Donald Trump promises to secure cryptocurrency's future in the US
NAIROBI (CoinChapter.com) - Donald Trump has announced a bold plan, vowing to promote cryptocurrency and Bitcoin in the United States. He pledged to protect the self-custody rights of 50 million cryptocurrency holders. Trump also firmly opposed central bank digital currencies (CBDCs), vowing never to allow their issuance. His statement marks an important position in the ongoing debate over cryptocurrency regulation.
Trump’s Vision for the Future of Cryptocurrency
Trump's commitment to cryptocurrency enthusiasts is clear. He emphasizes the importance of self-custody, which allows users to have full control over their digital assets. This stance resonates with many in the cryptocurrency community, who value privacy and independence. By rejecting central bank digital currencies, Trump distances himself from government-controlled digital currencies, appealing to those skeptical of excessive regulation.
His statement comes at a time when Bitcoin is experiencing significant market activity. With a market cap of $1.35 trillion, Bitcoin remains the dominant force in the crypto space. Daily transaction volumes reach 835,000 transactions, highlighting its widespread use. Trump’s endorsement could further boost confidence in Bitcoin and other cryptocurrencies.
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Donald Trump
The bank has taken a clear stance on central bank digital currencies (CBDCs), vowing to “never allow the issuance of central bank digital currencies.” This bold statement resonates with concerns about excessive government intervention and erosion of financial privacy in the context of CBDCs.
Bitcoin’s performance in light of political support
As of May 27, 2024,
Bitcoin Price
At $68,714.83, it is down 0.81% from the past 24 hours. Despite this slight drop, Bitcoin is still 5.38% below its all-time high of $73,797.35 set on March 14, 2024. This recent volatility can be attributed to the market adjustment as investors react to Trump's promise and its potential impact.
Bitcoin is facing resistance at $72,986.57 and finds support at $60,723.03. The price is still above the 50-day EMA at $65,298.54, which would suggest a bullish trend if the support level holds. The Fibonacci retracement indicates key areas at $68,316.17 and $60,065.22, providing important areas for traders to watch.
Bitcoin on-chain data. Source:
Artemis
Bitcoin’s performance metrics highlight its resilience and growing adoption. Daily active addresses surged to 353,900, and decentralized exchange (DEX) trading volume reached $80,200. Additionally, the total value locked in decentralized finance (DeFi) protocols that leverage Bitcoin exceeded $1.2 billion, demonstrating the network’s growing adoption and utility.
The former president's stance on cryptocurrencies reflects a broader trend in U.S. politics. Lawmakers and regulators are increasingly concerned about digital currencies, striking a balance between innovation and regulation. Trump's statement could influence future policy directions, potentially creating a more favorable environment for cryptocurrency growth in the United States.