Bitcoin

Trump Positions Himself as the "Crypto President" at San Francisco Fundraiser

Published

4 weeks ago

June 8, 2024

President Donald Trump showcased his support for the Bitcoin and cryptocurrency industry again at a high-profile fundraiser in San Francisco on Thursday.

Hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ Pacific Heights home, the event raised $12 million for Trump’s campaign, three sources present told Reuters. The event was attended by executives from Coinbase, the Winklevoss twins, and other industry leaders.

JUST IN: 🇺🇸 Donald Trump pitched himself as the 'crypto president' at a San Francisco tech fundraiser. pic.twitter.com/s9W6RtKYeO
— Bitcoin Magazine (@BitcoinMagazine) June 7, 2024

Trevor Traina, a San Francisco-based tech executive and former U.S. ambassador to Austria under Trump, told Reuters, “He said he would be the crypto president.”

Trump’s strong pro-crypto stance was further emphasized during the event, touting crypto as important and stressed that he was very supportive of the sector, Republican National Committeewoman Harmeet Dhillon told Reuters. However, Trump did not provide specifics on his proposed crypto policy.

Despite San Francisco’s liberal reputation, Trump’s fundraiser drew support from several high-profile local venture capitalists and crypto investors, who cited excessive regulation as a primary concern. Jacob Helberg, an adviser to Palantir, noted, “President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration.”

Just last week, Donald Trump historically became the first U.S. President to accept Bitcoin Lightning Network donations, following comments he made recently saying that he wants the future of crypto to be in America, and not driven overseas due to harsh regulations.

As the 2024 presidential election approaches, Trump’s stance on Bitcoin and cryptocurrency is playing a significant role in garnering support from over 50 million crypto owners and enthusiasts in the United States, while his opposition, Joe Biden, has taken a tough stance on the industry.

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Bitcoin

crypto will get positive regulation ‘no matter who wins’ election

Published

6 hours ago

July 3, 2024

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Galaxy Digital founder and CEO Mike Novogratz told CNBC’s ‘Squawk Box’ on Tuesday that the US crypto sector is headed for positive regulations regardless of who wins the upcoming election.

Mike Novogratz, one of the biggest crypto bulls, shared his outlook during an interview that touched on the current US political scene, Biden’s disastrous debate and crypto. The billionaire asserted that despite the current status of crypto regulation in the US, he believes the next regime will take a positive stance and help the industry grow.

“I am not a single issue voter and I do fundamentally believe crypto should be a bipartisan and needs to be bipartisan. We cannot have one party that likes this and another party that doesn’t like it,” Novogratz said.

Crypto regulatory landscape “shifting”

According to Novogratz, crypto is already largely a bipartisan issue in the US, with only a small group of Democrats taking a negative stance against this burgeoning industry. While it’s been frustrating, in terms of lack of regulatory clarity or the negative impact of government crackdown on the industry, Novogratz believes it’s “all shifting.”

“I’ll tell you that most Democrats, outside of Elizabeth Warren and a small group of people, are pretty pro-innovation and pro-crypto… Listen, no matter who wins the next election, we are going to get positive crypto legislation. I know that” he added.

Novogratz says BTC is a core holding

Commenting on Bitcoin following the ETF-buoyed upside that pushed prices above $73k in March, Novogratz referred back to earlier comments he shared about BTC price post-ETF approval. In his opinion, the benchmark cryptocurrency was likely to stay in the $55k-$73k range until the market got a dose of new news.

“It takes a while for things to digest,” he noted, adding that Bitcoin’s surge to its all-time high this year was “a huge move up.”

Novogratz believes BTC as a core portfolio holding makes sense, especially as the US debt balloons amid the government’s “spending like drunken sailors.”

Bitcoin traded around $61,862 at the time of writing, about 9% down in the past 30 days. However, its up 44% year-to-date and 102% in the past year.

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CleanSpark’s amped hashrate mined 445 Bitcoin in June

Published

10 hours ago

July 2, 2024

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CleanSpark capped a busy June with an uptick in mined Bitcoin and a 2x increase in hashrate compared to December.

According to a Tuesday press statement, CleanSpark mined 445 Bitcoin (BTC) in June after adding five new mining facilities in Georgia. The mining startup also surpassed its 20 EH/s operational hashrate target set for mid-year.

“We continue to maximize efficiency at our existing sites and look forward to the opportunities ahead of us in Wyoming and Tennessee,” said CEO Zach Bradford.

CleanSpark’s mining numbers for last month indicate strength from the company after the Bitcoin halving event in April. A halving happens every four years and cuts mining rewards in half. The company mined 46 less BTC than last June, a modest difference considering Bitcoin’s code change.

Bradford added that the firm is “laser-focused” on increasing mining hashrate and generating more revenue following the halving. Meanwhile, other miners are facing difficulties and exploring business sales to maximize shareholder value.

CleanSpark’s post-halving performance has been the envy of the mining landscape as the startup has improved its hashrate and mined more BTC in recent months. Per crypto.news, Bradford’s firm also acquired GRIID facilities in a $155 million deal, and analysts at H.C. Wainright are bullish on the CLSK stock. CLSK is up 58% year-to-date and changed hands for $17.19 on the Nasdaq as of writing.

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Bitcoin

Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price

Published

15 hours ago

July 2, 2024

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On-chain data shows that selling pressure from Bitcoin miners has recently slowed down. This is significant considering the impact it could have on Bitcoin’s price heading into the third quarter of the year.

Bitcoin Miners’ Selling Pressure Has Significantly Declined

Referencing data from the on-chain analytics platform CryptoQuant, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for two reasons. One is that the quantity of Bitcoin these miners sent to exchanges to sell has reduced drastically since May.

Secondly, the crypto analyst mentioned that the volume of the OTC Desk that miners use for selling has been consumed, suggesting that someone recently bought up all the available Bitcoin supply from these miners. The volume of the OTC Desk is said to have piled up until June 29th, as there was no willing buyer to purchase these crypto tokens.

Bitcoin miners greatly contributed to the price crashes the flagship crypto suffered in June. Data from the market intelligence platform IntoTheBlock showed that these miners sold 30,000 BTC ($2 billion) throughout the month. This put significant selling pressure on Bitcoin, which caused it to drop below $60,000 at some point.

As such, the decline in selling pressure presents a bullish development for Bitcoin and could continue the bull run for the flagship crypto. Crypto Dan noted that this development has created “sufficient conditions” to continue the upward rally for Bitcoin in this third quarter of the year.

Crypto analyst Willy Woo had also previously predicted that Bitcoin’s price would recover once miners capitulate. With that out of the way, Bitcoin could enjoy an upward trend this month and make massive moves to the upside.

BTC’s Uptrend Has Begun

Crypto analyst Rekt Capital noted in a recent X (formerly Twitter) post that Bitcoin’s uptrend has begun. He claimed that the macro higher low has been confirmed, and Bitcoin is now rallying to the upside. He added that the flagship crypto is developing a macro bull flag, providing a bullish outlook for the crypto token.

In another X post, the crypto analyst remarked that the goal for Bitcoin following its strong start to July is to build a “foundation from which it will be able to springboard to the Range High area at $71,500 over time.”

Crypto analyst Michaël van de Poppe also suggested that Bitcoin’s downtrend is over and a bullish reversal was underway as the flagship crypto makes significant moves to the upside. He also mentioned that he believes that Bitcoin has bottomed out and has found support at $60,000, meaning a decline below that price level anytime soon was unlikely.

At the time of writing, Bitcoin is trading at around $62,900, down in the last 24 hours, according to data from CoinMarketCap.