Bitcoin
Trump Says He’ll Be the First ‘Crypto President’, But What Will That Mean for Bitcoin?
In a phone interview with Fox Business in 2021, recently ousted US President Donald Trump was asked about his views on bitcoin. The cryptocurrency was on a record run and on track to be the best-performing major asset of the year, with gains 10 times bigger than gold.
“It just looks like a scam,” Trump said. “I don’t like it because it’s another currency competing against the dollar… The currency of this world should be the dollar and I don’t think we should have all the bitcoins in the world out there.”
Less than three years later, Trump now presents himself as the “crypto president”promising to protect the 50 million people in the US who own cryptocurrencies from “Elizabeth Warren and her henchmen,” while ensuring that “all remaining bitcoins [is] MADE IN THE USA!!!”
This sudden shift in stance seems to fit with both his nationalist rhetoric and his relentless opposition to Democratic policies — but the move could also be opportunistic. In May, a widely shared poll revealed that just over a fifth of voters in swing states consider cryptocurrency to be a deciding factor in who they vote for.
That same month, Trump’s campaign announced it would begin accepting donations in cryptocurrencies, including bitcoin, dogecoin and ethereum — raising $3 million so far. Trump and his team have also been meeting with industry figures, and on Tuesday made their biggest move yet by naming a pro-cryptocurrency candidate as his running mate.
JD Vance is the first bitcoin holder, or “bitcoiner,” on the presidential ticket, owning somewhere between $136,000 and $390,000 worth of the cryptocurrency, according to his Senate financial disclosure reports.
He also made several crypto-friendly moves during his 20 months as a senator, including introducing a bill that would protect cryptocurrency companies and exchanges from being cut off by traditional banks.
Cryptocurrency investors and traders already appear convinced by the promise of a Trump presidency. In the wake of last weekend’s failed assassination attempt, the price of bitcoin surged nearly 10 percent as bookmakers made him the overwhelming favorite to retake the White House in November’s election.
But despite Trump’s promises, prominent figures within the crypto industry have warned voters against choosing political alliances based on a candidate’s supposed stance on cryptocurrencies. In a lengthy blog post on Wednesday, Ethereum co-founder Vitalik Buterin noted that there is a growing push within the crypto space to become politically active and support politicians and parties based almost entirely on their stance on cryptocurrencies.
“I argue that making decisions this way carries a high risk of going against the values that brought you into the crypto space in the first place,” he wrote. “If you see a ‘pro-crypto politician’ today, it’s worth exploring their underlying values and seeing which side they will prioritize if a conflict arises.”
Buterin also noted that most of the bills put forward by Western governments were “mostly reasonable” and that support had already been signaled by figures who are now among the industry’s biggest detractors, such as Vladimir Putin.
“If a politician is pro-crypto today, but is the kind of person who is either seeking too much power or is willing to curry favor with someone who is, then that’s the direction their crypto advocacy might take 10 years from now,” he continued. “Politicians come to understand that all they need to do to get their support is to support ‘crypto.’ It doesn’t matter if they also support banning encrypted messaging, are power-seeking narcissists, or push for bills that make it even harder for your Chinese or Indian friend to attend the next crypto conference.”
Trump’s foray into the space could reach its climax next week when he attends the Bitcoin 2024 conference in Nashville. His keynote address at one of the world’s largest cryptocurrency conferences is being billed by organizers as a “speech that will be heard around the world.” While Trump hopes it will solidify support among crypto-holding voters and galvanize big-spending industry donors — the Winklevoss twins, who own crypto exchanges, have already donated millions to support his campaign — it could also expose his complete lack of knowledge on the subject.
Last month, Trump said he would halt “Joe Biden’s crusade to destroy cryptocurrencies,” but the Biden administration has overseen one of the most successful periods in bitcoin’s history in terms of price gains and mainstream acceptance.
Earlier this year, the Securities and Exchange Commission approved the first spot bitcoin exchange-traded funds, boosting billions of dollars in institutional investments towards cryptocurrency.
Whether or not it proves to be a contentious issue in key states, it is the first presidential election in U.S. history in which one of the two leading candidates has made it part of their campaign. Buterin may not have mentioned Trump by name in his blog post, but he hinted at a political figure who is known for erratic swings of opinion and failing to deliver on campaign promises.
This could equally refer to Trump’s vice presidential pick, Vance, who has previously described himself as a “flip flop flipper” for his tendency to change his mind. (In 2016, he described himself as a “never-Trump guy,” while calling him a “moral disaster” and possibly “America’s Hitler.”)
To single-issue voters, the Trump-Vance ticket may seem like the only one courting the crypto community. But history suggests that a vote for them isn’t necessarily a vote for bitcoin.
Bitcoin
What to watch for in the markets
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
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.
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
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.
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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