Bitcoin
Bitcoin Reverses Lower as Investors Digest Trump’s Crypto Comments, Central Bank Meetings
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Cryptocurrencies fell early in the last week of July as traders digested a series of political developments that unfolded over the weekend and looked ahead to central bank meetings this week.
Bitcoin fell more than 1% on Monday, trading at $67,264.00, according to Coin Metrics. Earlier, it rose to $69,982.00. Ether also pared gains but was up more than 1% to $3,311.28. Bitcoin ended last week with a 1% gain and ether fell 7%.
Traders are keeping an eye on the Federal Reserve, the Bank of Japan and the Bank of England – all of which are meeting this week. Eyes are on Fed Chair Jerome Powell in particular, with hopes that his comments will confirm a September interest rate cut.
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Bitcoin surges at the start of the last week of July
Elsewhere, former President Donald Trump delivered a highly anticipated speech over the weekend at the Bitcoin Conference in Nashville, taking aim at Democratic lawmakers including Sen. Elizabeth Warren (D-Massachusetts), Securities and Exchange Commission Chairman Gary Gensler and the Biden administration in general. Trump blamed officials for the ways he said they have hurt the industry by failing to provide rules and regulations for it to operate and thrive.
He also said it would be his policy to hold 100% of the bitcoin the U.S. government currently holds (about 210,000 bitcoins), serving as the beginning of a Strategic National Bitcoin Reserve. In remarks that drew the loudest roar from the audience, Trump promised he would replace Gensler “on day one.”
On the same day, Cynthia Lummis, a pro-bitcoin Republican senator from Wyoming, announced that she would introduce a bill in the coming days that would pave the way for a bitcoin reserve, implementing a program to purchase 1 million bitcoin units over a set period of time to acquire a total stake of approximately 5% of the total bitcoin supply.
Bitcoin’s price fell about 1% during the speech but bounced back into the green shortly afterward. Noelle Acheson, an economist and author of the “Crypto is Macro Now” newsletter, said she doubts the weekend’s events are driving the stock higher for long-term investors, at least at this point.
“Both Trump’s comments and the Lummis bill will be really hard to get through Congress,” she said. “More overlooked, but with a greater potential impact, is the news that [Vice President Kamala Harris’] The team is reaching out to representatives from the cryptocurrency industry.
“This signals a more significant and likely shift in policy, especially if it leads to VP Harris distancing herself from the old guard of Sen. Warren et al. In other words, the likelihood that SEC Chairman Gensler will be replaced soon has just increased,” Acheson added.
On the weekend the The Financial Times reported that Harris’s aides are approaching cryptocurrency companies to “‘reset’ relations between her Democratic party and an industry that has emerged as a key supporter of Donald Trump.”
Crypto has become a growing issue of interest in the upcoming US presidential election. Trump’s team hopes that the niche but growing crypto vote will help him get elected, given mainstream Democrats’ hostility toward the space.
However, the industry has growing bipartisan support in Congress.
Over the weekend, more than a dozen House Democrats and several other candidates for congressional seats signed a letter to the Democratic National Committee encouraging a “forward-looking approach” toward cryptocurrencies, which would include adding “pro-digital asset language” to the party platform and selecting an SEC chair who would promote cryptocurrency innovation.
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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.
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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.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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