Bitcoin

Cryptocurrency lobbyists are polluting the US elections

Published

7 months ago

30 June, 2024

Cryptocurrency lobbyists are polluting the US elections

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It’s not particularly fashionable to point out when Donald Trump gets something right (whether accidentally or not). But for the record, in 2021 he was right about crypto. Having two years earlier pointed out that cryptography is “not money”” and that its value is “based on air,” said former bitcoin president “it just seems like a scam”, suggested that cryptocurrency was “a disaster waiting to happen”, and said that “the world’s bitcoins” should be regulated “very, very high” [sic].

This was less than a year before the cryptocurrency world spectacularly imploded. From May 2022 onwards, a series of exchanges, tokens and other cryptocurrency projects collapsed in quick succession, wiping out tens of billions of dollars in supposed “value” overnight. Cryptocurrency prices and the “NFTs” market — a type of digital token that is just as useless as any other but pretends to be otherwise — foundered. Regulators weren’t just failing to regulate crypto “very, very highly”; they were asleep at the wheel. In December of that year, crypto’s most notorious criminal, the man known as SBF, was arrested on fraud and conspiracy charges, for which he would later receive a 25-year prison sentence.

But Trump, unfortunately, is no longer right about crypto. As the market recovered, he suddenly went from “not a fan” to seeming positively passionate.

He promised last month to stop Joe Biden’s crusade to crush crypto and said he would support the right to self-custody — technical language that sounds very different from something Trump would have created on his own. “To the 50 million crypto holders in the country, I say this,” he told a crowd at a libertarian convention. “I will keep [Democratic senator] Elizabeth Warren and her henchmen away from your bitcoin.”

It seemed suspicious that Trump was having something deep and significant with the crypto industry. In fact, a few weeks ago he hosted a group of bitcoin miners and industry executives at his private club/permanent residence in Mar-a-Lago. One of those present was the CEO of BTC Inc told CNBC that “as an industry, we are committed to raising over $100 million and turning out over 5,000,000 voters for Trump’s re-election effort.” You can see why Trump might have found their arguments so persuasive.

There is not even any kind of attempt to hide the purchase of influence; quite the opposite, in fact. On Tuesday, sitting New York Congressman Jamaal Bowman has been defeated in the most expensive primary election in the history of the Democratic party. A vocal critic of Israel, which lost to a pro-Israel rival, he has also voted against pro-crypto bills. Afterward, Tyler Winklevoss — who, along with his twin brother Cameron, runs cryptocurrency exchange Gemini — boasted to X: “Politicians everywhere need to understand that this is what happens when you pick a fight with the cryptocurrency army. ”

Last week, the Winklevoss twins donated $1 million each to the Trump campaign (some of which was refunded for exceeding maximum individual contribution rules). calling him the “pro-crypto” choice. They also donated $4.9 million to a pro-crypto super Pac — an independent fundraising committee that can receive unlimited funds from individuals, corporations, and other groups — called “Fairshake.” It has already raised over US$177 millionsecond only to the “Make America Great Again” super Pac, with just over US$ 178 million.

Fairshake was a major contributor to Tuesday’s New York primary, spending more than $2 million on ads targeting Bowman. Along with the Winklevii, several other cryptocurrency billionaires and their companies have contributed large sums to Fairshake, including cryptocurrency company Ripple, which donated a good $45 million; cryptocurrency exchange Coinbase, with just over $45 million; and “techno-optimistic” Marc Andreessen and business partner Ben Horowitz, who between them and their company donated almost US$70 million.

According to data compiled by AdImpact, Fairshake and its affiliated pro-crypto super Pacs, “Defend American Jobs” and “Protect Progress,” have already spent more than $37 million on primary ads. Many of the crypto-friendly candidates they support won their respective House and Senate races.

We should be very concerned about the influence and scale of this rapidly growing crypto lobby. On top of that, lobbyists do not represent the interests of America’s crypto holders. Regulators are not going after retail investors, but rather crypto companies whose founders have made billions by extracting profits from these retail investors.

Their loyalty to politicians appears equally uneven. And the idea that a group of bitcoin executives can provide Trump with 5 million voters is a hoax that even he should be able to see through.

jemima.kelly@ft.com

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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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