Ethereum
Biden’s ‘Seismic Shift’ May Be About to Trigger Huge Bitcoin Price Earthquake After Ethereum ‘Firestorm’
Bitcoin
Bitcoin
Ethereum and the broader crypto market have been on a Washington roller coaster ride this week—with a “crucial” vote still to come.
Bitcoin’s price was boosted by a shift in Democratic sentiment that was credited could help change the U.S. Securities and Exchange Commission’s (SEC) stance on approving a number of Ethereum spot exchange-traded funds (ETFs) ahead of a decision expected this week.
Today, Mike Novogratz, chief executive of Galaxy Digital, a former Goldman Sachs partner and crypto stalwart, predicted that Bitcoin, Ethereum and crypto prices “will be much higher than here.” due to radical political change.
Sign up now for the free CryptoCodex—A five-minute daily newsletter for traders, investors and the crypto-curious that will keep you informed and ahead of the bitcoin and crypto market bull run.
US President Joe Biden has been chosen as an anti-crypto candidate like former President Donald Trump… [+] encompasses Bitcoin, Ethereum and Crypto.
Getty Images
A “widespread shift among Democrats” in the past 24 hours led the SEC to reverse its plan to reject Ethereum spot ETFs this week, according to Novogratz, which said CNBC: “Looks like someone in the Biden White House made a call and said ‘Guys, we can’t be the party against crypto anymore.'”
The crypto rift between Trump and President Joe Biden has “ignited a firestorm” in Washington DC, according to Novogratz. “It’s almost become a purity test: Republicans are good at crypto, Democrats are bad at crypto. And the Democratic regime woke up and said, ‘This is crazy’.”
The price of Ethereum soared about 30% this week after Barron’s reported that the SEC informed exchanges on which Ethereum ETFs could potentially be traded that it was leaning toward approval. Earlier this week, Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas suggested that the SEC’s change of heart on whether to approve Ethereum ETFs was due to the changing political winds.
Separately, the U.S. House of Representatives is expected to vote Wednesday on the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which would divide responsibility for regulating cryptocurrencies between the SEC and the Commodities Futures Trading Commission (CFTC).
California Democrat and Speaker Emeritus Nancy Pelosi plans to vote for the Republican-backed crypto bill. reported by The American Prospect, citing anonymous sources.
Sign up now for CryptoCodex—A free daily newsletter for the crypto-curious
The price of Bitcoin has soared this year, climbing with the price of Ethereum and more broadly… [+] crypto market.
Forbes Digital Assets
At least eight House Democrats strongly support bill, memo says sharing with Coindesk by a congressional aide. Top Democrats said they “strongly oppose” the bill, but are not compelling their members to oppose it, Politico reported.
Last week, 60 crypto companies and organizations, including Gemini, Kraken, Coinbase, and Digital Currency Group (DCG), signed a letter of support for the bill.
Meanwhile, a high-level crypto official who met with former President Donald Trump earlier this month said he expects President Joe Biden to drop his threat to veto a motion to repeal SAB 121, a controversial crypto accounting rule that excludes the biggest Wall Street giants from crypto custody services.