Bitcoin
Cryptocurrency Price Movements Today: Bitcoin Briefly Surpasses $71K
Main conclusions
- Bitcoin briefly surged above $71,000 on Monday morning.
- Former US President Donald Trump announced that he would create a strategic stockpile of bitcoins.
- US Republican Senator Cynthia Lummis has announced a bill that would establish a strategic bitcoin reserve of approximately 5% of the total bitcoin supply.
- Twenty-eight Democrats have signed a letter recommending that the party take a “forward-looking approach” to cryptocurrencies.
- Kamala Harris’ campaign has reportedly reached out to the cryptocurrency industry in an effort to mend relations.
- Spot ether ETFs ended their first week of trading with $341.8 million in net outflows.
Bitcoin (BTC) briefly surpassed $71,000 on Monday morning, buoyed by optimism from the Bitcoin 2024 conference in Nashville over the weekend, before reversing course and falling 2% to around $67,000 by 2 p.m. ET.
Bitcoin reserve talk initially supports price
Speaking at the Bitcoin 2024 conference, former US President Donald Trump said that if he returns to the White House, his administration will not sell any bitcoin that the US government currently holds, or acquires in the future, effectively creating a “strategic national stockpile of bitcoin.”
The US government holds bitcoin and crypto assets that are often seized as part of enforcement actions.
Additionally, Republican U.S. Senator Cynthia Lummis of Wyoming announced a bill that would go a step further and increase this strategic stockpile with purchases equivalent to 5% of the total bitcoin supply over a set number of years.
Independent presidential candidate Robert F. Kennedy Jr. also spoke at Bitcoin 2024, where he announced a plan similar to Lummis’. He said that if elected, he would transfer the more than 200,000 bitcoins held by the U.S. government to the Treasury as a “strategic asset” through executive orders and direct the Treasury to buy 550 bitcoins every day until the reserve grows to 4 million bitcoins.
Trump also said he would replace the US president Securities and Exchange Commission (SEC)) President Gary Gensler. Gensler has been strongly criticized for the SEC’s enforcement actions against the cryptocurrency industry.
The Growing Influence of Cryptocurrency in the US Elections
Cryptocurrencies are becoming an increasingly hot topic of conversation surrounding the US presidential election.
Twenty-eight Democratic lawmakers and candidates have sent a letter to the party’s national committee chairman requesting a reversal of the party’s stance on bitcoin and cryptocurrencies, Politico reported.
“From an electoral perspective, cryptocurrency and blockchain technologies have an outsized impact on ensuring victories on every ballot,” the letter said.
Additionally, Kamala Harris’ campaign has reached out to a variety of cryptocurrency companies in an effort to reset relations with the industry, according to the Financial Times. Harris’ campaign has come under fire from the cryptocurrency community after declining an invitation to speak at the Bitcoin 2024 conference last weekend, like the other candidates.
Ether ETF hype fades amid capital outflows
Spot Ether (ETH) exchange-traded funds (ETFs)) ended their first week of trading with $341.8 million in net outflows, according to Farside Investors.
The Grayscale Ethereum Fund (IT IS) has seen just over $1.5 billion in outflows since it went live last week as holders of the preexisting fund either switch to cheaper ETFs or simply sell their holdings. BlackRock’s iShares Ethereum Trust (ETA) has been the winner of the spot ether ETF race so far, with $442 million in inflows.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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