Bitcoin is currently dominating the crypto market, even with the recent launch of Ethereum ETFs. Bitcoin’s market share has surpassed 53% of the total crypto market, the highest it has been in three years. This surge in Bitcoin’s dominance is surprising, especially since altcoins usually perform better than Bitcoin during bull markets.

Bitcoin’s Market Position

According to CoinGecko data, Bitcoin’s market cap stands at $1.27 trillion. In comparison, the total crypto market cap is $2.43 trillion. Ethereum, the second-largest cryptocurrency, holds 15.9% of the market, with a market cap of $389 billion. This means Bitcoin is the most dominant force in the crypto market.

Altcoins Struggle

The increase in Bitcoin dominance this year is unusual because altcoins, like Ethereum and Cardano, typically thrive in a bull market environment. Meme coins made a strong comeback during Bitcoin’s surge to all-time highs earlier this year. However, the so-called “wealth effect” was not as thoroughly enjoyed by altcoins in the middle of the pack.

ETF Flows and Market Dynamics

Meltem Demirors, former chief strategy officer at CoinShares, noted that ETF flows are fundamentally altering market dynamics. On Twitter, she wrote that BTC gains no longer cycle into altcoins and the longer tail of crypto assets. This shift in market dynamics has impacted the performance of altcoins.

Tether’s Market Cap Growth

Bitcoin’s dominance continues even as Tether (USDT), the world’s largest stablecoin and the third-largest cryptocurrency after Bitcoin and Ethereum, sees steady growth in its market cap. Stablecoins like Tether are backed by fiat currencies and are excluded from some measures of Bitcoin dominance due to their fundamentally different value models.

Ethereum Spot ETFs and Market Impact

Despite the launch of Ethereum spot ETFs last week, Bitcoin’s dominance remains strong. The launch ironically led to a sell-the-news event and net outflows from the new investment products since going live. This outcome contradicts predictions from K33 Research, which anticipated that ETFs would catalyze growth for Ethereum over the next five months.

Preparing for an Altcoin Rally

Despite the recent underperformance of altcoins, there are signs that they might be ready for a comeback soon. CryptoQuant CEO Ki Young Ju mentioned that whales are preparing for the next altcoin rally. He pointed out that limit buy orders for non-Bitcoin and Ethereum assets are increasing. A chart shared by the executive showed the cumulative buy-sell volume difference has been rising over the past several months.

Buy/Sell Orders and Market Resistance

CryptoQuant explained that the indicator measures the difference between buy and sell orders over a year. A buy/sell order is a pre-set demand to buy or sell a cryptocurrency if it reaches a certain price level, creating levels of resistance and support. If the trend is going up, it means more people are placing buy orders, showing strong interest in buying.

Bitcoin’s Market Cap and Crypto Market Comparison

Bitcoin’s market cap of $1.27 trillion significantly impacts the overall crypto market. With the total crypto market cap at $2.43 trillion, Bitcoin’s dominance highlights its strength. Ethereum, with its market cap of $389 billion, occupies 15.9% of the market, showcasing the disparity between Bitcoin and other cryptocurrencies.

Meme Coins and the Wealth Effect

Meme coins have had a notable impact on the crypto market this year. During Bitcoin’s surge to all-time highs, meme coins like Dogecoin and Shiba Inu saw significant gains. However, the wealth effect, where investors feel wealthier and spend more, was not as impactful for other altcoins like Ethereum and Cardano.

ETF Flows and Their Influence

The introduction of ETFs has changed how money flows within the crypto market. Meltem Demirors highlighted that ETF flows are altering market dynamics. Previously, gains from Bitcoin would often flow into altcoins. However, this is no longer the case, affecting the performance and growth of altcoins.

Tether’s Role in the Market

Tether (USDT) plays a crucial role in the crypto market. As the largest stablecoin, it provides stability due to its backing by fiat currencies. Tether’s growing market cap, even amidst Bitcoin’s dominance, shows the importance of stablecoins in the overall market. They offer a different value model and are excluded from certain measures of Bitcoin dominance.

The Impact of Ethereum Spot ETFs

The launch of Ethereum spot ETFs was expected to boost Ethereum’s market performance. However, the actual outcome was a sell-the-news event, leading to net outflows from the new investment products. This result was contrary to K33 Research’s predictions, which had anticipated growth for Ethereum over the next five months due to the ETFs.

Signs of an Upcoming Altcoin Rally

Despite the challenges faced by altcoins recently, there are positive signs for a potential rally. CryptoQuant CEO Ki Young Ju observed that whales are preparing for an altcoin rally. The increase in limit buy orders for non-Bitcoin and Ethereum assets indicates growing interest and potential for a resurgence in the altcoin market.

Understanding Buy/Sell Orders

Buy and sell orders play a vital role in the crypto market. A buy/sell order is a pre-set demand to buy or sell a cryptocurrency at a specific price level. These orders create levels of resistance and support, influencing market trends. CryptoQuant’s analysis showed that the cumulative buy-sell volume difference has been rising, indicating strong interest in buying.

Market Resistance and Support Levels

Resistance and support levels are critical concepts in trading. Resistance is a price level where selling pressure prevents the price from rising further, while support is a level where buying pressure prevents the price from falling further. The analysis of buy and sell orders helps identify these levels, providing insights into market trends and potential movements.

What’s Next?

Bitcoin’s dominance in the crypto market has reached a three-year high, even with the recent launch of Ethereum ETFs. Despite the stronger performance of Bitcoin, there are signs that altcoins might be poised for a rally soon. The increasing interest in non-Bitcoin and Ethereum assets, as indicated by rising limit buy orders, suggests that the altcoin market could see significant growth in the near future.

Overall, while Bitcoin remains the most dominant force in the crypto market, the dynamics are continuously changing. The impact of ETFs, the role of stablecoins like Tether, and the potential for an altcoin rally all contribute to the evolving landscape of the cryptocurrency market. As investors and analysts continue to monitor these trends, the future of Bitcoin and altcoins will be shaped by these ongoing developments.

Sen. Cynthia Lummis’ Bitcoin Bill

Senator Cynthia Lummis from Wyoming has introduced a new draft bill. This bill, known as the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024,” or the “BITCOIN Act of 2024,” could change how the United States handles Bitcoin. The bill would let U.S. states hold Bitcoin in their reserves if they choose to participate.

Details of the BITCOIN Act of 2024

The BITCOIN Act of 2024 aims to allow the United States and individual states to hold Bitcoin as part of their reserves. Bitcoin, as a decentralized and scarce digital asset, offers unique properties that complement existing national reserves like gold and petroleum. This bill could strengthen the position of the U.S. dollar in the global financial system.

Bitcoin Purchase Program

One of the key parts of the bill is the Bitcoin Purchase Program. This program will buy up to 200,000 Bitcoins each year for five years, adding up to a total of 1 million Bitcoins. The U.S. Treasury Department will be responsible for managing this program. They will publish quarterly reports on their website so the public can see how the program is going. States can also participate in storing Bitcoin holdings as part of the reserve if they follow certain security protocols.

Support and Background of Sen. Cynthia Lummis

Sen. Cynthia Lummis has been a strong supporter of Bitcoin for years. On July 27, she announced her plan to introduce this bill. Although she does not expect the bill to become law this year, it could be considered after the elections in November.

Importance of Bitcoin in U.S. Reserves

Lummis believes that establishing a strategic Bitcoin reserve will bolster the U.S. dollar with a digital hard asset, securing the nation’s standing as a global financial leader for years to come. The United States already holds reserves in assets like gold and petroleum, so adding Bitcoin could further strengthen the national reserves.

Adjustments to Gold Certificates

The draft bill also includes changes related to gold certificates. Within six months of the bill’s enactment, Federal Reserve Banks must tender all outstanding gold certificates to the Secretary of the Treasury. Then, within 90 days of receiving the last certificate, the Secretary will issue new gold certificates that reflect the fair market value of the gold held against them. This ensures that the value of gold in the reserves is accurately represented.

Crypto Industry and the 2024 Elections

Cryptocurrency is becoming a significant topic in the lead-up to the 2024 elections. GOP presidential candidate Donald Trump has promised to end what he calls an “unlawful and un-American crackdown” on the U.S. crypto industry. Meanwhile, Vice President Kamala Harris’s campaign team has started asking questions about the cryptocurrency industry. This shows that both parties are paying attention to the growing importance of crypto.

How States Can Participate

States can choose to participate in the Bitcoin reserve program voluntarily. To do so, they must adhere to specific requirements, including stringent security protocols to protect the Bitcoin holdings. This gives states the flexibility to decide whether they want to include Bitcoin in their reserves, based on their own financial strategies and needs.

Impact on the Global Financial System

Including Bitcoin in the U.S. national reserves could have a significant impact on the global financial system. Bitcoin’s unique properties as a decentralized and scarce digital asset could provide additional stability and strength to the U.S. dollar. This move could position the United States as a leader in the adoption of digital assets, influencing other countries to consider similar strategies.

Sen. Cynthia Lummis’ BITCOIN Act of 2024 represents a bold step towards integrating Bitcoin into the U.S. financial system. By allowing states to hold Bitcoin in their reserves and establishing a national Bitcoin reserve, the bill aims to strengthen the U.S. dollar and secure America’s position as a global financial leader. With the growing importance of cryptocurrency in the political landscape, this bill could pave the way for significant changes in how digital assets are viewed and used in national financial strategies.

Overall, the BITCOIN Act of 2024 highlights the potential benefits of Bitcoin as a strategic reserve asset and sets the stage for further discussions and developments in the integration of digital assets into national reserves. As the political and financial landscapes continue to evolve, the role of Bitcoin and other cryptocurrencies in national and global economies will likely become even more prominent.

Mt.Gox Creditors Reclaim 59,000 Bitcoin Via Exchanges

After more than ten years of waiting, creditors of the now-defunct Mt. Gox Bitcoin (BTC) exchange are finally receiving their long-awaited payouts. Data from research firm Glassnode shows that, as of Tuesday, 59,000 of Mt. Gox’s 142,000 BTC have been distributed to creditors through the Kraken and Bitstamp exchanges. Another 79,600 BTC will be distributed soon.

Recovered Bitcoin Distribution

Glassnode’s recent report states that the total recovered coin volume from Mt. Gox amounts to over 141,686 BTC. Out of this, nearly 59,000 BTC have already been given to creditors, with the remaining amount awaiting distribution. Kraken has received 49,000 BTC, while Bitstamp has been entrusted with an initial tranche of 10,000 BTC. These two exchanges are among the five designated to manage and distribute these funds.

Selling Pressure and Market Impact

Glassnode noted that the size of these distributions is already larger than recent significant cryptocurrency transactions, including crypto ETF inflows, issuance to miners, and the massive selling pressure experienced by the German government between June and July. However, many creditors opted to receive BTC instead of fiat currency. This choice, made possible under Japanese bankruptcy law, indicates that many creditors remain active in the Bitcoin space despite the lengthy legal process.

Long-Term Holding Strategy

Glassnode’s analysis suggests that only a portion of the distributed coins will be sold on the market. This indicates a long-term holding strategy among creditors, which could support BTC’s price rather than causing it to decline. The spot cumulative volume delta (CVD) metric on Kraken and Bitstamp shows only a slight increase in sell-side pressure, further suggesting that creditors might hold onto their BTC for the long term.

Long-Term Bitcoin Holders and Market Trends

The price of Bitcoin has rebounded by nearly 25% after hitting a six-month low of $53,500 on July 5. This recovery is partly due to long-term holders of Bitcoin going on a buying spree. According to market expert Ali Martinez, these investors have added over 110,000 BTC to their portfolios.

Bitcoin ETF Market Inflows

The Bitcoin ETF market has also seen positive trends, contributing to BTC’s price recovery. Data from SoSo Value shows that Bitcoin ETFs in the US saw a total of $124 million in new inflows on a recent Monday. However, Grayscale’s GBTC ETF experienced outflows of about $54 million, while BlackRock’s IBIT ETF had the highest inflows for the day at $206 million.

Bitcoin Price Consolidation

These factors have helped BTC’s price consolidate between $65,000 and $68,000 over the past few days, with potential to retest the all-time high of $73,500 reached in March this year. Currently, Bitcoin is trading at $66,000, down 2.5% over the past 24 hours and 1.5% over the past week.

Analysis of the Spot Cumulative Volume Delta (CVD) Metric

The spot cumulative volume delta (CVD) metric on Kraken and Bitstamp is a crucial indicator of market trends. It shows that there is only a marginal increase in sell-side pressure, which means creditors may prefer to hold their BTC for the long term rather than selling it immediately. This trend supports Bitcoin’s price stability and suggests a positive outlook for the cryptocurrency market.

Impact of Japanese Bankruptcy Law

Under Japanese bankruptcy law, creditors of Mt. Gox had the option to receive their payouts in Bitcoin rather than fiat currency. This new option was chosen by many creditors, indicating their continued interest in the Bitcoin market. This choice supports the idea that creditors are likely to hold their BTC for the long term, which can help stabilize the price of Bitcoin.

Comparison with Other Significant Transactions

The distribution of BTC from Mt. Gox is significant compared to other large transactions in the cryptocurrency market. For instance, it surpasses recent crypto ETF inflows and the selling pressure from the German government. This highlights the importance of this event in the broader context of the cryptocurrency market.

Long-Term Holding Strategy Among Creditors

Many Mt. Gox creditors appear to have a long-term holding strategy for their BTC. This is evident from the limited sell-side pressure observed in the market. By holding onto their BTC, creditors are contributing to the stability and potential growth of Bitcoin’s price. This behavior aligns with the actions of other long-term Bitcoin holders who have been accumulating BTC during price dips.

Bitcoin Market Trends and Predictions

The Bitcoin market has experienced significant fluctuations over the past year. However, the recent distribution of BTC from Mt. Gox, combined with the actions of long-term holders and positive ETF market trends, suggests a promising future for Bitcoin. Experts predict that BTC could potentially retest its all-time high of $73,500, driven by continued positive market sentiment and increased adoption.

Role of Kraken and Bitstamp

Kraken and Bitstamp have played a crucial role in managing and distributing the recovered BTC from Mt. Gox. Their involvement ensures that the distribution process is smooth and secure, providing confidence to creditors and the broader cryptocurrency market. These exchanges are among the top five designated for this task, highlighting their significance in the crypto ecosystem.

Future Distribution of Remaining BTC

With nearly 79,600 BTC still to be distributed, the market is closely watching the next steps in the Mt. Gox payout process. The distribution of these remaining coins will likely follow a similar pattern, with a focus on stability and minimizing market impact. Creditors and market participants alike are keen to see how this will unfold and its potential effects on Bitcoin’s price.

Bitcoin’s Price Support from Long-Term Holders

Long-term Bitcoin holders have been a significant factor in supporting BTC’s price. Their buying spree, which added over 110,000 BTC to their portfolios, demonstrates strong confidence in Bitcoin’s future. This behavior is crucial in maintaining price stability and encouraging new investors to enter the market.

Positive Trends in the Bitcoin ETF Market

The Bitcoin ETF market has seen notable inflows, which have positively impacted BTC’s price. Despite some outflows from Grayscale’s GBTC ETF, overall trends are encouraging. BlackRock’s IBIT ETF, for example, recorded substantial inflows, reflecting growing institutional interest in Bitcoin.

Bitcoin’s Price Consolidation and Future Prospects

Bitcoin’s price consolidation between $65,000 and $68,000 indicates a period of stability and potential growth. With the possibility of retesting the all-time high of $73,500, market participants are optimistic about BTC’s future. Continued positive trends and the strategic actions of long-term holders are likely to support this growth.

The distribution of Bitcoin from the defunct Mt. Gox exchange marks a significant event in the cryptocurrency market. The involvement of Kraken and Bitstamp in managing and distributing these funds, coupled with the long-term holding strategies of creditors, supports Bitcoin’s price stability. Positive trends in the Bitcoin ETF market further enhance the outlook for BTC. As the remaining BTC is distributed, the market will continue to watch closely, anticipating future developments and potential growth for the largest cryptocurrency.

The SEC has retracted its request for a court ruling to classify tokens such as Solana, Cardano, Polygon, and others as securities.

The SEC’s Change of Heart

The United States Securities and Exchange Commission (SEC) is no longer asking a court to decide and deem the tokens named in its lawsuit against the crypto exchange Binance as securities. On July 30, 2024, the SEC filed a response to the court’s minute order from July 9, 2024. In this filing, the SEC stated it seeks to amend its complaint regarding the “Third Party Crypto Asset Securities” mentioned in its opposition to Binance’s motion to dismiss.

Why the SEC Changed Its Request

According to the SEC, this change removes the need to “issue a ruling as to the sufficiency of the allegations as to those tokens at this time.” This means the government agency no longer asks the court to decide whether the affected tokens are securities.

Which Tokens are Affected?

In its suit against Binance, the SEC claimed several tokens were securities. The list includes:

• Binance Coin (BNB)
• Binance USD (BUSD)
• Solana (SOL)
• Cardano (ADA)
• Polygon (MATIC)
• Cosmos (ATOM)
• The Sandbox (SAND)
• Decentraland (MANA)
• Axie Infinity (AXS)
• Coti (COTI)

These tokens are part of a larger list that the SEC believes to be securities. In June 2023, the SEC claimed at least 68 tokens were securities, impacting more than $100 billion worth of cryptocurrencies in the market.

Political Support for Crypto

On the other side of the political spectrum, views on crypto are also beginning to shift. On July 27, Democratic Party members of the US House of Representatives signed a letter calling for the party to take a “forward-looking approach” to blockchain and digital assets. In response to the letter, advisers of presidential candidate and incumbent Vice President Kamala Harris contacted crypto companies to repair the party’s ties to the crypto industry.

The SEC v. Binance Case

The case SEC v. Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao (Case No. 1-23-cv-01599-ABJ) is being deliberated in the United States District Court for the District of Columbia. The SEC and the defendants submitted a joint response following a Minute Order issued by the court on July 9, 2024. This response details the respective positions of the parties regarding the SEC’s proposed amendments to the complaint and the scheduling of related motions and discovery.

The SEC’s Proposal

The SEC’s proposal outlines its intention to seek leave to amend its complaint, particularly regarding the “Third Party Crypto Asset Securities,” thus avoiding the need for an immediate court ruling on those allegations. The SEC proposes a detailed schedule for the submission and response to the motion to amend. The SEC also requests that discovery commence on the claims that have already been upheld by the court, arguing that these claims are independent of any new allegations in the proposed amended complaint.

The Defendants’ Opposition

The defendants, including BAM Management US Holdings Inc., BAM Trading Services Inc., Binance Holdings Limited, and Changpeng Zhao, oppose the immediate commencement of discovery. They argue that discovery should not begin until they have reviewed the SEC’s proposed amended complaint. The defendants propose a similar schedule for briefing and responding to the motion to amend but insist on deferring discovery discussions until after the SEC files its amended complaint.

SEC’s Argument for Immediate Discovery

The SEC emphasizes that the court has already sustained several of its claims, and therefore, it is reasonable to begin discovery on those claims immediately. The SEC argues that waiting for the amended complaint to initiate discovery would unnecessarily delay the proceedings. The SEC suggests that any additional discovery required for new allegations can be addressed later if those allegations survive further motions.

Defendants’ Counterarguments

The defendants counter that they were only informed about the SEC’s intention to amend the complaint late in the process. They argue that it is premature to start discovery without knowing the specifics of the SEC’s proposed amendments. The defendants’ proposal includes meeting and conferring to discuss the discovery plan after the SEC files its motion to amend, ensuring a more informed and efficient process.

The Court’s Decision

The court is asked to consider these competing proposals and decide on the appropriate schedule for amending the complaint, subsequent motions, and the commencement of discovery. Both parties aim to ensure a fair and efficient resolution of the case, but they differ on the timing and sequence of these critical procedural steps.

In summary, the case involves the SEC seeking to amend its complaint against Binance and its associated entities, with both parties proposing different timelines for motions and discovery. The SEC wants immediate discovery on upheld claims, while the defendants want to review the amended complaint before starting discovery. The court’s decision on these proposals will shape the next phase of the litigation.

The Bigger Picture

The SEC’s decision to back down from claiming certain tokens as securities is part of a larger debate about how cryptocurrencies should be regulated. This issue affects not just the tokens named in the Binance suit, but the entire crypto market. The SEC has been trying to classify many tokens as securities to bring them under its regulatory framework. However, this approach has faced significant pushback from the crypto industry, which argues that such regulation would stifle innovation and harm the market.

Impact on the Crypto Market

The SEC’s lawsuit against Binance and its stance on various tokens being securities have caused uncertainty in the crypto market. Investors and companies are closely watching the case to see how it will affect the classification of tokens and the broader regulatory environment. The SEC’s change in approach might ease some of this uncertainty, but the issue is far from resolved.

Future of Crypto Regulation

The future of crypto regulation in the US is still up in the air. With presidential candidates showing different levels of support for the crypto industry, the outcome of the next election could significantly influence how cryptocurrencies are regulated. The SEC’s actions, court decisions, and political developments will all play crucial roles in shaping the future of the crypto market.

Key Takeaways

• The SEC has retracted its request for a court ruling to classify certain tokens, including Solana (SOL), Cardano (ADA), and Polygon (MATIC), as securities.
• The SEC’s lawsuit against Binance is ongoing, with both parties proposing different schedules for amending the complaint and starting discovery.
• Presidential candidates are showing increased interest in the crypto industry, with some pledging to change current regulatory approaches.
• The future of crypto regulation in the US remains uncertain, influenced by legal, political, and market developments.

This article covered the SEC’s change in approach regarding the classification of certain crypto tokens, the ongoing lawsuit against Binance, and the broader context of crypto regulation in the US. It also highlighted the political dynamics that could shape the future of the crypto industry. As the case unfolds and the political landscape evolves, the crypto community will be watching closely to see how these developments impact the market and regulatory environment.

US Government Moves $2 Billion in Silk Road Bitcoin

US Government Transfers Seized Bitcoin

The United States government recently moved over $2 billion worth of Bitcoin that was connected to the Silk Road dark web marketplace. According to on-chain data shared by Arkham Intelligence, this large transfer involved Bitcoin that the government had seized from criminals. The Silk Road was an online black market where people bought illegal drugs before it was shut down in 2014. The Bitcoin used on this site was confiscated by the authorities.

Trump’s Pledge on Seized Bitcoin

This move comes just days after former President Donald Trump made a significant promise about Bitcoin. At Bitcoin 2024 in Nashville, Trump, who is running for president again, said he would create a national “strategic Bitcoin stockpile” if elected. He also promised that the government would keep all the seized Bitcoin and not sell it. This announcement was meant to show his support for the cryptocurrency community.

Impact on Bitcoin Prices

The news of the government’s Bitcoin move caused some concern among investors. The price of Bitcoin, the biggest digital coin by market cap, dropped by more than 2% within an hour of the news. On Monday morning, Bitcoin’s price briefly touched $70,000 per coin but fell to $66,845 later. This price is below its all-time high of $69,044, which it reached in 2021.

Reactions from the Crypto Community

The crypto community on Twitter, also known as X, had strong reactions to the news. Mike Novogratz, a crypto entrepreneur and the head of Galaxy Digital, criticized the timing of the move. He tweeted, “Tone deaf anyone??? Moving Silk Road BTC two days after Trump’s pledge to not move them is just dumb!!!!” His tweet shows the frustration felt by many in the community.

Expert Opinions on the Move

Not everyone believes the move is cause for alarm. Adam Cochran, a venture capitalist, reminded people that the U.S. Marshals Service (USMS) recently awarded a contract to Coinbase Prime to manage and dispose of large-cap cryptocurrency assets. This means the transfer might not indicate an intent to sell the Bitcoin. He pointed out that people often panic when large amounts of Bitcoin move, even if there’s no reason to worry.

Historical Context of Seized Bitcoin

The U.S. government and other authorities around the world sometimes move seized Bitcoin between wallets or custodians. These moves do not always mean that the Bitcoin will be sold. However, when the government does sell seized Bitcoin, it can impact the market. For example, last month, the German government moved Bitcoin to crypto exchanges, causing a price drop before it eventually recovered.

The Significance of the Silk Road Bitcoin

The Bitcoin moved by the U.S. government this time was connected to the Silk Road, a notorious dark web marketplace. The Silk Road was a major online black market, mainly used for selling illegal drugs. Authorities shut it down in 2014, and the Bitcoin used on the site was seized. The government still holds Bitcoin from these seizures and sometimes moves it around for various reasons.

Future of Government-Held Bitcoin

It is still unclear whether the U.S. government plans to sell the recently transferred Bitcoin. We reached out to the U.S. Department of Justice for a comment but did not receive an immediate response. The authorities have a history of holding onto seized Bitcoin and moving it between wallets or custodians without selling it. This strategy helps manage the large amounts of cryptocurrency the government has taken from criminals.

Market Reactions to Large Bitcoin Moves

Big moves of Bitcoin by the government or other large holders often affect the market. When significant amounts of Bitcoin are transferred, investors can become nervous, leading to price drops. This reaction is common because people worry that the Bitcoin might be sold, flooding the market and reducing prices. However, experts like Adam Cochran advise against panicking every time there is a large transfer.

The Role of Coinbase Prime

The recent contract between the U.S. Marshals Service and Coinbase Prime is important to consider. Coinbase Prime is a major player in the cryptocurrency market, known for managing large amounts of digital assets. This contract means that Coinbase Prime will handle the government’s large-cap cryptocurrency assets, including Bitcoin. The transfer to Coinbase Prime’s management could be a routine move, not necessarily an indication of an impending sale.

The Future of Bitcoin Under Trump’s Plan

If Donald Trump is elected and follows through on his promise, the U.S. government would stop selling seized Bitcoin and instead create a strategic stockpile. This plan could have significant implications for the cryptocurrency market. By keeping all seized Bitcoin, the government could potentially influence Bitcoin’s price and market dynamics. Investors and the crypto community are closely watching these developments.

Global Impact of Government Bitcoin Moves

The U.S. is not the only country that moves large amounts of Bitcoin. Governments around the world have seized Bitcoin from criminal activities and sometimes transfer it between wallets or sell it. These moves can impact the global cryptocurrency market. For instance, when the German government moved Bitcoin to exchanges, it caused a temporary price drop. Such events highlight the influence of government actions on the crypto market.

Understanding Bitcoin Seizures

Bitcoin seizures by governments usually occur when authorities shut down illegal activities involving the cryptocurrency. The Silk Road is one of the most well-known cases where a significant amount of Bitcoin was seized. The government has since held onto this Bitcoin and occasionally moves it for management purposes. These actions are closely monitored by the crypto community and can lead to market reactions.

The recent move of $2 billion in Silk Road Bitcoin by the U.S. government has sparked discussions and concerns in the crypto community. While some see it as a routine transfer, others worry about its potential impact on the market. With former President Donald Trump’s promise to create a strategic Bitcoin stockpile, the future of seized Bitcoin in the U.S. remains an important topic for investors and crypto enthusiasts. As governments continue to manage their seized cryptocurrency assets, the market will likely remain sensitive to these significant moves.

Record $39.4B Bitcoin Open Interest Suggests Imminent Price Breakout

Bitcoin’s open interest has hit a record high of $39.4 billion, suggesting a possible price breakout. Open interest is used to measure the interest and liquidity in an asset. For Bitcoin, this rise in open interest could mean a significant price move soon.

Bitcoin Futures Open Interest Hits All-Time High

Bitcoin futures’ open interest has reached a new all-time high of $39.46 billion. This high level of open interest shows that more investors are interested in Bitcoin than ever before. The previous record was $39.03 billion, set on March 29, 2024, according to CoinGlass data.

Understanding Bitcoin Open Interest

Open interest is a metric that tracks the total number of open positions in Bitcoin. It helps traders understand how much interest and liquidity there is in the market. The current peak of $39.46 billion shows that investors are very interested in Bitcoin right now, which could lead to a price breakout.

Bitcoin Breakout Could Be Imminent

The new high in open interest, combined with other factors, suggests that Bitcoin’s price might soon reach new all-time highs. Short-term holders and BTC dominance are two key indicators that point towards a possible breakout.

Short-Term Holders in Profit

As of July 24, over 75% of Bitcoin’s short-term holders were in profit. This could lead to more buying pressure on Bitcoin, as short-term holders are often seen as a sign of retail demand for the cryptocurrency.

BTC Dominance Growing

Bitcoin’s dominance in the crypto market is growing. This means Bitcoin is taking up a larger share of the total market capitalization. According to Benjamin Cowen, CEO and Founder of Into The CryptoVerse, this increasing dominance suggests Bitcoin could rise even higher.

Can Bitcoin Price Breach $71,500 Next?

Bitcoin’s next major target is $71,500, according to popular crypto analyst Rekt Capital. Bitcoin’s price is currently 5.8% down from its all-time high of over $73,750, recorded on March 14. Whether Bitcoin can reach this new target will depend on several factors.

US Spot Bitcoin ETFs and Price Action

One of the key factors influencing Bitcoin’s price is the inflows into US-based spot Bitcoin exchange-traded funds (ETFs). Last week, these ETFs saw $795 million worth of net inflows. This was the fourth week in a row of positive inflows, according to Dune data.

Historical Bitcoin Open Interest and Price Movements

Historically, high levels of open interest have often been followed by significant price movements in Bitcoin. When open interest is high, it shows that many investors are actively trading Bitcoin. This can lead to increased volatility and larger price swings.

Increased Investor Demand for Bitcoin

The current record level of open interest indicates that investor demand for Bitcoin is very high. More investors are getting involved in the Bitcoin market, which can drive the price up. High investor demand is a strong sign that Bitcoin’s price could break out soon.

Liquidity and Market Capitalization

Liquidity is crucial for any asset, including Bitcoin. High liquidity means that Bitcoin can be bought and sold quickly without causing large price changes. The current high level of open interest suggests that Bitcoin’s liquidity is strong, which can support a price breakout. Additionally, Bitcoin’s growing market capitalization shows that it is becoming more valuable and more important in the overall crypto market.

What this means

Tthe record $39.4 billion Bitcoin open interest suggests that a price breakout could be imminent. The high level of open interest, combined with factors like short-term holders in profit and growing BTC dominance, points towards a possible price rise. Bitcoin’s next target is $71,500, and the inflows into US spot Bitcoin ETFs will play a significant role in determining whether Bitcoin can reach this target. With increased investor demand and strong liquidity, Bitcoin’s price could be set for a major move soon.

Bitcoin Above $69,000 as Inflation Shows Signs of Easing Ahead of Fed Meeting

Bitcoin prices have surged above $69,000 as inflation shows signs of easing. This change comes just before an important meeting of the Federal Reserve, where decisions on interest rates could impact the crypto market.

Inflation and Federal Reserve Decisions

U.S. prices rose slightly in June, suggesting that inflation is cooling down. This could allow the Federal Reserve to cut interest rates in September. Lower interest rates often lead to higher prices for risk assets, including Bitcoin and other cryptocurrencies.

The Commerce Department reported that consumer spending slowed a bit last month. This, combined with easing price pressures and a cooling labor market, may boost the Federal Reserve’s confidence. They aim to bring inflation down to their target of 2%.

The price index of personal consumption expenditures, the Fed’s preferred measure of inflation, rose by 0.1% last month after being unchanged in May. Compared to last year, it increased by 2.5%.

Impact on Bitcoin and Crypto Prices

A cut in interest rates could help lift crypto prices as borrowing becomes cheaper for investors. Some analysts predict Bitcoin could reach as high as $100,000 this year. Currently, Bitcoin is trading at $69,200 according to CoinGecko data.

The Fed’s next policy meeting is set for July 30-31. The CME’s FedWatch tool, which looks at Fed funds data from derivatives traders, shows a 95.5% chance of no rate cuts this month. However, the probability of a 25 basis point cut in September is above 85%, with a 14% chance of an even larger cut.

Political Influences

Earlier this month, former President Donald Trump warned Fed Chairman Jerome Powell against politicizing interest rates ahead of the U.S. election. Trump believes that cutting rates before the election could boost voter confidence in the economy and help the Democrats retain the White House.

Trump previously stated that the central bank might cut interest rates before the election but added that “it’s something they know they shouldn’t be doing.” He also said he wouldn’t remove Powell from his job before his term ended, provided he was “doing the right thing.”

Bitcoin and U.S. Politics

The upcoming U.S. election is placing additional pressure on the Federal Reserve to remain impartial. However, Bitcoin might benefit from a change in leadership in Washington, D.C. Some experts believe that Bitcoin’s price will closely follow the likelihood of Trump being re-elected.

Rich Rosenblum, co-founder of trading firm GSR, tweeted that “Bitcoin will spend the next four months highly correlated to the probability that Trump is elected.”

At the Bitcoin 2024 conference in Nashville, Trump spoke to a crowd of 20,000 people. He promised to build a “strategic Bitcoin stockpile” and vowed to keep 100% of the Bitcoin the U.S. government currently holds or acquires on home soil.

Despite Trump’s speech having little immediate impact on Bitcoin’s price, his crypto policy promises have made it difficult for Vice President Kamala Harris to counter. Rosenblum tweeted that Harris’ policy lacks any focus on the Securities and Exchange Commission and government-held Bitcoin.

Bitcoin Nears All-Time High

Bitcoin has been pushing toward the $70,000 mark, coming within 6% of its all-time high. On July 29, Bitcoin posted a seven-week high, reaching $69,775 during Asia trading hours. This is the highest Bitcoin has traded since June 13, when it hit $70,000 but faced resistance and retreated.

Analyst “Titan of Crypto” told his 86,000 followers on social media that Bitcoin at $110,000 “is programmed” as the asset is “breaking out from the handle” of a cup and handle chart pattern.

Positive Sentiment in the Crypto Market

Recent positive sentiment around Bitcoin has been driven by two U.S. presidential candidates and a prominent Republican senator at the Bitcoin 2024 conference. Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis spoke about establishing a strategic Bitcoin reserve for the U.S. Meanwhile, former President Donald Trump said the government wouldn’t sell any more Bitcoin if he got elected. This could create a lot of buying pressure and a potential supply shock to Bitcoin markets.

Inflation and Interest Rates

The Personal Consumption Expenditures index rose just 0.1% in June, increasing confidence in an interest rate cut in September as inflation comes under control. The Federal Reserve will meet on July 31, and another rate decision is expected. However, the market expects the Fed to keep rates unchanged. The CME Group predicts a 95.9% chance that rates will remain at 5.25% to 5.5%.

Future of Bitcoin Prices

Signals are strengthening for a rate cut in September, with the odds at 85.8% for a cut to 5.0% to 5.25%. This would be the first reduction since March 2020. If this happens, it could provide a significant boost to Bitcoin prices.

Bitcoin’s recent performance and the potential for lower interest rates create an optimistic outlook for the cryptocurrency market. Investors are keeping a close eye on the Federal Reserve’s actions and political developments in the U.S., as these factors will likely influence Bitcoin’s future price movements.

With inflation showing signs of easing and the possibility of interest rate cuts, the crypto market may see increased investment and higher prices in the coming months. The connection between Bitcoin’s price and political events highlights the growing importance of cryptocurrency in the global financial landscape. As we approach the U.S. presidential election, Bitcoin’s performance will be closely watched by investors and policymakers alike.

Bitcoin’s rise above $69,000 amidst easing inflation and potential interest rate cuts presents a promising scenario for the crypto market. The Federal Reserve’s upcoming decisions and the political landscape will play a crucial role in shaping the future of Bitcoin and other cryptocurrencies. Investors should stay informed and be prepared for potential shifts in the market as these events unfold.

BTC Price Gains Fail to Materialize Despite Trump and Others Promising a Giant Bitcoin Reserve

Bitcoin’s price did not see significant gains on July 28, even after United States presidential candidates, including Donald Trump, promised to build a massive Bitcoin strategic reserve if elected.

Price Stabilizing After Flash Volatility

Bitcoin’s price was stabilizing after experiencing flash volatility during the Bitcoin 2024 conference. Many had anticipated a price surge before the event. Two presidential candidates, Donald Trump and Robert F. Kennedy Jr., both announced plans to build a strategic Bitcoin reserve of at least 200,000 BTC. However, this announcement did not have the expected impact on the market.

Experts Weigh In on Bitcoin Reserve Plans

Charles Edwards, the founder of Capriole Investments, reacted to these announcements on social media platform X, previously known as Twitter. He mentioned there was a 65% chance of a US strategic reserve for Bitcoin and that it could still be bought for under $70,000. Edwards referenced Trump’s election odds while discussing this.

Popular trader Daan Crypto Trades suggested that the lack of immediate market response could be due to timing. In his analysis of Trump and others’ speeches, he noted that people might be surprised and confused by the timeline. He stated that the strategic reserve commitments were “heavily underpricing” the actual impact. Even if no new coins are bought, just holding the seized coins would remove a significant supply from the market, easing sell-side pressure.

Bitcoin Monthly Close in Focus

As the buzz from the conference died down, Bitcoin traders turned their attention to the upcoming weekly and monthly closes. The previous candle finish was nearly $68,200, leaving uncertainty about whether the week would end in losses or gains.

Trader MegaWhale Crypto analyzed Bitcoin’s relative strength index (RSI) and hoped for an upward continuation. He explained that Bitcoin’s weekly RSI had broken upward, which was a positive sign. However, for the breakout to be validated, the RSI needed to stay above the diagonal down trending resistance until the weekly close.

Keith Alan, co-founder of Material Indicators, was more cautious. He pointed out that Bitcoin was still facing rejection from key resistance levels. Data from CoinGlass showed that BTC/USD was up 7.8% in July, canceling out losses from June.

Political Strategies and Crypto Industry Dynamics

As the 2024 election approaches, the relationship between political strategies and the crypto industry is becoming more significant. The Harris campaign, for instance, aims to repair the Democratic Party’s ties with the crypto sector. Kamala Harris’s advisers have reached out to top crypto companies to reset strained relationships.

Harris Campaign’s Outreach to Crypto Companies

According to the Financial Times, members of Harris’s team have contacted individuals connected to major crypto companies, including Coinbase, Circle, and Ripple Labs. The goal is to foster a constructive dialogue and establish a regulatory framework that supports industry growth. This outreach is crucial as the crypto industry has shown increasing support for her rival, Donald Trump.

Rethinking Stance on Digital Assets

The Harris campaign’s outreach is part of a broader effort to reshape the perception of the Democratic Party among business leaders. This initiative aims to counter the notion that Democrats are anti-business, a sentiment that has grown amid the Biden administration’s antitrust actions against tech companies. The campaign is focused on building a positive relationship that can pave the way for sensible regulatory frameworks.

Crypto’s Emerging Role in US Politics

Donald Trump, who once expressed skepticism towards cryptocurrencies, has recently become a strong advocate for the sector. He delivered a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, highlighting his support for the industry. This shift has garnered him substantial backing from the crypto community, making the sector an important source of funding for his campaign.

Pro-Crypto Super PAC Fairshake

The pro-crypto super PAC Fairshake has raised over $200 million from prominent backers, including Coinbase, Ripple, and venture capital firm Andreessen Horowitz. Meanwhile, Trump’s reelection campaign has received approximately $3 million in cryptocurrency donations since he announced it would accept digital asset contributions.

The Impact of a US Bitcoin Strategic Reserve

The idea of a US Bitcoin strategic reserve has significant implications for the global crypto market. If either Trump or Robert F. Kennedy Jr. implements their plans, it could influence Bitcoin’s supply and price dynamics. Charles Edwards and Daan Crypto Trades have both commented on the potential market impact, noting that the strategic reserve commitments could ease sell-side pressure and support Bitcoin’s price.

Weekly and Monthly Bitcoin Price Movements

Bitcoin traders are closely monitoring weekly and monthly price movements. The relative strength index (RSI) trends are crucial indicators for predicting price directions. MegaWhale Crypto and Keith Alan have provided their analyses, highlighting key resistance levels and potential upward trends.

Anticipation of Price Surge

Despite the anticipation of a price surge before the Bitcoin 2024 conference, the market’s response was muted. The promises from Donald Trump and Robert F. Kennedy Jr. did not lead to the expected gains. Experts believe that the strategic reserve commitments were already priced in to some extent, but the timing and market sentiment played significant roles.

Future of Bitcoin Regulation

The future of Bitcoin regulation is a critical topic as the 2024 election approaches. Both Trump and Harris are focusing on different aspects of the crypto industry. Trump’s support has attracted significant funding from the crypto community, while Harris aims to establish a regulatory framework that balances industry growth with sensible oversight.

Building a Strategic Bitcoin Reserve

The proposal to build a strategic Bitcoin reserve is a bold move by US presidential candidates. Such a reserve could have far-reaching effects on Bitcoin’s market stability and price. The idea is to create a reserve of at least 200,000 BTC, which would significantly reduce the available supply and potentially drive up prices.

Market Reactions and Future Predictions

Market reactions to political statements about Bitcoin have been mixed. While some traders expected a price surge, others were cautious about the timing and impact. Analysts like Charles Edwards and Daan Crypto Trades have provided insights into the potential effects of a strategic Bitcoin reserve on the market.

Key Resistance Levels and RSI Trends

Understanding key resistance levels and RSI trends is essential for predicting Bitcoin’s price movements. MegaWhale Crypto and Keith Alan have highlighted these factors in their analyses, providing valuable insights for traders. The focus is on whether Bitcoin can sustain its upward trend and break through key resistance levels.

Political Influence on Crypto Markets

The influence of political strategies on crypto markets is becoming more apparent. The Harris campaign’s outreach to the crypto industry and Trump’s support for Bitcoin are significant developments. These political moves could shape the future of Bitcoin regulation and market dynamics.

Crypto Donations and Campaign Funding

Crypto donations are playing an increasingly important role in campaign funding. The pro-crypto super PAC Fairshake has raised substantial funds, supporting Trump’s campaign. This trend highlights the growing influence of the crypto industry in US politics.

Sensible Regulatory Frameworks

Establishing sensible regulatory frameworks is a priority for the Harris campaign. The goal is to foster a positive relationship with the crypto industry and support its growth. This approach contrasts with the Biden administration’s perceived hostility towards digital assets.

Conclusion

The 2024 election will significantly impact the future of Bitcoin and the crypto industry. Political strategies, market dynamics, and regulatory frameworks are all key factors to watch. The promises of a strategic Bitcoin reserve and the outreach to the crypto industry highlight the growing importance of digital assets in US politics. As the election approaches, the interplay between political decisions and market reactions will continue to shape the landscape for Bitcoin and other cryptocurrencies.

University of Wyoming

The University of Wyoming (UW) has made history by launching the first academic institute dedicated to Bitcoin studies. Named the UW Bitcoin Research Institute, this new center aims to provide high-quality Bitcoin research to academics, journalists, policymakers, and the public.

Introduction to the Bitcoin Research Institute

The UW Bitcoin Research Institute will focus on improving the quality of Bitcoin research. It will create new faculty positions, offer incentives for good academic research on Bitcoin, and encourage young scholars to take on Bitcoin research projects. The institute will also host workshops on Bitcoin-related papers and books.

Leadership and Announcement

Dr. Bradley Rettler, an Associate Professor of Philosophy at UW and author of the book Resistance Money: A Philosophical Case for Bitcoin, has been appointed as the inaugural director of the institute. Dr. Rettler announced this exciting news at the Bitcoin 2024 Conference in Nashville.

Goals of the Institute

The main goal of the UW Bitcoin Research Institute is to raise the standards of Bitcoin research. Currently, the quality of academic Bitcoin research is not very high. The institute wants to change this by producing more accurate and thorough studies on Bitcoin. This will help ensure that high-quality, evidence-based research is available to everyone.

Creating Faculty Positions

The institute plans to create new faculty positions specifically for Bitcoin research. This will bring in more experts who can contribute to the growing body of knowledge on Bitcoin.

Incentivizing Academic Research

To encourage good academic research on Bitcoin, the institute will offer incentives. This means that scholars who produce high-quality research will be rewarded for their efforts.

Encouraging Young Scholars

The institute also aims to encourage young scholars to pursue research projects on Bitcoin. By offering support and resources, the institute hopes to inspire the next generation of Bitcoin researchers.

Hosting Workshops

Workshops will be a key part of the institute’s activities. These workshops will focus on discussing Bitcoin-related papers and books, providing a platform for researchers to share their findings and ideas.

Collaboration and Interdisciplinary Research

The University of Wyoming is well-positioned to lead this initiative because of its strong interdisciplinary academic collaboration. The UW Bitcoin Research Institute will work with various departments within the university, including the philosophy and economics departments, the School of Computing, and the Center for Blockchain and Digital Innovation.

Philosophy and Economics Departments

By collaborating with the philosophy and economics departments, the institute will be able to explore the ethical and economic implications of Bitcoin. This will lead to a deeper understanding of how Bitcoin can impact society.

School of Computing

The School of Computing will provide technical expertise on Bitcoin and blockchain technology. This will help the institute produce high-quality, technical research on Bitcoin.

Center for Blockchain and Digital Innovation

The Center for Blockchain and Digital Innovation will play a crucial role in the institute’s research activities. By working together, the institute and the center will be able to advance the study of Bitcoin and other digital currencies.

Strategic Positioning

The University of Wyoming is strategically positioned to lead this initiative for several reasons. Firstly, it has strong interdisciplinary academic collaboration. Secondly, it is close to renewable energy sources, which are important for Bitcoin mining. Thirdly, it has a supportive legislative and regulatory environment.

Renewable Energy Sources

Wyoming is home to abundant renewable energy sources, which are crucial for Bitcoin mining. By using renewable energy, the institute can conduct research on sustainable Bitcoin mining practices.

Supportive Legislative Environment

Wyoming has a supportive legislative and regulatory environment for cryptocurrency research. This makes it an ideal place for the UW Bitcoin Research Institute to operate and thrive.

Donations and Support

Those interested in supporting the UW Bitcoin Research Institute can make donations. Donations are tax-deductible, and all Bitcoin donations will be held. This support will help the institute continue its important work.

How to Donate

You can help further the work of the Bitcoin Research Institute by making a donation. Donations can be made through the official page of the institute. Every contribution will make a significant impact on academic Bitcoin research.

Tax-Deductible Contributions

All donations to the UW Bitcoin Research Institute are tax-deductible. This means that donors can reduce their taxable income by the amount they donate, providing a financial benefit for supporting the institute’s work.

Benefits to Various Groups

The research produced by the UW Bitcoin Research Institute will benefit a wide range of groups, including academics, journalists, policymakers, and the public.

Academics

Academics will have access to high-quality, peer-reviewed research on Bitcoin. This will help them in their own studies and contribute to the growing body of knowledge on digital currencies.

Journalists

Journalists will be able to use the institute’s research to write more accurate and informed articles about Bitcoin. This will help educate the public and provide reliable information about the cryptocurrency.

Policymakers

Policymakers will benefit from the institute’s evidence-based research. This will help them make informed decisions about cryptocurrency regulations and policies.

The Public

The general public will also benefit from the institute’s work. By providing accessible and accurate information about Bitcoin, the institute will help people understand the cryptocurrency better.

Future Plans and Vision

The UW Bitcoin Research Institute has ambitious plans for the future. It aims to become a leading center for Bitcoin research, contributing to both academic and public understanding of the cryptocurrency.

Expanding Research Areas

The institute plans to expand its research areas to cover various aspects of Bitcoin and blockchain technology. This includes studying the technical, economic, and social impacts of Bitcoin.

Increasing Collaboration

The institute aims to increase collaboration with other universities and research centers. By working together, they can produce more comprehensive and impactful research on Bitcoin.

Hosting Conferences and Events

In the future, the institute plans to host conferences and events focused on Bitcoin research. These events will bring together researchers, scholars, and industry experts to share their findings and discuss the latest developments in the field.

Developing Educational Programs

The institute also plans to develop educational programs on Bitcoin and blockchain technology. These programs will be aimed at students, academics, and the general public, helping to increase understanding and awareness of digital currencies.

Conclusion

The University of Wyoming’s launch of the first Bitcoin Research Institute is a significant step forward in the study of Bitcoin. With a strong focus on high-quality, evidence-based research, the institute aims to elevate the standards of academic research on Bitcoin. By collaborating with various departments and leveraging Wyoming’s unique advantages, the institute is well-positioned to become a leading center for Bitcoin research. Through donations and support, individuals can contribute to this important initiative and help advance the understanding of Bitcoin.

Trump Promises to End War on Crypto if Elected

Trump’s Big Announcement at Bitcoin 2024 Conference

Former United States president and current Republican candidate, Donald Trump, announced his plans to make the United States the “crypto capital of the world” if he is elected in November. He made this declaration at the Bitcoin 2024 conference in Nashville, Tennessee.

Trump arrived an hour late but received a warm welcome from the crowd. He expressed great respect for the Bitcoin community, comparing its early stages to the steel industry when it was young. “This is like the steel industry,” Trump said, emphasizing the potential he sees in Bitcoin and cryptocurrencies.

Bitcoin’s Future According to Trump

Trump predicted that one day, Bitcoin would overtake gold in value. He called Bitcoin a “marvel of technology” and a “miracle of cooperation and human achievement.” His strong support for Bitcoin was clear throughout his speech, as he referred to it as the future of the economy.

Trump’s Political Rivals and Energy Plans

Not wasting any time, Trump took a shot at his political rivals. He mentioned a “low I.Q. opponent,” hinting at Democratic candidate Kamala Harris. Trump then discussed energy usage for Bitcoin and AI, promising to use fossil fuels to generate more electricity. “We will create so much electricity that you’ll be saying, ‘please, President sir, we have too much electricity,'” he proclaimed. He also spoke about his plans to roll back federal incentives for electric vehicles and charging stations.

Trump’s Vision for Cryptocurrency in America

Trump assured the audience that he is the best candidate for the cryptocurrency and Bitcoin communities. He promised that if he becomes president, “you’ll be so happy, you’ll be so happy.” He stressed that if crypto is going to define the future, it should be “mined, minted, and made in America.” He also expressed a desire for America to lead the way if Bitcoin is going “to the Moon.”

Robert F. Kennedy Jr.’s Bitcoin-Friendly Policy

At the same conference, Independent presidential candidate Robert F. Kennedy Jr. presented his own Bitcoin-friendly policy. He promised to sign an executive order requiring the U.S. Justice Department to transfer the 204,000 BTC held by the Federal Reserve into a strategic reserve. Additionally, he said the Treasury Department would purchase 500 BTC daily until the reserve reaches at least four million BTC. Kennedy believes this would give the U.S. a dominant position in the global Bitcoin market.

Edward Snowden’s Caution on Political Bitcoin Support

In contrast to Trump and Kennedy, Edward Snowden, a key speaker at the conference, had a different message. He warned the cryptocurrency community not to blindly support politicians who use Bitcoin as a tool to gain votes. “Cast a vote, but don’t join a cult,” he advised. Snowden emphasized that the community should be cautious and not fully trust politicians, even if they support Bitcoin.

Pro-Crypto Statements by Trump at Bitcoin 2024

During his speech, Trump made twelve pro-crypto statements:

1. “If I am elected, it will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds. This will serve as the core of the strategic bitcoin stockpile.”
2. “On Day 1, I will fire Gary Gensler.”
3. “I will immediately shut down Operation Choke Point 2.0.”
4. “I will immediately appoint a bitcoin and Crypto Presidential Advisory Council.”
5. “We will design transparent regulatory clarity in the first 100 days. Clear, simple, straightforward, and fair.”
6. “There will never be a CBDC while I am president.”
7. “I will always defend the right to self-custody.”
8. “We will create a framework to enable the safe, responsible expansion of stablecoins.”
9. “We will stop the war on crypto.”
10. “We will become the world’s number one bitcoin mining powerhouse.”
11. “I will commute the sentence of Ross Ulbricht.”
12. “I will be the pro-bitcoin president that America needs.”

Energy and Mining Focus

Trump’s vision includes using fossil fuels to generate more electricity, which he believes is essential for Bitcoin mining. He aims to make America the number one Bitcoin mining powerhouse in the world. This involves creating a framework for the safe and responsible expansion of stablecoins and ensuring transparent regulatory clarity within the first 100 days of his presidency.

Regulatory Clarity and Self-Custody Rights

Trump promised to provide clear, simple, and fair regulatory clarity. He assured the right to self-custody for cryptocurrency users, meaning they can hold and manage their own digital assets without relying on third parties. His administration would stop the war on crypto and ensure no Central Bank Digital Currency (CBDC) is introduced while he is president.

Plans to Fire Gary Gensler and End Operation Choke Point 2.0

One of Trump’s first actions as president would be to fire Gary Gensler, the current chair of the Securities and Exchange Commission (SEC). He also plans to end Operation Choke Point 2.0, a government initiative that targets industries like cryptocurrency. By doing so, Trump hopes to create a more favorable environment for the crypto industry.

Establishment of a Crypto Presidential Advisory Council

Trump intends to establish a Crypto Presidential Advisory Council. This council would consist of experts in the cryptocurrency field who would advise his administration on matters related to Bitcoin and other digital currencies. This council’s goal would be to promote the growth and stability of the crypto market in the United States.

Ross Ulbricht Commutation

Trump also stated his intention to commute the sentence of Ross Ulbricht, the founder of Silk Road, an online black market. Ulbricht is currently serving a life sentence without parole for his involvement in the website. Trump believes commuting Ulbricht’s sentence would show his administration’s support for the cryptocurrency community.

Kennedy’s Ambitious Bitcoin Plans

Robert F. Kennedy Jr.’s ambitious plans include the daily purchase of Bitcoin by the Treasury Department and the establishment of a significant Bitcoin reserve. Kennedy believes this strategy would give the United States a dominant position in the global Bitcoin market, making it difficult for other countries to compete.

Snowden’s Warning to the Crypto Community

Edward Snowden’s speech provided a sobering contrast to the political promises. He cautioned the cryptocurrency community against blindly trusting politicians who support Bitcoin for their gain. Snowden’s message was clear: remain vigilant and ensure that the community’s interests are prioritized over political agendas.

The Future of Crypto in America

Trump’s vision for the future of crypto in America is ambitious. He aims to make the United States the leader in Bitcoin mining and ensure that all cryptocurrency activities are conducted within the country. By creating a favorable regulatory environment and supporting the rights of crypto users, Trump hopes to foster innovation and growth in the industry.

Conclusion

The Bitcoin 2024 conference in Nashville, Tennessee, showcased differing views on the future of cryptocurrency in America. Trump and Kennedy presented bold plans to support and grow the industry, while Snowden offered a cautious perspective, urging the community to remain wary of political agendas. As the 2024 election approaches, the future of cryptocurrency in America remains a hot topic, with significant implications for the global crypto market.