Markets

How Trump Went From Bitcoin Skeptic to ‘Crypto President’

Published

10 months ago

7 July, 2024

FinCrypt Staff

How Trump Went From Bitcoin Skeptic to 'Crypto President'

Donald Trump has not always been a supporter of cryptocurrencies, but he has recently expressed strong support for the sector.
The industry’s political spending has made cryptocurrencies an electoral issue for both parties, a source told BI.
The former president’s pro-crypto stance is making bitcoin a “Trump trade,” Bernstein said.

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At a campaign fundraiser in June, former President Donald Trump presented himself as something that would have seemed unlikely not long ago.

“He said he was going to be the president of cryptocurrency,” said tech executive Trevor Traina, who attended the fundraiser. Reuters that month.

It’s not a title the Republican candidate would have taken on with such enthusiasm during his first term.

On a series of tweets In 2019, then-President Trump made it clear that he didn’t like cryptocurrencies.

“I’m not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on nothing.”

I am 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 trafficking and other illegal activities…

— Donald J. Trump (@realDonaldTrump) July 12, 2019

He held that view until at least 2021, telling Fox Business that bitcoin “It looks like a scam.“In making these comments, Trump often reiterated that the industry needs strict regulation.

However, as the 2024 election approaches, Trump’s position has changed almost completely.

After telling CNBC earlier this year that he was not I’m not sure about taking cryptocurrency anymoreIn May, he declared that the US should be the country of industry Global leader in space.

“Corrupt Joe Biden, on the other hand, the worst president in the history of our country, wants him to die a slow and painful death,” he wrote in a post on Social Truth.

The comparison to his Democratic rival may be emblematic of one reason why cryptocurrencies have become such a hot election issue — and an increasing focus for both parties.

“By all accounts, this is expected to be a very close election,” Alan Konevsky, tZERO’s chief legal officer, told Business Insider, “where there’s fierce competition for campaign money, and where cryptocurrencies and the crypto lobby have proven to be a major force from that perspective as well.”

The numbers prove the point. According to a May report Public Citizen reportThe cryptocurrency sector is becoming a political funding titan that is hard to ignore. During the 2024 election cycle, crypto-backed super PACs raised over $102 million, the third-highest amount among all super PACs.

Trump’s promises to support U.S. cryptocurrency miners or loosen regulations are giving him access to new industry funding. For example, one cryptocurrency executive told CNBC that the space is now committed to donating $100 million to his campaign.

“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,” said BTC Inc. CEO David Bailey.

On the other hand, the rise of cryptocurrencies in the electoral race also stems from the importance the topic has acquired for the American public, something that may have been underestimated before, Konevsky noted.

For example, about half of young voters surveyed by Grayscale said they will consider a candidate’s stance on cryptocurrencies before voting.

The increasingly bipartisan nature of crypto is also influencing President Biden’s platform. He has also opened up to crypto donations, and his administration has adjusted regulators’ approach to the industry.

The growing political acceptance of cryptocurrency means that may not matter who wins in the long run, said billionaire crypto bull Michael Novogratz. Pro-industry efforts are also being pushed by Congress, as the bill on Innovation and Financial Technology.

But in the short term, the market seems more confident in Trump to help the sector.

In late June, Bernstein noted that if Republicans seem more likely to win the November election, Trump’s promises of better regulation will help bitcoin rally in the fourth quarter.

“If electoral sentiment shifts to a more Republican one, cryptocurrencies would end up being Trump’s main ‘deal’ and hopes for a favorable regulatory regime would change the ‘use case’ narrative around blockchains like ETH,” analysts wrote.

It’s also important to note how regulatory and judicial appointees might change under a different administration, Konevsky noted. In addition to the questions of who leads market watchdogs like the Securities and Exchange Commission, cryptocurrency lawsuits placed judges at the forefront as decision makers in market-related matters.

Source

Markets

Crypto Markets Rebound as Spot Bitcoin ETFs Attract Massive Inflows

Published

9 months ago

17 July, 2024

FinCrypt Staff

Crypto Markets Rebound Ahead of Early Ethereum ETF Approval

This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.

Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).

The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.

Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.

Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.

Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.

Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.

Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.

U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.

Source

Markets

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Published

9 months ago

17 July, 2024

FinCrypt Staff

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.

Worldcoin (WLD) Price Analysis

O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.

The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.

Arweave (AR) Price Analysis

Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.

AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.

Price Analysis of Injective (INJ)

Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.

INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.

Source

Markets

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Published

9 months ago

17 July, 2024

FinCrypt Staff

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.

ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.

ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment

Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.

According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.

On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.

The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.

Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.

One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.

Source

Markets

Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt

Published

9 months ago

17 July, 2024

FinCrypt Staff

Bits + Bips: How to Play the ‘Trump Trade’ in Crypto After the Assassination Attempt

Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?

Posted on July 17, 2024 at 12:00 PM EST.

Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.

They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?

They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).

Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?

Program Highlights:

Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
What are the new updates about Ethereum ETFs and their expected launch?
Why Solana Hasn’t Performed Significantly Better Since Trump News
What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week