News
Trump will drag Biden into the pro-crypto camp, says Scaramucci
The crypto space is reacting to a flurry of headlines this week, from The regulatory framework proposed by US legislators to the Securities and Exchange Commission (SEC) awaiting decision on ether ETF. Ethereum (ETH-USD) saw a significant increase on Monday amid this hopeful speculation
Skybridge Capital Founder Anthony Scaramucci Joins Catalysts Anchors Sean Smith AND Madison Mills to share his thoughts on the pace of effective cryptocurrency regulation and how lawmakers and presidential candidates are positioning themselves on digital assets ahead of the 2024 elections.
“There are 85 million people in this country who own cryptocurrencies in one form or another. There are 65 million dog owners, so there are more cryptocurrency owners than dog owners,” Scaramucci, who was also for short-time director of White House Communications in the Trump administration, he says. “So, I think the Biden administration is looking at the polling data and recognizing that young people, [the] Hispanic community, [the] The African-American community is into cryptocurrency. You guys really want to work so hard against cryptocurrencies, I don’t think it makes sense [an] electoral perspective.”
For more expert insights and the latest market action, click Here to watch the full episode of Catalysts.
This post was written by Luke Carberry Mogan.
Video transcription
Cryptocurrencies are back, investors are once again optimistic that the SEC will potentially approve the Ethereum spot ETF.
So what awaits us and how long can this rally we have seen in the cryptocurrency sector continue?
Go?
Who better to ask than our own?
Anthony Scaramucci is the founder of Skybridge Capital and author of the new book From Wall Street to the White House and Back.
Congratulations on the new book, Anthony.
Thank you.
I brought you some copies.
Oh thanks.
Hopefully the rule is that he doesn’t have to go to your house, but he can’t come back to my house.
OK. Too many books in the house.
I’m confident about it.
I have the 1982 yearbook photo on the front that looks good, it looks good in that photo.
A lot of money to airbrush a photo like that.
So, you know, because I was reading, it’s a little strange to me that we’re in a state of politicization of our regulatory system, you know, years ago, it was what was right or wrong for the country.
How will we simulate growth?
How we will create transparency for investors and provide investors with a full understanding of risk.
Now we’re either far right, normative environment or far left, normative environment as opposed to left and, you know, right or wrong.
And, once again, Gary Gensler is an example.
The story continues
I work with him at Goldman Sachs.
He took the politics of this complete pig.
And so it’s disappointing for us on Wall Street because there’s a great book on this topic years ago, Diana Henriquez wrote a book called Taming The Street.
Years ago, when they created the SEC, they reached out to industry, to legislators, to regulators, to administrators, and worked together to create the system that has been very successful in the United States for over 90 years.
We’re starting to see a sea change in Washington when you look at the fact that at least the street is a little more optimistic that we’re going to get some sort of approval.
The House is considering this legislation, the Senate rejects some of the regulations here.
There seems to be more bipartisan support here for cryptocurrencies.
So are we starting to see maybe that narrative shift within Washington?
You know, I hope so.
You know, the problem is that there are people in their seventies and eighties, some of them even approaching 90 who are running this thing.
And so they don’t really have a complete understanding of what’s going on.
Uh, Mike Novogratz told me something yesterday, which I’ll share with you guys.
There are 85 million people in this country who own cryptocurrencies in one form or another.
There are 65 million dog owners.
So there are more cryptocurrency owners and dog owners.
I mean, just imagine a politician saying, I’m, I’m against dogs.
Uh, how would it end?
OK with body politics.
So, so I think the Biden administration is looking at the polling data and recognizing that young people, the Hispanic community, the African-American community are in the cryptocurrency world.
You guys really want to go hard against cryptocurrencies.
Um, I don’t think that makes sense from an electoral perspective and I would have predicted that and of course, I’ve done so many things wrong and I write about how many things I’ve done wrong in my life in that book.
But what if you told me in 2023 what will happen at the presidential level in 2024?
I would say that both candidates will be pro-crypto because they won’t lose any votes by being pro-crypto, but they may lose some votes, particularly from young people who are anti-crypto.
But we’re both pro cryptocurrency just to get in here and Biden is pro cryptocurrency.
Well, you came on our show and said you previously didn’t think that anymore.
The Biden administration.
No, I think what I said, I hope I said it correctly if I couldn’t correct myself.
I said the president is agnostic to the positive about cryptocurrencies when we talk and sit with members of us in the crypto community.
Gary Gensler and Elizabeth Warren are decidedly anti-anti-cryptocurrency and it has allowed them to control the regulatory brains that could change.
I mean, I think that’s the point and that’s why Wall Street is bullish on the Ethereum ETF.
There may be a signal coming from the president and his team, particularly from the campaign, that this may be a mistake, the direction we are going.
Well, do you think the fact that we’re in an election cycle?
Biden and Trump make it a political football?
Do you think this makes the Spot Eve ETF more likely to be approved?
And if you had asked me last week, when you brought me in last week, I would have said there’s no way this ETF would get approved, because it’s going to open a Pandora’s box for other types of ETFs.
So the Salana ETF, an avalanche ETF, etc., why would they be excluded if Ethereum was included?
And so I think there’s a sea change and I think you saw it literally this week, the market was insignificant and then all of a sudden we had a 10% move and things like that, a 20% move in Ethereum.
So where does this fit back to what Mattie asked just a moment ago, Biden versus Trump is one better than the other for cryptocurrencies today.
OK.
So obviously I support President Biden.
We’ll have to delve into that in a second.
You’re asking me a specific question.
I think President Trump has very good political instincts.
He was anti-crypto as president.
You can see the tweets that were anti-Bitcoin, anti-cryptocurrency.
He came out about 10 days ago and said he’s pro crypto now and I think he’ll probably pull the Biden campaign into the pro crypto camp.
OK?
I think they come reluctantly and, again, the president, you are rightly agnostic about it.
But it’s really some people like those who work for Gary Gensler or Elizabeth Warren, who have more staying power though.
Should voters worry about either candidate’s chatter once the election is over?
And it’s a good question.
But I, I don’t think so because I think younger people like you two are coming into power and those older people, I mean, I think, I don’t know, it was Chuck Rangel like George Washington’s great grandfather or something like that .
It’s still in the con, I mean, the kids hand over the reins, let the younger ones run this thing and I think the younger ones will tweak it and remember that the regulars didn’t want Uber to come back.
1012 years ago, regulators and legislators fought Uber but you know who wanted Uber?
People wanted Uber and thank God in a country like this people went out anyway.
News
Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News
Block, a payments technology company led by Jack Dorsey square could become a formidable player in the cryptocurrency mining industry, but Wall Street will need details on profit margins to gauge the positive impact of the business on earnings, analysts said.
Block signed its first large-scale cryptocurrency mining hardware pact on Wednesday, agreeing to supply its chips to bitcoin miner Core Scientific 
CORZbut no financial details were disclosed.
JP Morgan estimates the deal could net Block between $225 million and $300 million, but said more information will be needed to assess the hardware business’s long-term earnings potential.
“We still have a lot to learn in terms of the margins of this business, so we are hesitant to underwrite this transaction until we know more about the cadence and economics,” J.P. Morgan said.
The deal marks a major step for the payments company, which started out as “Square” in 2009 before rebranding in 2021 in a nod to its focus on crypto and blockchain technologies.
Dorsey, who co-founded and ran Twitter (now known as “X”), has long been bullish on Bitcoin. Block began investing 10% of its monthly gross profit from Bitcoin products into Bitcoin in April.
In the first quarter, nearly 9% of the company’s cash, cash equivalents, and marketable securities consisted of bitcoin.
“This development (the deal with Core Scientific) is further evidence of Block’s role as an emerging leader in the crypto hardware ecosystem,” Macquarie analysts Paul Golding and Emma Liang wrote in a note.
Analysts say similar deals to follow could further validate Block’s reputation in the industry.
But J.P. Morgan said the stock’s performance will be determined by Block’s other segments, such as Square and Cash App.
Block shares have lost nearly 17% this year.
3:30 PM ▪ 4 minute read ▪ by Luc Jose A.
This Thursday, attention will be focused on the United States with the anticipated release of the Consumer Price Index (CPI). This economic indicator could trigger significant movements in the markets, especially for the U.S. dollar and cryptocurrencies. While investors remain vigilant, speculation is rife about the potential impact of these key figures.
The Consumer Price Index: The Cornerstone of the American Economy
The Consumer Price Index (CPI) is a key measure of inflation which reflects changes in the price of goods and services purchased by American households. This index is calculated monthly by the Bureau of Labor Statistics (BLS) and serves as a barometer for the cost of living. The consumer price index covers a wide range of products, including food, clothing, housing, health care, and entertainment. Economists and policy makers closely monitor this data to anticipate economic trends and adjust monetary policies accordingly.
The June CPI data is due to be released this Thursday at 2:30 p.m., and is highly anticipated by investors. The current consensus is for headline annual inflation to decline to 3.1%, from 3.3% the previous month, while core inflation is expected to remain stable at 3.4%.
THE BIGGEST EVENT THIS WEEK 🚨
The U.S. Consumer Price Index is expected to
PUBLICATION TODAY AT 8:30 AM ET.EXPECTATIONS ARE 3.1% WHILE
LAST MONTH THE CONSUMER PRICE INDEX (CPI) WAS 3.3%HERE ARE SOME SCENARIOS 👇
1) CPI above 3.1%
THIS WILL BE A DAMAGE TO THE MARKET
GIVEN THAT THE LAST TIME THE CPI DATA… photo.twitter.com/yudjPLPl8g— Ash Crypto (@Ashcryptoreal) July 11, 2024
Consumer Price Index Release: What Does It Mean for the Dollar and Bitcoin?
Inflation as measured by the consumer price index is a key determinant of the value of the US dollar. If the consumer price index declines more than expected, it could reinforce expectations of a rate cut by the Federal Reserve in September, thus weakening the dollar. A weaker dollar could benefit GBP/USD, which recently broke a major resistance level, and Bitcoin, which could see its price rise due to increased demand from institutional investors.
Current forecasts suggest that headline inflation will decline to 3.1%, with core inflation holding steady at 3.4%. However, a surprise increase in the consumer price index could upset these expectations. Fed Governor Lisa Cook has mentioned the possibility of a soft landing for the economy, with inflation falling without a significant increase in unemployment, which could lead the Fed to consider rate cuts. This outlook is particularly favorable for stock markets and cryptocurrencies, including Bitcoin, which could benefit from a more accommodative monetary policy.
According to experts at 10x Research, especially their CEO Markus Thielen, Bitcoin could see a significant increase if the CPI data confirms a decline in inflation. Thielen indicated that Bitcoin could reach almost $60,000, a prediction that has already been reflected with a rise to $59,350 before the data was released.
Therefore, Thursday’s CPI data could determine the future direction of financial and cryptocurrency markets. High inflation could strengthen the US Dollarwhile a drop in inflation could pave the way for rate cuts by the Fed, thus giving a boost to Bitcoin and other digital assets.
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Luke Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I am committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, convey the latest technological innovations and put into perspective the economic and social issues of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.
Bitcoin is seeing a rebound after its recent price crash to $53,000. Other altcoins are subsequently recovering, with many cryptocurrency investors increasingly making new entries. However, Santiment warned against this hopium, suggesting that Bitcoin could extend its price losses.
As the broader market anticipates Bitcoin’s next price action, RCO Finance (RCOF) demonstrates resilience, attracting thousands of people in influxes. Read on for more details!
RCO Finance challenges the market crisis
RCO Finance (RCOF) is approaching $1 million in funding raised, amid growing interest from institutional traders seeking stability from Bitcoin’s wild price swings. While much of the broader market has seen significant price losses, RCO Finance has remained resilient, experiencing a surge in its pre-sale orders.
As a result, the project seems oblivious to the current market conditions, leading top market experts to take a deep dive into its ecosystem. They identified why RCO Finance was able to withstand the bearish pressure and its potential to hold up even stronger during the impending broader market crash.
The main reason was related to the innovative use of RCO Finance AI Trading Tools as a Robo Advisor. This tool has been integrated into RCO Finance’s cryptocurrency trading platform, offering full automation and highly accurate market forecasts to help investors make informed decisions.
Read on to learn more about this tool and other exciting features of RCO Finance!
Bitcoin Bounces Amid Impending Crash
Bitcoin is bouncing back, rallying 8% after plunging to its lowest point since February on July 5. While this rebound has triggered a bullish wave in the broader market, many cryptocurrency analysts predict it could be short-lived as Bitcoin is poised for an imminent crash toward the $50,000 zone.
On a Post X (formerly Twitter)Santiment revealed that while the crowd is anticipating a Bitcoin rally, this potential crash could trigger FUD and panic, causing average traders to wither and give up on Bitcoin. The platform noted that Bitcoin rally has historically occurred after these weak hands sold their holdings.
In particular, these cryptocurrency analysts speculate that the previous and upcoming Bitcoin crash is largely the result of bearish market psychology, as opposed to large BTC sell-offs by the German government and Mt. Gox. In particular, Ki Young Ju, founder and CEO of CryptoQuant, noticed that “the sales were rather negligible, given the overall liquidity of Bitcoin.”
Enjoy seamless investing on RCO Finance
RCO Finance is making investing easier and easier, democratizing access to high-level tools and cryptocurrency earnings that were once reserved for professional and institutional investors. It has also prioritized accessibility, allowing investors of all levels to easily navigate its features through its intuitive interface.
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Performance data shows massive adoption, indicating that it is doing its job effectively. Investors can also capitalize on RCO Finance’s fast transaction speeds and incredibly low transaction fees, with leverage options up to 1000x to further optimize their portfolios and maximize returns.
Leverage RCO Finance’s pre-sale earnings
An in-depth analysis of the RCO Finance ecosystem revealed that it has strong potential to rival and surpass major cryptocurrencies in the cryptocurrency industry. With a very limited total token supply and excellent tokenomics, RCO Finance is poised to reach its target of $1 billion in market cap upon its official launch.
RCO Finance has adopted a deflationary model, strategic burn mechanisms, and a vesting schedule. However, the project encourages long-term holding by focusing on sustained growth through incredibly high staking rewards.
RCOF tokens are currently available at an altcoin price of $0.01275 in progress Pre-sale Phase 1. This is likely the lowest price these coins will ever trade at, as they are expected to increase exponentially with each new presale phase.
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Join the RCO Financial Community
Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the reliability, quality and accuracy of any material in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your own research and invest at your own risk.
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming more and more intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming increasingly intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
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