billionaires, cryptocurrencies have become a bold dividing line in this election, with Trump and now Vance’s bullish stances earning them millions of dollars in donations — some paid in the form of cryptocurrencies — as well as likely votes.

Technology and cryptocurrency investor Balaji Srinivasan warmly supported Vance, explaining on social media platform X that the senator “understands military, media, technology, finance and politics,” while venture capitalist David Sacks also applauded the choice.

A more crypto-friendly White House would contrast sharply with the strict rules and crackdown by the Securities and Exchange Commission led by Biden-appointed President Gary Gensler, which has gone after companies like Coinbase and Ripple in recent years.

Many crypto enthusiasts point to Vance’s personal holdings as a mark of his credentials and interest in the asset.

He had between $100,000 and $250,000 worth of crypto on Coinbase as of 2022, according to his most recent financial disclosures. He also invested as much as $15,000 in the decentralized exchange Ethex, and between $15,001 and $50,000 in the right-wing video platform Rumble, on which Trump’s Truth Social advertises.

When Canada promised to freeze the bank accounts of those protesting Covid-19 restrictions in 2022, Vance wrote on Twitter that “this is why crypto is taking off.” He also criticized Gensler, saying his approach to regulating cryptocurrencies “is the exact opposite of what it should be.”

“On an ideological and philosophical basis, it seems like he sees the value of bitcoin,” Blume said, adding that Vance’s outlook “has been extremely positive, pro-crypto.”

While his plans are still unclear, the Ohio senator may have more policy ideas and a better understanding of the industry than Trump, having worked in Silicon Valley and sitting on the powerful Senate banking committee.

Vance is already getting stuck, circulating a draft proposal that would overhaul how Washington’s two top regulators oversee cryptocurrencies, according to Politico.

Of course, this is also the man who once called Trump “America’s Hitler”among other things, although those views appear to have changed significantly. If the polls are correct, we may soon find out a lot more about their true views on crypto.

What do you think of Vance’s stance on crypto? Email me at nikou.asgari@ft.com

Weekly Highlights

Excerpt of the week

Ethereum co-founder Vitalik Buterin argues against choosing who to vote for based solely on their views on cryptocurrencies, in a message seemingly aimed at the many cryptocurrency founders and executives who are donating heavily to Trump’s campaign.

On a blog post On his website, he said that freedom of money in the form of crypto payments was not the only freedom that should decide people’s votes — privacy of thoughts and communications was also important.

“Making decisions this way carries a high risk of going against the values that brought you into the crypto space in the first place.”

Cryptofinance is edited by Laurence Fletcher. Your comments are welcome.

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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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