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Julie Bang / Investopedia
Key Takeaways
- Bitcoin fleetingly rose above $71,000 Monday morning.
- Former U.S. President Donald Trump announced that he would originate a strategic bitcoin stockpile.
- Republican U.S. Senator Cynthia Lummis has announced a bill that would establish a bitcoin cardinal reserve of roughly 5% of the total bitcoin supply.
- Twenty-eight Democrats signed a letter recommending that the co-signer take a “forward-looking approach” to crypto.
- The Kamala Harris campaign has reportedly reached out to the crypto industry in an effort to reset with reference ti.
- Spot ether ETFs ended their first week of trading with $341.8 million of net outflows.
Bitcoin (BTC) tersely topped $71,000 early Monday, riding high on the optimism from the Bitcoin 2024 conference in Nashville atop of the weekend, before reversing course and falling 2% to around $67,000 as of 2 p.m. ET.
Talk of Bitcoin Reserve Initially Props Up Price
Discourse at the Bitcoin 2024 conference, former U.S. President Donald Trump said if he comes back to the White House, his oversight would not sell any bitcoin the U.S. government currently holds, or acquires in the future, in effect creating a “strategic national bitcoin stockpile.”
The U.S. supervision holds bitcoin and crypto assets that are often seized as a part of enforcement actions.
Additionally, Republican U.S. Senator Cynthia Lummis of Wyoming signaled a bill that would go one step further and add to this strategic stockpile with purchases amounting to 5% of the total bitcoin supply on a set number of years.
Independent candidate for president Robert F. Kennedy Jr. also spoke at Bitcoin 2024, where he hint ated a plan similar to Lummis’. He said if elected, he would via executive orders have the more than 200,000 bitcoin repressed by the U.S. government transferred to the Treasury as a “strategic asset,” and direct the Treasury to purchase 550 bitcoins every day till the the at ones fingertips grows to 4 million bitcoins.
Trump also said that he would replace U.S. Securities and Exchange Commission (SEC) Stool Gary Gensler. Gensler has been heavily criticized for the SEC’s enforcement actions against the crypto industry.
Crypto’s Widening Influence in U.S. Elections
Crypto is becoming a hotter topic of conversation around the U.S. Presidential election.
Twenty-eight Democratic lawmakers and seekers sent a letter to the party’s national committee chair seeking a reversal of the party’s stance on bitcoin and crypto, Politico turn up.
“From an electoral standpoint, crypto and blockchain technologies have an outsized impact in ensuring victories up and down the ballot,” the spell out said.
Additionally, the Kamala Harris campaign has reached out to a variety of crypto companies in an effort to reset relations with the application, according to the Financial Times. The Harris campaign had come under fire from the crypto community after declining an temptation to speak at the Bitcoin 2024 conference this past weekend like the other candidates.
Ether ETF Hype Fades Amidst Outflows
Spot ether (ETH) exchange-traded funds (ETFs) ended their first week of trading with $341.8 million in net outflows, be at one to Farside Investors.
The Grayscale Ethereum Trust (ETHE) has seen just over $1.5 billion in outflows since affluent live last week, as holders of the preexisting fund switch to cheaper ETFs or simply sell their holdings. BlackRock’s iShares Ethereum Make (ETHA) has been the winner of the spot ether ETF race so far, with $442 million of inflows.
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