Tag: Trumps

  • Elon Musk announces his ‘America Party’ will embrace Bitcoin, criticizes Trump’s fiscal bill

    Elon Musk announces his ‘America Party’ will embrace Bitcoin, criticizes Trump’s fiscal bill

    Elon Musk announces his 'America Party' will embrace Bitcoin, criticizes Trump's fiscal bill

    Elon Musk, the founder of Tesla and SpaceX, has declared that his nascent political movement, the “America Party,” will embrace Bitcoin, stating that traditional fiat currency “is hopeless.”

    This announcement, made on the social media platform X, comes amid a deepening public rift between Musk and President Donald Trump, primarily over the administration’s fiscal policies.

    Musk’s plan to form the “America Party” appears to have been catalyzed by his strong opposition to President Trump’s massive tax and spending package, colloquially known as the “Big Beautiful Bill.”

    Musk has harshly criticized the legislation as being fiscally irresponsible, at one point labeling it the “debt slavery bill.”

    This disagreement has seemingly created an irreparable break between the two influential figures.

    While the America Party has not yet been officially registered and lacks an official website, Musk has used his posts and retweets from supporters to outline its core ideology.

    He envisions a party that champions a pro-tech, pro-free speech, and anti-regulation agenda, while adopting generally centrist policies on other issues.

    Musk, a long-time supporter of cryptocurrencies whose companies SpaceX and Tesla both hold Bitcoin (BTC) in their corporate treasuries, sees the digital asset as a key part of this new political vision.

    Musk has indicated on X that the party, once formally established, will not immediately field a Presidential candidate.

    Instead, its initial focus will be on contesting House and Senate races, aiming to build a political foothold from the ground up.

    President Trump, for his part, has not taken kindly to Musk’s political maneuvering.

    In a Truth Social post on Sunday evening US time, Trump fired back, stating that Musk had gone “off the rails” and had become a “TRAIN WRECK.”

    Crypto markets react to easing trade tensions

    While this political drama unfolds, the broader cryptocurrency market experienced a lift on Sunday morning.

    Major cryptocurrencies rose after US Treasury Secretary Scott Bessent hinted at the likelihood of upcoming trade deals being finalized before the crucial July 9 “Liberation Day” tariff deadline.

    Bitcoin, the leading cryptocurrency by market value, gained over 1%, briefly surpassing the $109,000 mark.

    Other major tokens also saw gains: payments-focused XRP and Solana’s SOL token both rose by over 2%, while the popular meme token Dogecoin (DOGE) climbed 3%, according to data from CoinDesk.

    Ethereum’s Ether (ETH), the second-largest token, rose 1.5% to $2,550.

    The tariff clock is ticking

    In an interview with CNN, Treasury Secretary Bessent stated that the US is close to finalizing several trade deals ahead of the July 9 deadline.

    This is the date when a temporary pause on higher tariffs, initially announced on April 2, is set to expire.

    “President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Bessent said, according to Reuters.

    He clarified that July 9 remains the firm deadline for negotiations; if deals are not reached, the higher tariffs announced in early April will take effect from August 1.

    “We are saying this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” Bessent told CNN, adding that some countries were “foot-dragging” on finalizing deals.

    This coercive tactic of imposing tariffs to rebalance trade relations and reduce the US trade deficit has been a central pillar of President Donald Trump’s economic policy since he took office earlier this year.


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  • Bitcoin rises above $107K as Trump’s fiscal policy comments boost hard assets

    Bitcoin rises above $107K as Trump’s fiscal policy comments boost hard assets

    Bitcoin rises above $107K as Trump's fiscal policy comments boost hard assets

    • Bitcoin traded above $107K Sunday as focus turned to U.S. fiscal policy and Trump’s “Big Beautiful Bill.”
    • Trump urged “cost cutting Republicans” not to “go too crazy,” promising growth will “make it all up.”
    • Expectations of sustained deficits and loose fiscal policy are bolstering the bull case for hard assets like BTC and gold.

    Bitcoin traded steadily above the $107,000 mark on Sunday, with market attention increasingly focused on fiscal policy tensions brewing in Washington.

    A recent social media post from President Donald Trump, aimed at quelling dissent within his own party over a massive tax-and-spending package, has inadvertently bolstered the bullish case for assets like Bitcoin and gold, which are often seen as hedges against fiscal profligacy.

    The latest market movements come as Bitcoin was changing hands at $107,937 as of 22:22 UTC on Sunday, up 0.54% over the past 24 hours.

    Price action remained volatile, with the cryptocurrency fluctuating between $107,194 and $108,489 during that window, according to CoinDesk Research’s technical analysis model.

    The focus shifted to US fiscal policy following a pointed message from President Trump on his Truth Social platform on June 29, 2025.

    Addressing Republican lawmakers amid a fierce internal debate over his sweeping legislative package, Trump wrote:

    For all cost cutting Republicans, of which I am one, REMEMBER, you still have to get reelected. Don’t go too crazy! We will make it all up, times 10, with GROWTH, more than ever before.

    This statement lays bare the deep divisions within the Republican party as it struggles to unify behind the ambitious legislation, which has been dubbed the “One Big Beautiful Bill.”

    The bill itself, exceeding 900 pages, is a complex mix of fiscal measures.

    It combines approximately $3.8 trillion in tax cuts with targeted spending reductions and increased funding for defense and border security.

    A key component is the aim to make permanent many of the tax breaks from Trump’s 2017 Tax Cuts and Jobs Act, including the elimination of taxes on tips, overtime pay, and certain auto loans.

    The child tax credit would also rise to $2,200 under the Senate version, while deductions for seniors would be temporarily increased.

    To offset the cost of these tax cuts, however, Republicans have proposed significant cuts to Medicaid and nutrition programs, a move that has sparked intense debate within the party.

    Navigating a political tightrope

    The path to passing the bill is fraught with political challenges.

    Moderate Republicans, particularly those from high-tax states, are pushing for a higher cap on state and local tax (SALT) deductions.

    In contrast, conservative factions are demanding deeper and more extensive spending cuts, with a particular focus on Medicaid.

    These internal disagreements are complicating efforts to secure the narrow Republican majorities needed in both the House and the Senate to pass the legislation, which faces uniform opposition from Democrats, who argue it disproportionately favors the wealthy and will worsen economic inequality.

    President Trump’s social media message appears to be an attempt to walk this political tightrope.

    He is urging a degree of fiscal restraint to appease conservatives while simultaneously emphasizing a supply-side economic argument: that robust economic growth will ultimately compensate for near-term revenue losses and help reduce deficits over time.

    This “growth will make it all up” approach comes as nonpartisan analysts estimate the bill could add trillions of dollars to the already substantial $36.2 trillion national debt.

    A bullish signal for Bitcoin and gold?

    This fiscal backdrop is being closely watched by market participants, with some interpreting it as a strong signal for holding hard assets.

    Crypto analyst Will Clemente’s reaction on the social media platform X (formerly Twitter), posted shortly after Trump’s message, captured a common sentiment among those skeptical of current fiscal policies:

    How can you read this and hold long term US treasuries at current yields lol… Also, how can you read this and not hold any Bitcoin or gold.

    Clemente’s skepticism towards long-term US Treasuries reflects a growing concern that the bill’s deficit-financed tax cuts and relatively modest spending reductions signal a loose fiscal policy that could fuel inflation and devalue the currency over time.

    In such a scenario, traditional fixed-income assets like Treasuries can become less attractive, as rising deficits and potential monetary accommodation (to finance the debt) threaten to erode the value of both principal and interest payments.

    Conversely, hard assets with limited supply, such as gold and Bitcoin, are increasingly viewed as reliable stores of value and effective hedges against inflation and fiscal irresponsibility.

    The expectation of sustained, large deficits and the clear political challenges to implementing meaningful fiscal discipline are bolstering the demand for these inflation-resistant assets.

    As the Senate races to finalize the bill before the July 4 holiday, the ongoing negotiations and the ultimate fate of this consequential fiscal package will continue to be a key driver of market sentiment.

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  • Crypto market braces for impact amid Trump’s tense global tariff negotiations

    Crypto market braces for impact amid Trump’s tense global tariff negotiations

    Bitcoin, Ethereum, Crypto

    • Cryptocurrencies have seen a sudden dip as Trump proposes a 50% tariff on EU goods.
    • Bitcoin (BTC) has dropped by 4% while Ethereum (ETH) has dropped by over 3%.
    • As the market braces for tariffs’ impact, the recently held TRUMP memecoin gala dinner has stirred controversy and market volatility.

    The cryptocurrency market, known for its volatility, is now facing fresh uncertainty as US President Donald Trump intensifies global tariff negotiations, sending shockwaves through both traditional and digital financial systems.

    Bitcoin (BTC), which recently hit an all-time high of $111,814, has become increasingly sensitive to geopolitical developments, with its price movements closely tracking Trump’s latest trade threats.

    Notably, BTC has today experienced a sharp 4% decline, with Ethereum following closely with a 3.2% drop following Trump’s Truth Social post declaring that negotiations with the European Union were “going nowhere,” a statement that immediately rattled markets.

    As panic spread, over $300 million in leveraged positions were liquidated, showcasing how digital assets, often viewed as uncorrelated, are becoming more reactive to global policy decisions.

    90-day tariff pause almost coming to an end

    As the 90-day tariff pause nears its expiry, Trump has proposed a 50% tariff on EU imports, alongside a 25% tariff specifically targeting iPhones manufactured abroad, raising alarms about broader economic implications.

    Trump proposes 50% tarrof on EU imports

    Investors now fear that these tariffs could not only escalate trade tensions but also lead to retaliatory actions from the EU, further complicating global market conditions.

    Even though the EU has so far refrained from escalating the situation, the clock is ticking, with a 90-day tariff pause set to expire in July, placing immense pressure on ongoing negotiations.

    Only the United Kingdom has finalised a trade agreement so far, and while India is expected to sign within days, other major players remain in a tense waiting game.

    Market downturn amid fears of resumption of tariffs

    With July just a month away, market watchers like Crypto Caesar now see Bitcoin’s $110,000 level as a key resistance point, with traders emphasising the need for BTC to hold above $109,000 to preserve the current bullish structure.

    Ethereum (ETH) has not been spared from the volatility, holding a support level at $2,500 but struggling to breach the persistent resistance at $2,700, even as daily losses extend to 4%.

    Notably, the ETHBTC pair continues to drift downward, suggesting weakening momentum in altcoins unless the broader market stabilises or Ethereum regains relative strength.

    Pi Coin, another asset under scrutiny, showed signs of upward movement earlier this month but failed to maintain gains above $1.23 due to aggressive short-term selling and long-term investor scepticism.

    US tech stocks have mirrored the downturn in crypto, with Apple shares falling amid fears that higher costs could be passed on to consumers, hurting demand and corporate profits alike.

    Trump’s involvement in crypto stirs controversy

    Amid all this, Trump’s personal involvement in crypto has added an unexpected layer of controversy, culminating in a high-profile gala for top holders of the TRUMP memecoin.

    The event, attended by major figures like TRON founder Justin Sun, drew widespread criticism and accusations of corruption, especially as federal lawmakers call for investigations into presidential conflicts of interest in cryptocurrency ventures.

    Following the gala, the TRUMP token spiked to $16 before dropping to $13.81, reflecting how quickly sentiment can shift amid political spectacle and regulatory uncertainty.

    While Trump’s supporters argue that his aggressive trade stance is a strategic play to bring manufacturing back to the US, economists warn of rising consumer prices and slower economic growth.

    Crypto traders, already bracing for volatility, now find themselves navigating a complex intersection of policy, politics, and profit, where even a single headline can trigger billions in liquidations.

    As July approaches and the tariff deadline looms, the crypto market remains on edge, anticipating either a breakthrough in trade talks or another wave of volatility that could reshape investor confidence once again.



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  • Bitcoin blasts past $106K: is Trump’s remittance tax bill crypto’s new rocket fuel?

    Bitcoin blasts past $106K: is Trump’s remittance tax bill crypto’s new rocket fuel?

    Bitcoin blasts past $106K: is Trump's remittance tax bill crypto's new rocket fuel?

    • Bitcoin price surged to $106,000 on Sunday, May 18, achieving its highest weekly close ever.
    • The rally saw Bitcoin’s market cap reach $2.11 trillion, liquidating over $44M in short positions.
    • Trump’s proposed 5% remittance tax on non-US citizens is seen as a key driver, likely pushing users to crypto.

    Bitcoin surged to a new peak over the weekend, reaching $106,000 per coin on Sunday, May 18, marking its highest valuation since early February of this year.

    This rally propelled the flagship cryptocurrency’s market capitalization to an impressive $2.11 trillion and triggered significant liquidations in the derivatives market.

    The recent price action reportedly culminated in the highest weekly closing price for Bitcoin to date, surpassing a previous benchmark of $104,298.70 set in December of the prior year.

    Reports indicated that this surge led to the liquidation of over $44 million in short positions tied to Bitcoin across various derivatives platforms, underscoring the potent buying pressure.

    Market observers point to two primary catalysts providing the impetus for Bitcoin’s latest ascent.

    A significant factor appears to be a legislative proposal from US President Donald Trump, dubbed the “big, beautiful bill.”

    This package of legislative priorities includes a contentious five percent tax on remittances sent by non-US citizens residing in the US to their home countries.

    The remittance tax ripple effect: a crypto catalyst?

    This proposed remittance tax is projected to affect over 40 million individuals in the US who regularly send portions of their income to support families abroad.

    While the measure has faced opposition from countries like Mexico, President Trump’s bill has reportedly advanced, having been cleared by the US House Budget Committee in a late-night vote on Sunday.

    Analysts have voiced concerns that this bill could inadvertently drive migrants towards alternative, “unauthorised channels” such as cryptocurrencies to make remittances and circumvent the proposed tax.

    Crypto advocacy group Coin Center has noted that self-hosted crypto wallets fall outside the purview of the bill, as they do not meet the definition of remittance-transfer providers.

    This potential shift towards crypto for cross-border payments is seen as a bullish driver for Bitcoin.

    Regulatory horizon: stablecoin bill sparks optimism

    Another significant factor potentially fueling the increased buying interest in Bitcoin is the anticipation of upcoming regulation.

    For years, the cryptocurrency industry has advocated for clear regulatory frameworks as a means to formally integrate digital assets into the established financial system.

    Now, a US bill specifically designed to regulate stablecoin issuers is slated to be taken up by the US Congress this week.

    Republican Senator Bill Hagerty, one of the sponsors of the ‘Guiding and Establishing National Innovation for US Stablecoins (Genius) Act,’ expressed optimism about the legislative progress.

    “Next week, the Senate will make history when we debate and pass the Genius Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,” Hagerty was quoted as saying.

    According to a report by Coindesk, the bill was reportedly redrafted at the eleventh hour to address concerns raised by Democrats regarding consumer protection and national security elements.

    The prospect of clearer rules for stablecoins, a cornerstone of the crypto ecosystem, is likely contributing to broader market confidence.

    A year of volatility: navigating economic crosscurrents

    Bitcoin’s journey this year has been characterized by extreme price swings.

    These fluctuations have occurred amidst broader economic anxieties, including panic over the potential collapse of the US dollar, spurred by President Trump’s imposition of tariffs on China and other nations.

    For instance, in April, Bitcoin’s price experienced a sharp downturn, plummeting by 30 percent from its all-time high of nearly $110,000 to around $75,000 per coin, illustrating the asset’s sensitivity to macroeconomic developments and market sentiment.

    The current rally above $106,000 marks a significant recovery and a renewed wave of bullish momentum.

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  • Crypto prices fall despite Trump’s Bitcoin reserve plan

    Crypto prices fall despite Trump’s Bitcoin reserve plan

    Bitcoin dips to $86k

    • Bitcoin was trading at around $88,000, dropping 1.50% in the last 24 hours
    • Ethereum, XRP, Solana, and Cardano have also seen prices dip following news of the Digital Asset Stockpile
    • TD Cowan analysts consider it a “compromise” and that the reserve is a positive move from the White House

    Crypto prices remained unchanged on Friday after US President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve.

    Data from CoinMarketCap shows Bitcoin is trading around the $88,000 mark, dropping over 1.50% in the last 24 hours.

    Bitcoin price chart. Source: CoinMarketCap

    Ethereum, XRP, Solana, and Cardano have also remained relatively flat following the news. Solana saw the biggest drop, 5% over 24 hours, and is currently trading at $142. Earlier this month, Trump revealed that these would be the coins included in the crypto reserve.

    Notably, these coins weren’t mentioned in Trump’s executive order detailing a Strategic Bitcoin Reserve and a Digital Asset Stockpile, which he signed on March 6.

    A “compromise”

    In a post on X, White House artificial intelligence (AI) and crypto czar David Sacks said:

    “The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime.”

    Sacks also indicated that the executive order authorized the Secretaries of Treasury and Commerce “to develop budget-neutral strategies for acquiring additional Bitcoin, provided that those strategies have no incremental costs on American taxpayers.”

    In response, Michael Saylor, chair and CEO of Strategy, said: “I have a few budget-neutral strategies for acquiring additional Bitcoin.”

    With the news of the Strategic Bitcoin Reserve not pushing prices higher, TD Cowen analysts said they considered this a positive move from the White House, adding:

    “We view this as a compromise. The government is not spending taxpayer dollars to acquire new digital assets. It is simply not selling the ones that it seizes.”



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  • Trump’s crypto czar says lack of Bitcoin “long-term strategy” has cost taxpayers billions

    Trump’s crypto czar says lack of Bitcoin “long-term strategy” has cost taxpayers billions

    • Over the past 10 years, the federal government has sold around 195,000 Bitcoin for $366 million
    • Today, that figure would be worth over $17 billion
    • Sacks said the lack of a “long-term strategy” has cost American taxpayers

    White House artificial intelligence (AI) and crypto czar David Sacks has criticized the US federal government’s lack of “long-term strategy” with the sale of confiscated Bitcoin.

    In a post on X, Sacks wrote:

    “Over the past decade, the federal government sold approximately 195,000 Bitcoin for proceeds of $366 million. If the government had held the Bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy.”

    Michael Saylor, Strategy’s chairman, responded: “You do not sell your Bitcoin.” Since 2020, Strategy (formerly MicroStrategy) has been actively purchasing Bitcoin. It currently holds 499,096 Bitcoin, valued at $44.72 billion.

    Crypto Summit

    The comment from Sacks comes as the White House gets ready to host its first Crypto Summit.

    So far, 20 crypto leaders have been invited to the event, which will take place on March 7. According to Sacks, they decided to keep the numbers down to have a “meaningful conversation” regarding crypto policies.

    An earlier report suggests that US President Donald Trump will unveil his plans for a Bitcoin reserve strategy during the roundtable. In an interview, US Commerce Secretary Howard Lutnick said:

    “A Bitcoin strategic reserve is something the President’s interested in. He spoke about it all during the campaign trail, and I think you’re going to see it executed on Friday.”

    Some of those attending include Vlad Tenev, co-founder and CEO of Robinhood; Arjun Sethi, CEO of Kraken; Brian Armstrong, CEO of Coinbase; Cameron and Tyler Winklevoss, founders of Gemini; and Michael Saylor, executive chair of Strategy.

    Members of the Presidential Working Group on Digital Assets will also be in attendance.

    “Crypto czar”

    In December, Trump announced that Sacks would be the lead policy advisor on artificial intelligence and crypto, dubbing him the “White House AI and Crypto Czar.”

    Trump wrote that Sacks will take up the role which are “two areas critical to the future of American competitiveness,” adding, among other things, that “he will work on a legal framework so the crypto industry has the clarity it has been asking for, and can thrive in the US.”

    As part of his role, Trump added that Sacks will focus on making America a “global leader” in these areas, something Trump promised during his election campaign in August.



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  • Bitcoin hits $109,000 ahead of President-elect Donald Trump’s inauguration

    Bitcoin hits $109,000 ahead of President-elect Donald Trump’s inauguration

    • Bitcoin’s new high surpasses its previous all-time high of $108,000 reached in December
    • President-elect Donald Trump was once critical of Bitcoin, claiming it seemed “like a scam”
    • On the eve of his inauguration, Trump and Melania Trump launched their memecoins

    Bitcoin soared to new heights, hitting over $109,000 ahead of President-elect Donald Trump’s inauguration.

    The number one crypto asset reached its all-time high on January 20 as market sentiment remains optimistic about Trump’s plans for the crypto industry. The new high surpasses its previous record of more than $108,000 achieved in December.

    Data from TradingView shows Bitcoin topped $109,036 around 6:55 am before dropping to $107,000 a few minutes later.

    BTC/USD Chart by TradingView

    Trump mentioned Bitcoin in a Sunday speech, highlighting its record performance since the US election.

    “Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high,” Trump said. “Bitcoin has shattered one record high after another.”

    Support for crypto

    Once critical of Bitcoin who said that it “seems like a scam” a few years ago, Trump has since embraced crypto, showing his support for it during his presidential election.

    During his campaign trail, he vowed to make the US the “crypto capital” of the world and has appointed several crypto-friendly candidates into his incoming administration. Some familiar names include Paul Atkins as the next US Securities and Exchange Commission (SEC) chair and crypto czar David Sacks.

    Trump is also expected to sign an executive order prioritizing crypto when he enters the White House today.

    On the eve of Trump’s inauguration, he launched his $TRUMP memecoin, which, at one point, was valued at $75 per coin, according to data from CoinMarketCap. At the time of publishing, it’s trading at $51 with a market cap of more than $10 billion.

    Incoming First Lady Melania Trump also launched her memecoin, $MELANIA, which was trading at a high of $13. It has since dropped to $10 with a market cap of over $2 billion.

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  • Bitcoin breaks $82,000 boosted by Trump’s re-election win

    Bitcoin breaks $82,000 boosted by Trump’s re-election win

    • Bitcoin’s upward trajectory follows Donald Trump’s presidential win last week
    • Over the past 30 days, Bitcoin has increased in value by more than 30%
    • Institutional interest is rising with Bitcoin ETFs, noted by BlackRock’s IBIT ETF reaching $1.12 billion in daily inflows

    Bitcoin has hit another record, reaching over $82,000 on Monday, boosted by Donald Trump’s re-election to the White House last week.

    According to data from CoinMarketCap, Bitcoin’s value has risen more than 19% in the past seven days and 30% over the past 30 days. Taking to X, Anthony Pompliano, host of the Pomp podcast, said:

    “The first pro-Bitcoin President was elected in US history and Bitcoin hit $80,000 within a week. The market is preparing itself.”

    While Trump’s win has helped push crypto prices up, many don’t think it’s the sole reason. In response, Sleep Money Maker said: “Think bigger than one week or one event. We’re watching decades of regulatory friction starting to dissolve. When barriers fall, capital flows – that’s just market physics in action.”

    Speaking to CoinJournal last week, James Toledano, COO at Unity, a self-custody crypto wallet, said it was “disingenuous” to say the US election directly caused the price increase.

    In the long-term, it won’t be the election that moves the crypto market, but “broader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President’s control,” Toldeano explained.

    Institutional appetite for Bitcoin is rising

    Institutional interest in Bitcoin has also reached new levels, noted by BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) bringing in a record $1.12 billion in daily inflows. This followed BlackRock setting a new record in October when its total assets reached $30 billion in 293 days.

    Speaking of the recent price rally, Toledano, said:

    “There is clearly heightened confidence in Bitcoin as a key investment vehicle and institutional investors are not only recognizing Bitcoin’s resilience as an asset class but are increasingly allocating capital in response to favorable macroeconomic conditions, including recent rate cuts and political shifts.”

    Other coins that are rallying include Ethereum, trading over $3,100, Solana, at $216, and Dogecoin, up nearly 158% in the past month at $0.2877.



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  • Unity COO: It’s “disingenuous” to say Trump’s win directly caused Bitcoin price rise

    Unity COO: It’s “disingenuous” to say Trump’s win directly caused Bitcoin price rise

    An image of a Bitcoin in front a background with arrows pointing up
    • Bitcoin reached a high of $75,317 in the early hours of this morning
    • In September, Bernstein analysts predicted Bitcoin to reach between $80,000 and $90,000 by the end of 2024 if Trump won
    • Unity’s COO said to CoinJournal said it was “disingenuous” to say Trump winning the US election was the sole reason Bitcoin’s price went up

    Bitcoin rose to a record high of over $75,000 early this morning as voting results signalled a Donald Trump win for the White House.

    Data from CoinMarketCap shows Bitcoin achieved a high of $75,317 around 6:25 this morning. Before the election results started coming in last night, Bitcoin was trading at around $69,000.

    However, as the evening progressed and into the early morning, Bitcoin continued an upward trajectory before reaching its new all-time high.

    Bitcoin’s last all-time high took place in March when it reached $73,000.

    Bitcoin’s all-time high of over $75,000. Source: Coinmarketcap

     

    Data from AP News shows Trump has taken 277 of the electoral results compared to Vice President and presidential candidate Kamala Harris’ 224.

    Will the price rise continue?

    While the new high comes amid the US election results, many will be wondering whether this upward movement will continue. In September, Bernstein analysts predicted that Bitcoin could reach between $80,000 and $90,000 by the end of 2024 if Trump won the presidential election.

    According to James Toldeano, COO of self-custody wallet Unity, people need to realize that data based on the 2012, 2016, and 2020 US elections doesn’t reveal consistent patterns for the crypto market concerning election results.

    “Some have looked at the 2020 election and seen the price rise from $13,760 prior to the election on November 1, to $19,698 following the election on December 1, and immediately asserted it was the election that drove the increase,” said Toldeano to Coinjournal.

    In reality, Toldeano added, several factors contributed to the price rise, including US stimulus payments, increasing interest from companies like MicroStrategy buying Bitcoin, and people seeing Bitcoin as a safe investment during the Covid pandemic.

    “While the election happened during this time, it’s disingenuous to say it directly caused the price increase,” he said.

    In the long-term, it won’t be the election that moves the crypto market, but “broader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President’s control,” Toldeano explained.

    Pro-crypto

    Former US President Donald Trump has come across as more crypto-friendly compared to Harris.

    Back in May, Trump promised that, if he was re-elected, he’d free Ross Ulbricht, the Silk Road creator. Ulbricht has already served 11 years in prison. In August, Trump also promised to make America the “crypto capital of the planet.”

    In September, Trump became the first US president to use the Bitcoin network. He achieved this after sending a Bitcoin transaction at PubKey, a crypto-themed bar in New York ahead of his campaign rally in Long Island.

    On the flip side, Harris has been muted about her stance on crypto despite saying her administration would support a crypto regulatory framework if she became the next US president.

    “Incoming President Trump has the power to save crypto in the US where urgent change is needed,” said Jesper Johansen, CEO and founder of Northstake, an Ethereum staking marketplace, to Coinjournal.

    “First amongst the new administration’s priorities should be to define staking as an opportunity for US investors,” Johansen continued. “The question still lingers: is staking a commodity or a security?”

    Johansen said that $6 billion is sitting in Ethereum exchange-traded funds (ETFs), which aren’t being staked, meaning investors are missing out on economic opportunities. According to Johansen, this could be one of the reasons why the uptake of Ethereum ETFs hasn’t been as popular as Bitcoin ETFs.

    “Once these core issues have been solved, changes are needed within the SEC to ensure that crypto is viewed as a vehicle of innovation, rather than something to be feared,” he added.

    Ahead of the election, Trump said he’d remove Gary Gensler, chair of the US Securities and Exchange Commission (SEC); however, it remains to be seen whether this will happen because the SEC is an independent federal agency.

    At the time of publishing, Bitcoin is trading at around $74,000.

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