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Ross Ulbricht Freedom Promise Renewed by Donald Trump

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5 months ago

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Speaking at the Bitcoin Conference 2024 in Nashville, former President Donald Trump announced that he would commute Ross Ulbricht’s sentence. During his speech, he told his supporters that if he won a second term, this case will be his priority.

“Enough is enough!” Trump exclaimed with a promise to act immediately on the first day of his presidency.

Ross Ulbricht Freedom Promise Renewed by Trump

In a speech at Nashville’s Bitcoin Conference 2024, Former President Donald Trump said that he would pardon Silk Road Founder Ross Ulbricht. Besides, many members of the Bitcoin community have also shown support for Ross Ulbricht, who has been imprisoned since 2013 after creating and running the darknet market site Silk Road.

This earned cheers from some conference attendees as it symbolized the importance of such commitment to them. In response to President Trump’s first promise in May, Ulbricht thanked Trump for providing unwavering support for him hoping that one day he could give him another chance. 

Therefore, before the Bitcoin conference, David Bailey, CEO of Bitcoin Magazine, articulated that any presidential candidates wishing to get votes from the crypto community should commit themselves to freeing Ross Ulbricht. For instance, even Kamala Harris should have promised to release convicted black-market marketplace operators if she was present alongside Trump at this year’s BTC event. Robert F. Kennedy Jr had also committed himself earlier, according to David Bailey.

Pro-Bitcoin and Crypto Agenda

Additionally, during his speech Trump outlined an all-encompassing plan aimed at making the US to become number one when it comes to Bitcoins and other cryptocurrencies. This included specific step-by-step plans aimed at making America “the world’s capital of Bitcoins and cryptos.”

Among these features are firing Gary Gensler, SEC Chairman, from his current position within 100 days and establishing an operation named Operation Chokepoint. Also, he assured preventing the introduction of Central Bank Digital Currency (CBDC) and ensuring that people’s rights to self-custody of virtual assets are protected.

Trump, in addition, has a broader goal of creating one united Bitcoin vault. This would involve the US government retaining all its Bitcoin holdings in order to establish a Strategic National Bitcoin Reserve. The President disclosed plans to work together with Senator Cynthia Lummis on the introduction of the Bill for Bitcoin Strategic Reserve.

The effort aims at collecting 1 million Bitcoins over five years from surplus Federal Reserve balance sheet items. Consequently, Trump pointed out that this move would reduce the national debt and strengthen the country’s position financially as well.

Read Also: Donald Trump To Fire SEC Chair Gary Gensler On Day 1

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

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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Robert Kiyosaki Hints At Economic Depression Ahead, What It Means For BTC?

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2 hours ago

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December 23, 2024

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Rich Dad Poor Dad author Robert Kiyosaki has issued a stark warning while hinting towards an economic depression ahead. In a recent X post, the renowned author said that the global market crash has already started, as he predicted earlier, which indicates that the financial market might enter a “depression” phase. Notably, this comes as the crypto market records immense volatility, sparking concerns over what’s next for Bitcoin (BTC).

Robert Kiyosaki Hints At Economic Depression Ahead

Robert Kiyosaki, in a recent X post, has revealed a stark warning of a looming economic depression. The Rich Dad Poor Dad author warned that a global market crash has already begun, citing Europe, China, and the U.S. as regions facing significant downturns.

In his post, Kiyosaki urged caution, advising individuals to safeguard their finances and maintain their jobs. “Global crash has started. Europe, China, USA going down. Depression ahead?” he asked while emphasizing the enduring value of assets like gold, silver, and Bitcoin. He added, “For many people, crashes are the best times to get rich.”

This warning aligns with Kiyosaki’s earlier prediction of what he called the “biggest crash in history.” Earlier this month, he encouraged his followers to prepare for financial turmoil, stating, “Please be proactive and get rich… before the BOOMER’s go BUST.”

However, this recent comment from Robert Kiyosaki indicates his sustained confidence in BTC. As the crypto market faces heightened volatility, Bitcoin could emerge as a hedge against traditional market instability, he noted. Besides, it also indicates that the flagship crypto, alongside gold and silver, might continue to gain traction amid this economic turmoil.

What’s Next For BTC?

Bitcoin price today has continued its volatile trading, losing nearly 1.5% over the last 24 hours to $95,323. The crypto touched a high and low of $97,260 and $93,690 in the last 24 hours, showcasing the highly volatile scenario in the market.

In addition, the US Spot Bitcoin ETF also recorded significant outflow, with BlackRock Bitcoin ETF witnessing its largest outflux since its launch. This has weighed on the investors’ sentiment, sparking concerns over a waning institutional interest.

However, despite that, many experts remained confident on the asset’s future trajectory. For context, in a recent X post, Peter Brandt shared a new BTC price target, indicating his confidence in the digital asset.

On the other hand, institutions like Metaplanet have also continued to boost their BTC holdings. These moves indicates that the institutions, as well as many investors, are bullish towards the long-term potential of the crypto. Besides, as Robert Kiyosaki said, the recent dip also provides a buying opportunity to investors, which might further boost Bitcoin to its new ATH ahead.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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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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Tron’s Justin Sun Offloads 50% ETH Holdings, Ethereum Price Crash Imminent?

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5 hours ago

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December 23, 2024

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Tron founder Justin Sun has been heavily offloading his ETH holdings with Ethereum price crashing 17% following the rejection at $4,000. Over the past 7 days, Sun has offloaded another 50% of his holdings worth $143 million. Market analysts predict that ETH price could further take a dip below $3,000 once again before resuming upside momentum.

Tron’s Justin Sun on ETH Selling Spree

Justin Sun is on a massive Ethereum selling spree since the coin resumed its upward journey after Donald Trump’s election win. This continued even until last week, when Tron founder offloaded $143 million worth of ETH causing Ethereum price to tank over 15% amid the crypto market crash.

Blockchain analytics firm Spot On Chain reported that Justin Sun redeemed 39,999 ETH (valued at $143 million) from liquid staking platforms Lido Finance and EtherFi. He subsequently deposited the entire amount into HTX.

Since November 10, as Ethereum price has trended upward, Sun has deposited a total of 108,919 ETH (worth $400 million) to HTX at an average price of $3,674. Notably, many of these deposits occurred near local price peaks.

Courtesy: Spot On Chain

Spot On Chain also revealed that Justin Sun currently has 42,904 ETH (valued at $139 million) in the process of unstaking from Lido Finance. The Tron founder might potentially send this funds to HTX later.

Ethereum Price Drop Below $3,000 Coming?

With Ethereum price losing its crucial support of $3,500, the market sentiment for the world’s largest altcoin has turned bearish. Last week, crypto market analysts turned bearish on Ethereum expecting the ETH price to drop $2,800 on selloff by whales.

Popular market analyst IncomeSharks stated that it was a “low-volume weekend,” for Ethereum following a volatile week for stocks. The analysts added that it won’t be the right time to sell.

The On-Balance Volume (OBV) indicator, a tool used to gauge buying and selling pressure, remains steady, oscillating within a channel. Recent Ethereum buyers are still in profit, providing some support for the market. However, the below chart shows that there’s still scope for Ethereum to take a dip to $3,000.

Source: IncomeSharks

Prominent crypto analyst “I am Crypto Wolf” also highlighted a bullish outlook with a potential inverse head-and-shoulders (iHS) pattern. According to the analyst, Ethereum price chart is currently forming the “right shoulder” of the iHS continuation pattern.

Source: I Am Crypto Wolf

This setup could provide the momentum needed to surpass the $4,000 resistance and aim for a $10,000 target by May. A breakout is anticipated by the end of January, though a retest of the $3,000 level remains a possibility before the rally takes off, he noted.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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CryptoQuant Hails Binance Reserve Amid High Leverage Trading

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12 hours ago

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December 23, 2024

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Crypto analytics platform CryptoQuant has conducted a deep dive research into Binance and other centralized exchanges to uncover how susceptible they are to liquidity risks. With the crypto ecosystem trading at a very high premium, exchanges require high liquidity to meet growing demands. Of its findings, CryptoQuant singles out Binance and OKX as platforms to watch out for.

What Makes Binance Stand Out from Centralized Exchanges?

According to CryptoQuant, it analyzed the leverage levels of top centralized exchanges. It conducted this exercise to evaluate their liquidity, default risk and how crypto reserves backs trading activity. The analysis also employs leverage ratio calculation to estimate trader’s exposures.

Based on this, the analytics firm singled out Binance as an exchange with robust reserves. The trading platform maintains this reserve despite the significant growth in open interest this year. This is signficant, considering how Binance Futures list new tokens to fuel this expansion including Solana’s Fartcoin.

“Its reserves in Bitcoin, Ethereum, and USDT comfortably exceed its open interest. Binance also reported the lowest and most stable leverage ratio among major exchanges, with a ratio of 12.8 in December 2023, rising slightly to 13.5 in December 2024,” the CryptoQaunt report reads.

As pointed out, this stability and the 2.6x expansion in Bitcoin open interest on the platform from $4.45 billion to $11.64 billion implies that the exchange can handle unexpected liquidations.

As the report hinted, smaller exchanges like OKX also maintain low leverage ratios.

Centralized Exchanges and Avoiding the FTX Saga

In addition to the Binance spotlight, CryptoQuant also mentioned Gate io, Bybit, and Deribit. However, the report noted that these trading platforms have the highest leverage ratios in the market pegged at 106, 86, and 32, respectively. Notably, this figures show open interests for Bitcoin and Ethereum is higher than the existing reserves available on these centralized exchanges.

The analysis concluded by flagging the impact of high leverage trading, one of the major causes of the FTX Derivatives Exchange collapse. This report serves as an eye opener that can help traders manage risk per platforms they trade on.

Meanwhile, FTX is at the tail end of its bankruptcy proceedings. As Coingape reported earlier, FTX has set January 3 as the date to commence creditor repayment.

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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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