Bitcoin Surges- Trump Vows ‘Never Sell’ Seized Bitcoin, Proposes National Reserve at BTC 2024
Bitcoin Surges– Bitcoin (BTC) soared to nearly $70,000 early in the European trading session, marking its highest point since early June. The rally followed Donald Trump’s appearance at BTC 2024 in Nashville over the weekend, where the Republican presidential candidate unveiled plans to establish a strategic reserve of Bitcoin if elected in November. Currently, Bitcoin is trading around $69,650, reflecting a 2.5% increase in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, has also seen a 3% uptick, with bitcoin cash (BCH) leading the charge with a gain of over 15%, reaching $453.
During his speech at BTC 2024, Trump committed to holding onto the U.S. government’s seized Bitcoin and proposed the creation of a national Bitcoin reserve, citing the importance of embracing digital assets to counter China’s potential dominance. He likened the crypto industry’s current stage to the early days of the steel industry, predicting that cryptocurrencies might one day surpass gold in value. Trump warned of dire consequences for the crypto sector if Democrats retained control of the White House, stating, ‘If they win this election, every one of you will be gone.’
In his first-day plans if elected, Trump announced his intention to dismiss Gary Gensler, the controversial chair of the SEC who is widely criticized within the crypto community. The announcement received enthusiastic applause from the audience, prompting Trump to remark humorously, ‘I didn’t realize he was that unpopular.’
Meanwhile, COMP, the native token of Compound’s lending protocol, faced a setback with a more than 6% drop following a suspected ‘governance attack’ on the decentralized autonomous organization (DAO) overseeing the protocol. Such attacks occur when an individual amasses enough voting power in a DAO to manipulate decisions for personal gain, exploiting the open and tradable nature of governance tokens. In this instance, the attack involved coordinated efforts to influence Compound’s decision-making process through significant COMP token delegations led by a major holder nicknamed Humpy. Their objective was to allocate $24 million worth of COMP to a yield-generating protocol they controlled, named goldCOMP, operated by a group known as the Golden Boys. Despite previous failed attempts, their latest endeavor succeeded.
Trending crypto chart today
- Bitcoin has successfully broken above the trendline that connects its highs from March and April.
- This breakout might attract momentum traders, potentially paving the way for new all-time highs.
- Source: TradingView
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