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Donald Trump Receives Extended Support From Bitgo CEO
BitGo CEO Mike Belshe will be holding a fundraiser for Donald Trump’s campaign with special guest Republican vice-presidential nominee JD Vance. Organized for Monday in Palo Alto, California, the event is believed to attract much attention of the crypto-community.
Donald Trump Fundraiser by BitGo CEO
Mike Belshe, the CEO of BitGo, will be hosting a fundraiser for Donald Trump’s campaign where JD Vance, Trump’s vice presidential candidate, will be present. The dinner reception is scheduled for Monday, in Palo Alto, California. In an invitation secured by Bloomberg News, the attendees are expected to pay $3,300 for the reception, $15,000 for a photo with Vance, and $25,000 for a roundtable discussion. For $50,000, couples can become a part of the host committee of the event.
Belshe contributed $50,000 in Bitcoin to the Trump campaign back in June. This way, the connection between crypto-enthusiasm and political activism is demonstrated by his activity in supporting Trump. Donald Trump’s campaign started to allow contributions in digital assets in May 2024 and since then, there has been an increased contribution from the digital asset holders.
Some of the most notable contributors in the industry include the Winklevoss twins of Winklevoss Capital Management, Kraken’s co-founder Jesse Powell, and Ripple’s Chief Legal Officer Stuart Alderoty. The total cryptocurrency donations to Trump’s campaign now have reached more than $4 million.
Bitcoin Conference: Trump & JD Vance Present
Both Trump and Vance are expected to be at the Bitcoin Conference 2024 today in Nashville Tennessee as they hold key rally events in their bid to clinch the presidency. Concurrently, Trump is expected to address the Bitcoin conference and will meet with donors for a private fundraiser on the same day.
Vance, on the other hand, is embarking on his personal campaign trail with rallies in Ohio and Virginia. Both the candidates are now trying to make their stand in the campaign as this is a crucial phase especially for the tech and crypto supporters.
In addition, there have been speculations about the United States having a reserve of Bitcoins under the Trump administration. This proposal underscores the growing awareness of the possibilities of using Bitcoin as a strategic asset, with prominent figures like Elon Musk and Peter Brandt forecasting America going bankrupt with the potential dollar undervaluation.
Concurrently, this fundraiser represents the increasing popularity of Trump among the supporters of cryptocurrencies. Marc Andreessen, Ben Horowitz, and David Sacks have been also endorsed Trump for the presidency. They state that Trump’s pro-growth agenda that includes the extension of the expiring tax cuts and the deregulation of the government will enhance the growth of startups especially those that are into developing artificial intelligence and cryptocurrency.
Read Also: Bitcoin Price To Hit $13M, Michael Saylor Predicts Amid BTC Rally
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The crypto market eagerly awaits the US CPI inflation data this week, which is likely to decide the future path of the Federal Reserve’s monetary policy plans. Besides, a flurry of other key events, including Fed Chair Jerome Powell’s speech is also scheduled later this week. Notably, this comes a week after the US FOMC decided to cut interest rates for the second time this year.
US CPI, Fed Chair Powell Speech, And Other Events To Watch This Week
The US CPI is one of the most awaited events for this week, as it would shed light on the inflationary pressure on the nation. Besides, speculations also soared as the US Fed announced a 25 bps rate cut at last week’s FOMC, with many expecting a similar cut in December. According to CME FedWatch Tool data, there is about a 65% probability of the Fed announcing another quarter-basis rate cut next month.
In addition, the US PPI inflation data is also scheduled for next week, which would further provide cues on the country’s economic health. However, it’s worth noting that this set of inflation figures is likely to set the path for future Fed rate cuts despite the market anticipation over a 25 bps point cut again in December.
The recent Jerome Powell speech from last week was closely watched by the investors. Following last week’s US FOMC, the Fed Chair said that the central bank’s monetary stimulus remains restrictive while saying that the bank should maintain “an appropriate recalibration” of its policy plans.
Having said that, the market will closely watch this week’s speech of Fed President Jerome Powell. If Powell indicates any future hawkish move in this week’s speech, scheduled for November 14, it could significantly impact the market sentiment.
Monthly US Federal Budget And Fed Officials Speeches In Focus
Apart from the above-mentioned developments, the market will also keep a close track of other Fed official’s comments for clarity on the Central Bank’s future moves. On Tuesday, Fed Governor Christopher Waller, Richmond Fed President Tom Barkin, and Philadelphia President Patrick Harker are scheduled to speak.
Following that, the Dallas Fed President and St. Louis Fed President will speak just after the US CPI inflation release. Their comments will be closely watched by the traders who are seeking clarity on the potential impact of inflation on the central bank’s future decisions.
In addition, the weekly initial jobless claims are expected also scheduled for Thursday, which will shed light on the Labor market health in the US. Having said that, the market will keep a close track of these events, especially after a strong rally in the crypto market last week.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cardano Founder Charles Hoskinson Confirms Crypto Advisor Role Under Donald Trump
Cardano Founder Charles Hoskinson has confirmed plans to collaborate with the U.S. government under Donald Trump to help shape crypto legislation. The goal is to create clear regulatory frameworks for the cryptocurrency industry, which has faced years of uncertainty and regulatory challenges.
Charles Hoskinson revealed these plans during a recent address, where he emphasized the need for bipartisan support in developing crypto-friendly policies. This development comes as Cardano, along with other major blockchain networks like Bitcoin, faces ongoing regulatory scrutiny from U.S. agencies.
Cardano Founder Charles Hoskinson Crypto Advisor Role
Hoskinson stated that his company, Input Output Global (IOG), will establish a dedicated policy office to focus on crypto regulation. The office will work to integrate aspects of the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (RFIA) into a comprehensive legislative proposal. “I will work with lawmakers and the administration to get a bipartisan bill passed,” he said.
The Cardano founder highlighted the importance of cooperation across party lines, pointing out that the recent FIT21 bill passed in the House with over 60 Democrat votes, indicating growing support for bipartisan crypto legislation.
Charles Hoskinson’s statement also acknowledged the potential influence of a Republican-controlled Senate, House, and presidency in the coming years. He expressed optimism that the political environment could present an opportunity for the crypto industry to secure much-needed regulatory clarity. He remarked,
“This is the best opportunity we have ever had in the history of the industry to get clarity.”
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Kelvin Munene Murithi
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The recent rally in Jupiter price (JUP) has gained substantial attention in the cryptocurrency market, as the token climbed 29% within a week to reach $1.20. This sharp increase has raised questions about the potential for continued upward momentum, with indicators suggesting that further growth could push JUP Price towards the $1.8 mark.
Jupiter Price Gains 29% in One Week as Key Indicators Point to Possible $1.8 Rally
Recent data in the cryptocurrency market shows that Jupiter price surged by 29% in the past week, reaching the $1.20 level. This notable rally in a short period reflects heightened interest in the token, driving strong buying pressure in the market. Analysts have pointed to several factors contributing to this price rise, including positive technical indicators and a shift in market sentiment favoring JUP.
One of the prominent indicators supporting the Jupiter price rally is the consistent inflow of funds into JUP. The spot inflow and outflow chart reveals a trend of net inflows, indicating that investors are accumulating JUP tokens in anticipation of future gains. This accumulation phase suggests a bullish sentiment. With market participants actively buying and holding JUP, the price draws closer to the $ 1.8 mark.
Technical Indicators Show Sustained Bullish Momentum
The MACD (Moving Average Convergence Divergence) indicator on Jupiter (JUP) price chart also shows a bullish crossover, with the MACD line crossing above the Signal line. This formation, often called a “Golden Cross,” suggests a potential uptrend continuation in the market.
Additionally, the MACD histogram, which represents the difference between the MACD line and the Signal line, shows green bars. This confirms the strengthening bullish momentum. The histogram bars are increasing, signaling that buying pressure is building up as the gap between the MACD and Signal line widens.
More so, the RSI for Jupiter has reached 70, indicating overbought conditions. While an overbought RSI typically signals a potential pullback, strong bullish trends can sustain these levels for extended periods. The continued upward momentum suggests that the cryptocurrency could test higher resistance levels if momentum persists.
Concurrently, JUP price rally is further reinforced by growing open interest in the futures market. Open interest represents the total value of active contracts and has shown a steady increase since early September. The rise in open interest alongside the price surge indicates confidence in sustained price growth.
Notably, a higher open interest in JUP futures reflects new capital entering the market, which is a bullish signal for Jupiter price. The growing interest from futures traders aligns with the accumulation trend in the spot market. This shows that both retail and institutional investors are preparing for further market gains.
At press time, Jupiter cryptocurrency market data shows high trading volume, with a 24-hour volume of over $308 million and a price surge of 10% in the last 24 hours. Elevated trading volume indicates strong demand and participation, validating the recent price movements.
The increase in volume has contributed to the price rally, pushing its market cap to $1.63 billion. This robust trading volume further strengthens the outlook for JUP with $1.8 as a possible target if demand remains high.
Ronny Mugendi
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