Bitcoin
Top CEOs Bet on a Shocking Crypto Turnaround for Biden as Congress Moves Toward a “Crucial” Vote That Could Blast the Price of Bitcoin, Ethereum, and XRP
Update 5/20 below. This post was originally published on May 18
Bitcoin
Bitcoin
and cryptocurrencies – including major coins ethereum and XRP
XRP
—are prepared for a revolutionary vote in Washington next week (even as a Wall Street bitcoin storm is brewing).
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The price of bitcoin has soared 10% in the last week, rising to $70,000 per bitcoin and boosting the price of ethereum, XRP and other cryptocurrencies as Twitter founder Jack Dorsey reveals his plan to increase the price of bitcoin.
Now, after Shark Tank billionaire Mark Cuban issued a stern warning to President Joe Biden about cryptoUS lawmakers are on the brink of a historic vote on cryptography that some of the biggest crypto firms have called “crucial” to the future of the US industry.
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US President Joe Biden has vowed to block the game-changing encryption bill, with another described as… [+] “crucial” to the price of bitcoin, ethereum, XRP and crypto by some of the biggest crypto firms.
AFP via Getty Images
Next week, House lawmakers will vote on the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which would promote the Commodity Futures Trading Commission (CFTC) to a major crypto regulator and define which areas of the bitcoin market and Cryptocurrencies are supervised by the Securities and Exchange Commission (SEC).
It would also establish barriers against risky behavior and establish consumer protections for the custody of cryptocurrencies and how they should be treated in the event of bankruptcy.
“By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, promoting financial inclusion and protecting national security,” said the Crypto Council for Innovation, a coalition of crypto companies and organizations that includes major exchanges Coinbase and Kraken. as investor Andreessen Horowitz and the vast crypto empire Digital Currency Group wrote in an open letter to legislators. “It is crucial that the US maintains its leadership in financial innovation.”
Some crypto companies have threatened to pull out of the US entirely due to a lack of clear rules and regulations on crypto, with industry leaders complaining that there is no permitted route to market for crypto financial products.
This week, Congress struck down an SEC crypto accounting policy that prevented companies like Wall Street’s biggest banks and similarly regulated financial firms from holding bitcoin and other cryptocurrencies, with the resolution gaining the support of a dozen Democrats despite the pledge of President Joe Biden to vote if it reaches your desk.
“This is a big deal,” wrote Noelle Acheson, author of the Crypto is Macro Now newsletter, in a note. “At the risk of believing too much in the joy of the crypto echo chamber, this seems like a political signal that suggests a deepening divide in the Democratic Party.”
President Biden now has about ten days to veto the bill or sign it once it reaches his desk. If he doesn’t veto it, the law will be passed without his signature.
Update 5/20: Some think Biden could reverse the promised veto due to former president and 2024 Republican nominee Donald Trump’s recent support for encryption.
“I’m 90% sure Joe Biden will drop his SAB 121 veto threat this week,” said Ryan Selkis, chief executive of crypto data firm Messari, who recently endorsed Trump due to his support for the crypto industry. posted to X, adding that he believes Democrats “are losing [an] enormous amount of political capital on an ‘accounting rule’.”
Trump, which caused the price of a small cryptocurrency to suddenly rise this monthalso announced that it will begin accepting donations from crypto campaigns.
Trump’s sudden U-turn on bitcoin and cryptocurrencies, culminating in an event at Mar-a-Lago that week in which he told attendees “if you’re for crypto, you better vote for Trump” and “the Democrats are totally against it.” comes after he declared he was not a fan of bitcoin or crypto in 2019.
Trump’s remarks were described by Politico as a “new weapon against Biden” and follow the former president selling multiple collections of digital trading cards to his supporters using cryptocurrency over the past two years.
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The price of bitcoin has soared over the last year, pushing bitcoin, ethereum, XRP and other… [+] cryptocurrencies back in the spotlight.
Forbes Digital Assets
Senator Cynthia Lummis, a Wyoming Republican and crypto advocate who pushed for the resolution in the Senate, said the bulletin was “a disaster” that did not protect consumers.
“This is a victory for financial innovation and a clear rebuke to the way the Biden administration and President Gary Gensler have handled crypto assets and marks the first time both chambers of Congress have passed independent crypto legislation,” Lummis said in a communicated.
The bulletin gained prominence with the approval of a fleet of Bitcoin exchange-traded funds (ETFs) on Wall Street in January, which created the possibility of huge fees for crypto custodians.
The long-awaited bitcoin spot ETFs were only approved by the SEC as a result of a court order.
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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Image generated: DALLE3
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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