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Donald Trump To Make US “Crypto Capital” With Pro-Crypto Candidates

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President-elect Donald Trump is preparing to shift the U.S. government toward a more crypto-friendly stance, aiming to fulfill his campaign promise to make the U.S. the “crypto capital of the planet.” To support this objective, Trump is reportedly considering industry-friendly candidates for key financial regulatory positions, focusing on individuals with pro-crypto views. This strategy comes as Trump’s advisers hold discussions with crypto industry leaders on potential federal policy changes.

Donald Trump Eyes Pro-Crypto Candidates to Make US ‘Crypto Capital’

According to recent reports, Donald Trump intends to appoint pro-crypto figures to lead major financial regulatory bodies in his second term. This move aligns with his goal to transform the U.S. into the leading global hub for cryptocurrency innovation and adoption. Trump’s advisors have been in discussions with various crypto industry leaders and executives to identify suitable candidates for roles in agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Among those under consideration are Hester Peirce and Daniel Gallagher, both known for their favorable stance on digital assets. Peirce, often referred to as “Crypto Mom” for her support of a more open regulatory environment, has expressed criticism of the SEC’s current approach to digital assets. Gallagher, currently an executive at Robinhood, has also faulted the agency’s aggressive stance on crypto regulation.

More so, recent CoinGape report revealed that Gary Gensler is expected to step down by the end of the year. Sources suggest that the Trump administration is considering Dan Gallagher as his replacement to bring a more crypto-friendly approach to the SEC.

Similarly, industry experts and executives have voiced optimism for Trump’s proposed regulatory changes. For instance, Cardano founder Charles Hoskinson expressed a desire to collaborate with the U.S. government to develop clear and consistent regulations for the industry. Hoskinson’s involvement aims to offer the crypto sector a more structured framework to operate within.

Many in the industry see this approach as a step toward more concrete guidelines that will aid crypto business operations.

Pro-Crypto Stance Boosts Market, Rallies BTC To New ATH

Concurrently, Donald Trump’s unqualified support for cryptocurrency has sent a ripple through the markets, contributing to BTC price rally to an all-time high of over $89,000. Crypto investors are hopeful that Trump’s administration will enact policies favorable to the industry. 

The incoming administration’s interest in pro-crypto policies has generated positive sentiment among major stakeholders. A clear and supportive regulatory framework will possibly drive further market rally.

However, some economic commentators remain critical. Economist and crypto critic Peter Schiff voiced concerns over Trump’s proposed national Bitcoin reserve, cautioning that it could harm the dollar’s stability. Schiff argues that if the government were to invest heavily in Bitcoin, the dollar might face devaluation. Nonetheless, Donald Trump’s team and industry advocates remain focused on making the U.S. a “crypto capital.”

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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Stellar Price Skyrockets Over 80%, XLM Rally to $1 Imminent?

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Stellar price has seen a remarkable surge, climbing over 80% in the last 24 hours, rising to number one in the top gainers. The bullish momentum has pushed XLM from $0.302 to a peak of $0.55, as traders and analysts anticipate the possibility of the asset nearing the $1 mark.

Stellar Price Reaches $0.55 Amid Bullish Momentum

Stellar’s price rise reflects strong buying interest as it touched $0.55, marking a significant upward trend. After a period of consolidation around $0.40, the cryptocurrency broke through resistance levels, delivering impressive returns for investors. 

Market participants have noted this upward movement as a sign of renewed confidence in the asset’s potential. However, the price also briefly retraced from its peak as it faced resistance at the $0.55 level, suggesting that $1 remains a potential milestone rather than an immediate outcome. Jed McCaleb, Stellar’s founder, has also added to the growing optimism surrounding the network. 

In a recent statement, McCaleb commented on Stellar’s current momentum and its role in global financial systems. “Stellar is the most underrated and least understood crypto project,” McCaleb remarked, emphasizing its ability to facilitate real-world transactions and its high efficiency. He noted,

“The best and most impactful use of crypto is as digital money, and this is what Stellar is built for.”

Grayscale Stellar Lumens Trust Records 10% Asset Growth

Grayscale Investments LLC’s recent 10-K filing highlighted a 10% increase in the net assets of its Stellar Lumens Trust during the fiscal year ending September 2024. 

Despite the challenges posed by XLM price fluctuations and management fees, the trust managed to grow its assets due to the addition of 34,875,230 XLM tokens valued at $3,923.

Trading activity around Stellar has surged, with derivatives markets experiencing substantial growth in both volume and open interest. The trading volume for XLM derivatives rose by 284.26%, reaching $8.98 billion, while open interest increased by 125.88% to $393.05 million. 

XLM/USD chart (source: Coinglass)XLM/USD chart (source: Coinglass)
XLM/USD chart (source: Coinglass)

The filing also outlined that the trust faced losses stemming from token depreciation earlier in the year, but these were offset by a robust recovery and asset inflows. The document underscores the growing institutional interest in Stellar as an investment vehicle, aligning with its recent market performance.

Analyst Predicts Multi-Year Price Pattern May Propel XLM to $3-$5

Cryptocurrency analysts have highlighted a multi-year price structure for Stellar, suggesting that it may be poised for further growth. A prominent market speculator, known as “Charting Guy,” recently shared a prediction that Stellar could achieve price targets between $3 and $5.

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According to the analyst, XLM price has been forming a bullish “Adam and Eve” pattern on the monthly chart since 2017. This chart pattern is often associated with long-term upward momentum. 

Charting Guy emphasized patience, indicating that the current rally could lead to substantial gains for long-term holders. A potential breakout from this pattern could result in a 930% to 1,617% increase from current levels, further reinforcing optimism in Stellar’s market trajectory.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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 Hydra Unveils Gamified Test Campaign, ADA Price Reacts

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Input Output Hong Kong (IOHK), the parent company of Cardano (ADA) has announced its upcoming Hydra testing campaign. Packaged as a gaming tournament on Doom, a title built on Hydra protocol, the startup said it plans to push the limit of the scaling solution.

Cardano Hydra Expectations

As IOHK revealed, the Hydra Doom deathmatch will kick off next month. The gamified testing is in stages and will feature both bots and humans. While the first round will feature players versus bots, the second round will see real players take on themselves.

Cardano plans to incentivize participation in the Hydra Doom tournament with a 100,000 USDM prize pool. Cardano developed the protocol as its solution to scaling the mainnet. Doom is one of the dominant DApps that even Charles Hoskinson promotes as a showcase of the Hydra innovation.

This is not the first time the protocol will carry out related testing on Hydra. It relies on the performance and statistics from this testing to firther develop the protocol.

As reported earlier by Coingape, in previous testing, Hydra Doom recorded a total transaction of 3 million in approximately 1 hour. Beyond this, it achieved a 1663 Global TPS. In addition, it recorded more than a constant 1000 transactions with no failed transactions. Lastly, Cardano Hydra Doom attained a 14% 1 hour chain load.

Community and ADA Market Reaction

Cardano remains one of the best performing assets in the market at the month. Despite ADA price crossing the $1 mark, top market analysts believes it is just getting started.

Initial reaction that trailed the Hydra Doom testing has further sparked community intrigue. Many members of the Cardano ecosystem confirmed sign ups to the testing event, boosting ADA price sentiment.

At the time of writing, the coin was changing hands for $1.06, up 8.62% in 24 hours. Within this time span, the coin jumped from a low of $0.9508 to a high of $1.16. Riding on the broader Bitcoin price momentum, Cardano appears poised to reclaim new highs and current ecosystem upgrades might help achieve this goal.

 

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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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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BTC Continues To Soar, Ripple’s XRP Bullish

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The crypto universe has concluded yet another week, primarily with riveting developments unfolding across the broader sector. Bitcoin (BTC) continues to pump, hitting a new ATH this week. Simultaneously, Ripple’s XRP garnered significant market attention, recording considerable gains. The broader market continues to leverage investor optimism post-U.S. elections that saw Donald Trump reelected as the president.

Here’s a brief collection of some of the top cryptocurrency market headlines that have significantly impacted investor sentiment over the past seven days.

BTC Hits New ATH Amid Bull Crypto Market

BTC price hit a new ATH near the $100K level this week, echoing a buzz across the broader sector. Notably, the flagship coin gained roughly 10% over the past week to hit an ATH of $99,655. Attributable to this bullish movement post-U.S. elections, Rich Dad Poor Dad author Robert Kiyosaki shared a bold prediction for the coin, anticipating its price to hit $13 million.

Simultaneously, the crypto also saw heightened institutional interest amid its bullish movement, underscoring the potential for further gains. Aligning with this heightened market interest, biopharmaceutical firm Hoth Therapeutics forged ahead with BTC buying plans, sparking additional optimism surrounding the crypto.

Meanwhile, Bitcoin miner MARA completed its $1 billion private offering this week, with some of the proceeds set to be used to buy more BTC. Overall, the flagship coin leveraged significant buying pressure this week, paving a bullish path for future movements.

Ripple’s XRP Steals Attention

On the other hand, XRP’s price witnessed gains worth 40% over the past week, cementing investor optimism amid a bullish digital asset sector. Notably, XRP whales accumulated nearly $526M worth of the token this week, indicating that the Ripple-backed coin could pump higher. Veteran trader Peter Brandt predicted amid this bullish movement that a parabolic rally for the crypto also lies ahead.

Further, Ripple CEO Brad Garlinghouse conveyed bullish sentiments on XRP and a possible end to the SEC lawsuit, primarily attributable to the newly appointed U.S. Treasury Secretary Scott Bessent. Simultaneously, the Ripple vs. SEC lawsuit saw the regulator and FINRA trying to bring “digital asset securities” claims. This mover comes against the backdrop of XRP’s rally to $1, with speculations of a looming $2 target on SEC Chair Garu Gensler’s exit.

Overall, these market updates have sparked significant investor enthusiasm over the crypto realm’s future action, with market watchers being optimistic.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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