Bitcoin (BTC) experienced a surge to over $71,000 early Monday, fueled by optimism following the Bitcoin 2024 conference in Nashville. However, the euphoria was short-lived as prices retreated 2%, settling around $67,000 by 2 p.m. ET.
Former U.S. President Donald Trump made headlines at the conference by pledging that a return to the White House under his administration would safeguard the U.S. government’s bitcoin holdings. This proposal, aimed at creating a “strategic national bitcoin stockpile,” resonated strongly among attendees. Trump also expressed intentions to replace SEC Chair Gary Gensler, citing discontent over the SEC’s regulatory approach towards the crypto industry.
Meanwhile, Republican U.S. Senator Cynthia Lummis of Wyoming introduced legislation to bolster the government’s bitcoin reserves. Her proposal entails purchasing 5% of the total bitcoin supply over several years, reinforcing the growing political interest in cryptocurrency.
Independent presidential candidate Robert F. Kennedy Jr. echoed similar sentiments, proposing an executive order to transfer over 200,000 bitcoins held by the U.S. government to the Treasury and gradually accumulate more until reaching a total of 4 million bitcoins.
Beyond the conference, crypto’s influence is increasingly shaping U.S. electoral discussions. A group of 28 Democratic lawmakers and candidates have called for a reevaluation of the party’s stance on bitcoin and blockchain technologies, highlighting their electoral significance.
In parallel developments, the Kamala Harris campaign has sought to mend ties with the crypto industry after facing criticism for not attending the Bitcoin 2024 conference. This outreach comes amidst a broader reevaluation of political strategies surrounding digital assets.
In the realm of ether (ETH), the launch of spot ether exchange-traded funds (ETFs) saw mixed results. The Grayscale Ethereum Trust (ETHE) experienced significant outflows totaling $1.5 billion, as investors shifted towards more cost-effective ETF options. Conversely, BlackRock’s iShares Ethereum Trust (ETHA) emerged as a frontrunner, attracting $442 million in inflows during its initial trading phase.
The intersection of politics, policy, and cryptocurrency continues to evolve rapidly, with each development shaping market dynamics and regulatory discourse alike.
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