Crypto News – Trump’s Speech Spurs Bitcoin Rally
Crypto News – Vice President Kamala Harris’ team is actively seeking to understand the cryptocurrency industry better, according to a source close to her campaign. The source revealed that Harris’ campaign team has been reaching out to industry insiders to gather insights and ask questions about the growing attention on crypto. They are particularly interested in past discussions between the crypto industry and President Joe Biden’s advisors.
The source mentioned, “My impression is they get that this matters. They want to have positions on it … they’re going to take their time.” Harris, who has become the likely Democratic nominee for the upcoming election following President Biden’s decision not to seek reelection, could potentially shift the current administration’s stance on crypto.
Crypto industry leaders are hopeful that a Harris presidency could bring positive changes. Meanwhile, former President Donald Trump, who has declared his candidacy, has promised to end what he calls an “unlawful and un-American crackdown” on the U.S. crypto industry, labeling himself as the first “crypto president.”
Bitcoin Surges Above $67,000 Ahead of Trump’s Keynote Speech
Bitcoin’s price surged above $67,000 on Friday, resulting in over $30 million in short liquidations on centralized exchanges within the past 24 hours. This rally precedes Donald Trump’s keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee, marking the first time a U.S. presidential candidate has appeared at such an event.
Trump is scheduled to speak on the Nakamoto Stage at 3 p.m. ET on Saturday for a 30-minute session. Despite his previous criticisms of the crypto industry, Trump has recently shown strong support, accepting cryptocurrency donations and advocating for holders’ rights to self-custody and U.S. bitcoin miners.
BlackRock’s Robert Mitchnick on Crypto ETFs
Robert Mitchnick, BlackRock’s Head of Digital Assets, stated at the Bitcoin 2024 conference that the launch of spot Ethereum ETFs is unlikely to lead to a proliferation of funds tracking other crypto assets like Solana (SOL) or Polygon (MATIC).
Mitchnick explained, “If you think of bitcoin, today it represents about 55% of the market cap. Ether is at 18%. The next plausible investible asset is at, like, 3%. It’s just not close to being at that threshold or track record of maturity, liquidity, et cetera.” He added that the SEC is likely to draw a line and may not approve spot Ethereum ETFs with staking components.
Mitchnick further clarified, “We don’t view bitcoin and ether really as competitors. Bitcoin is trying to be a global monetary alternative, a potential global payment system, while Ethereum is better thought of as a technological platform for building applications. So, really, they’re more complements rather than substitutes.”
Ledger Unveils New Hardware Wallet
Ledger introduced its latest hardware wallet, Ledger Flex, featuring the same E-Ink touchscreen technology used in its Ledger Stax wallet. The new device aims to provide easier navigation compared to traditional hardware wallets. Founded in 2014, Ledger has sold over seven million hardware wallets, securing more than 20% of the world’s digital assets.
The Ledger Flex, priced at $249, integrates Ledger’s “Secure OS” operating system and connects to the Ledger Live mobile and desktop app. Despite its advanced features, the company faced criticism last year over its Ledger Recover service, which some viewed as a potential backdoor to access users’ private keys.
Grayscale’s ETHE Faces Significant Net Outflows
Grayscale’s converted ETHE spot Ethereum ETF has experienced substantial net outflows, totaling $1.2 billion in the first few days of trading. These outflows have overshadowed net inflows into other spot Ethereum ETFs, with analysts predicting that ETHE’s assets under management could be depleted within weeks if the trend continues.
Until ETHE’s net outflows subside, it is likely to continue putting selling pressure on the price of ether, according to analysts.
Looking Ahead: Key Economic Events
Next week, important economic data and decisions are expected. The Eurozone CPI inflation data and the U.S. Federal Reserve’s latest interest rate decision are due on Wednesday, followed by the Bank of England’s interest rate decision on Thursday. U.S. nonfarm payrolls data will be released on Friday, potentially impacting financial markets and the cryptocurrency sector.
Frequently Asked Questions (FAQ) on the Latest Crypto Developments
What is the significance of Kamala Harris’ team reaching out to the crypto industry?
Kamala Harris’ team’s outreach to the crypto industry signifies a growing recognition of the importance of cryptocurrency in the political landscape. This move indicates that her campaign is seeking to understand the industry better and potentially develop policies that reflect the interests and concerns of the crypto community. Given that Harris is the likely Democratic nominee, her stance could influence future regulatory approaches and support for the industry.
Why is Donald Trump’s keynote speech at the Bitcoin 2024 conference important?
Donald Trump’s keynote speech at the Bitcoin 2024 conference is significant because it marks the first time a U.S. presidential candidate has addressed a major cryptocurrency event. His speech could reveal his plans and policies regarding the crypto industry, potentially influencing market sentiments and regulatory perspectives. As Trump has recently shown strong support for cryptocurrencies, his speech is highly anticipated for potential announcements, such as the creation of a U.S. Bitcoin strategic reserve.
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