Cryptocurrencies saw a downward trend in the beginning of the ultimate week of July as traders processed quite a lot of political developments over the weekend and looked ahead to this week's central bank meetings.
Bitcoin fell greater than 1% on Monday to trade at $66,930.28, in keeping with Coin Metrics. Previously, the worth had risen to as high as $69,982.00. ether Profits also declined and the worth fluctuated above the zero line at USD 3,272.75.
Investors are returning to the market after Bitcoin ended last week up 1% and Ether fell 7%. In addition, traders are maintaining a tally of the Federal Reserve, the Bank of Japan and the Bank of England – all of which meet this week. In particular, Fed Chair Jerome Powell is within the highlight, hoping that his comments will confirm a rate cut in September.
Bitcoin rises at the start of the last week of July
Elsewhere, former President Donald Trump delivered a highly anticipated speech on the Bitcoin conference in Nashville over the weekend, taking aim at Democratic lawmakers akin to Senator Elizabeth Warren (D-Mass.), Securities and Exchange Commission (SEC) Chairman Gary Gensler and the Biden administration as a complete. Trump accused the officials of harming the industry by failing to create rules and regulations that will allow it to operate and thrive.
He also said it was his policy to maintain 100% of the bitcoins the U.S. government currently owns (about 210,000 bitcoins), which might function the start of a national strategic bitcoin reserve. In remarks that drew the loudest applause from the audience, Trump vowed he would replace Gensler “on day one.”
On the identical day, Cynthia Lummis, the Bitcoin-friendly Republican Senator from Wyoming, announced that she would introduce a bill in the approaching days that will pave the way in which for the Bitcoin Reserve by implementing a purchase order program for 1 million Bitcoins over a set time period to amass a complete share of about 5% of the whole Bitcoin supply.
Democratic commitment to crypto
Bitcoin price fell about 1% through the speech but rose back into the green shortly afterward. Noelle Acheson, economist and creator of the newsletter “Crypto is Macro Now,” said she doubts the weekend's events will affect the activities of long-term investors, at the least at this point.
“Both Trump's comments and Lummis' bill will be difficult to get through Congress,” she said. “More overlooked, but with greater potential impact, is the news that [Vice President Kamala Harris’] The team contacts representatives of the crypto industry.
“This suggests a possible more significant change in policy, especially if it leads to Vice President Harris distancing herself from the old guard around Senator Warren and Co. In other words, the likelihood that SEC Chairman Gensler will soon get replaced has just increased,” Acheson added.
On the weekend The Financial Times reported that Harris' advisers are turning to crypto corporations to “reset relations between her Democratic Party and a sector that has proven to be a key supporter of Donald Trump.”
Crypto has become a topic of increasing interest in the upcoming US presidential election, with the Trump team hoping that the niche and growing crypto vote will help him get elected as key Democrats remain hostile to the space.
However, the industry is enjoying increasing bipartisan support in Congress.
Over the weekend, more than a dozen Democrats in the House of Representatives and several other candidates for congressional seats signed a letter to the Democratic National Committee calling for a “forward-thinking approach” to dealing with cryptocurrencies. This includes including “pro-digital asset language” in the party's platform and electing an SEC chair who would encourage innovation in the cryptocurrency space.
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