Oh, dear! The tumultuous world of cryptocurrency has once again been thrown into disarray. In the past 24 hours, crypto prices retreated, leaving Bitcoin at a paltry $96,000 and the market cap of all coins at a mere $3.15 trillion. Fear not, dear reader, for I shall endeavour to elucidate the recent happenings in the realm of digital currency.
Trump World Liberty Finance Launches Strategic Token Reserve
In a surprising turn of events, the crypto project associated with the illustrious Donald Trump has launched a strategic token reserve. Arkham data reveals that the network has already invested in tokens such as Tron, Ethereum, Chainlink, Ondo, and AAVE. It appears that even the former President of the United States is not immune to the allure of the burgeoning crypto industry.
Moreover, Trump Meda, the parent company of TruthSocial, has hinted that it will delve deeper into the crypto world. It has already applied to trademark investment products that track Bitcoin and other assets.
Trump Hires Brian Quintenz to Lead CFTC Crypto Division
In another noteworthy development, Donald Trump has appointed Brian Quintenz to be the crypto head at the CFTC. Quintenz is currently the head of a16z, the venture capital firm run by Andressen Horowitz. He has led investments in numerous crypto projects, including Alchemy Pay, Coinbase, Aptos, Avalanche, Arweave, and Dfinity, the parent of Internet Computer.
Trump has also appointed other pro-crypto executives, such as Paul Atkins to lead the SEC and David Sacks as the AI and crypto czar. One cannot help but wonder what other surprises this administration has in store for the crypto world.
Bitcoin and Ethereum ETF See Outflows
In other news, spot Bitcoin and Ethereum ETFs have experienced outflows for the second consecutive day. All Bitcoin ETFs had outflows of $56 million on Tuesday, a day after shedding $186 million. These funds now have cumulative inflows of $40 billion.
Spot Ethereum ETF inflows rose by $12.58 million, bringing the total inflows to about $3.17 billion. All these funds have over $9.8 billion in assets, indicating that Wall Street remains largely interested in Bitcoin funds.
Goldman Sachs Buys Crypto ETFs
Meanwhile, Goldman Sachs, the esteemed Wall Street company, remains optimistic about cryptocurrencies. It has increased its investment in spot Bitcoin ETFs to $1.5 billion and its ETH ETFs by $22 million to $476 million. This is a clear indication that the company believes these coins will continue to thrive in the long term.
Other top Wall Street companies that have invested in these coins include Susquehanna, Fidelity, Citadel, and Jane Street. It seems that the world of high finance is beginning to embrace the digital currency revolution.
US Inflation Data and Powell Statement
The value of Bitcoin and other cryptocurrencies may experience volatility when the United States releases its January inflation report. A softer-than-expected headline and core inflation figure will likely cause these digital assets to soar, as they would suggest a more dovish Federal Reserve. Jerome Powell, the Fed chair, will also testify before a House committee. In his Senate meeting, he noted that the bank was not in a hurry to slash interest rates since inflation is still high.
Crypto Chaos: Trump’s Crypto Moves and Powell’s Interest Rate Dilemma
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2025-02-12 15:31