Crypto Market Reactions As Trump Mulls JPMorgan CEO For Treasury Secretary

by

As a seasoned crypto investor with a few years under my belt, I have witnessed the ebb and flow of the market through various political and economic events. Trump’s recent interview revealing his plans to bring Jamie Dimon as Treasury Secretary if he wins in November left me feeling apprehensive.

Following his selection of pro-Bitcoin JD Vance as Vice President, Donald Trump is contemplating appointing the CEO of JPMorgan Chase, Jamie Dimon, for the role of US Treasury Secretary. Simultaneously, Trump announced that he has no plans to remove current Federal Reserve Chair Jerome Powell before his term expires. Crypto enthusiasts and the Bitcoin community express disappointment as they disapprove of Trump’s intention to bring on an anti-Bitcoin figure like Jamie Dimon.

Crypto Community Reacts To Trump’s Tapping Jamie Dimon

In a recent Bloomberg interview, Republican presidential hopeful Donald Trump discussed various subjects including Jerome Powell, the US economy, taxes, tariffs, and more. Contrary to some speculations, Trump stated that he has no plans to remove Federal Reserve Chair Jerome Powell from his position before his term ends in 2026.

If President Trump secures another term in office come November, there are reports suggesting that he is contemplating tapping Jamie Dimon, the CEO of JPMorgan Chase, as his nominee for Treasury Secretary, should Janet Yellen step down from her position. Previously, Trump had been vocal about his criticism towards Dimon, labeling him as a “Highly overrated Globalist” in 2020.

Members of the cryptocurrency world voiced their displeasure upon hearing that Trump was considering Jamie Dimon for the position of Treasury Secretary. Unlike Janet Yellen who has taken a cautious stance towards crypto and Bitcoin, Dimon is known for his strong criticism of Bitcoin, labeling it as a “fraud” and a “Ponzi scheme.”

A Bitcoin advocate like Fred Kruger expresses optimism for a shift in perspective and views Donald Trump’s recent statements as diplomatic. The cryptocurrency market yearns for a candidate supportive of digital assets, making the election increasingly relevant to crypto. The industry anticipates clear-cut regulation to bring regulatory certainty.

Jamie Dimon is not what we want

— Fred Krueger (@dotkrueger) July 17, 2024

Crypto Rebounds Defying Market Risks

The worldwide cryptocurrency market experienced a surge in purchasing enthusiasm due to increasing inflows into Bitcoin ETFs, heightened investment from both institutions and individual buyers, and robustly positive technical and on-chain indicators.

As a market analyst, I’ve observed an uptick in trading activity among Bitcoin (BTC) futures and options markets, particularly in the United States. The demand is so strong that the Coinbase premium gap is widening once more, signaling anticipation for Federal Reserve interest rate cuts in September. Furthermore, open interest in CME BTC futures has surged past $10 billion. Based on Matrixport’s latest analysis, the positive momentum is expected to persist for an extended period.

The price of Bitcoin reached a new height of $66,000 today, marking a rise of more than 1% within the past 24 hours. At present, it is being traded at $65,703. The minimum and maximum prices in the last 24 hours were recorded as $62,487 and $66,101 respectively. Notably, there has been a significant surge in trading volume by approximately 13% over the same period, suggesting growing enthusiasm among investors.

Read More

2024-07-17 10:05