Bitcoin
Donald Trump Could Be Bitcoin’s Biggest Price Driver: Experts – TradingView News
Former President Donald Trump recently expressed strong support for Bitcoin and cryptocurrencies, notably diverging from his previously skeptical stance. This significant pivot, featured prominently in a recent video circulating among crypto enthusiasts and investors, has spurred speculation about the potential implications for Bitcoin and other digital currencies as the US elections approach in November.
How Trump could increase the price of Bitcoin
The comments made by Trump were discussed by analyst MacroScope on X. The analyst emphasized the importance of Trump’s statements: “By now, you’ve probably seen the video of Trump’s strident and arguably impressive pro-crypto comments.” MacroScope suggested that the implications of Trump’s new support could be profound, especially since a positive change in Washington, DC, policy toward cryptocurrencies has not been factored into current market prices.
MacroScope further reported: “In terms of potential impact on BTC prices, this should be watched very closely in the coming months.” The statement reflects a broader sentiment within the financial community that political endorsement can lead to market moves, especially when it suggests a change in regulatory approaches. The analyst drew parallels with the market’s underestimation of the impact of spot Bitcoin ETFs, indicating that a similar scenario could play out if Trump’s supportive comments translate into formal policy changes.
By now, you’ve probably seen the video of Trump’s strident and arguably impressive pro-crypto comments.
In terms of the potential impact on BTC prices, this should be watched very closely in the coming months. Needless to say, constructive political change in DC is not… https://t.co/KL0RNqawZg
Meanwhile, the credibility of Trump’s promises is a critical factor in evaluating the potential results of his pro-crypto statements. Although Trump is known for making ambitious promises to drum up support, MacroScope noted, “Yes, he will promise anything in front of a crowd to receive applause. But from various insider accounts, we also know that once he makes a high-level promise, he is acutely aware of the attention and approval he has received, and feels obligated to at least show the appearance of following through in terms of politics.”
This pattern of behavior suggests that Trump may continue to advocate pro-Bitcoin and crypto policies, at least on the surface, to maintain the favor he has gained with these statements. Furthermore, the political discourse surrounding cryptocurrencies is intertwined with speculation about the future leadership of the Federal Reserve. Former Fed governor Kevin Warsh, who is seen as a potential successor to Jerome Powell, has already expressed a nuanced understanding of Bitcoin’s value, especially in light of the weakening dollar.
In a statement made in 2021, Warsh noted: “It makes some sense to me,” referring to Bitcoin’s resilience in times of dollar devaluation. Warsh’s potential appointment could herald a more favorable regulatory environment for cryptocurrencies, aligning with Trump’s pro-cryptocurrency rhetoric. Analyzing Trump’s BTC Position: Insights from Julian Fahrer
Julian Fahrer, co-founder and CEO of Apollo, also recently offered an in-depth look at Donald Trump’s relationship with Bitcoin and crypto, from his presidency to his post-presidential activities. Fahrer’s perspective is crucial in dissecting Trump’s public statements against his administration’s actions.
During his presidency, Trump was openly critical of Bitcoin and cryptocurrencies, particularly after Meta’s attempt to launch the Libra stablecoin in 2019. Trump famously stated: “I’m not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile. and based on thin air. Unregulated crypto assets can facilitate illegal behavior, including drug trading and other illegal activities.”
Despite these comments, Trump’s appointments suggest a more complex stance on cryptography. He appointed Hester ‘Crypto Mom’ Pierce to the SEC, known for her dissenting views in favor of Bitcoin and cryptography, and Steve Mnuchin as Treasury Secretary, who viewed cryptocurrencies as a threat to national security.
This dichotomy shows that the Trump administration has maintained a somewhat ambiguous stance towards crypto regulation, characterized by stricter KYC/AML rules by the Financial Action Task Force, along with the approval of crypto futures products by the Futures Trading Commission of Commodities.
After his presidency, Trump’s attitude appears to have changed significantly. His venture into Trump Digital Trading Cards and disclosure of holding $2.8 million worth of ETH in 2023 signals a new adoption of digital assets. This change can be attributed to strategic changes or financial incentives.
Furthermore, Trump’s recent interactions, including the inclusion of pro-Bitcoin Vivek Ramaswamy in his circle and positive comments on Fox about Bitcoin, indicate a potential pivot toward a more cryptocurrency-friendly stance if he were to win a second term. Fahrer aptly notes: “The bigger the enemy of Bitcoin and crypto the Democrats seem to be, the more Trump seems to be embracing them.”
This analysis highlights the fluidity between Trump’s rhetoric and his political actions regarding Bitcoin and cryptocurrencies, with Fahrer concluding that Trump’s evolving stance could lead to an “all in Degen Don” as the November elections they approach.
Notably, investment giant VanEck predicted earlier in the year that a Trump victory would drive the price of Bitcoin to a new all-time high on November 9 and potentially reach $100,000 in December.
At press time, BTC traded at $63,024.
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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.
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.
Bitcoin
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’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.
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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