Regulation
Recovers $70,000 After Trump Touts More Friendly Regulation By Investing.com
Investing.com — Bitcoin prices rose on Monday, extending weekend gains after Republican presidential candidate Donald Trump raised the prospect of friendlier regulation during a speech at the Bitcoin Convention.
While the token initially reacted rather negatively to Trump’s speech, especially since he did not go as far as explicitly promising a national reserve, buyers jumped in right after his speech.
rose 2.7% over the past 24 hours, reaching $70,018.0 as of 09:19 ET (13:19 GMT).
Trump promises friendlier regulations, race with China
Trump said at the Bitcoin Conference on Saturday that the United States should become the world leader in cryptocurrencies before China and that he would also introduce more favorable regulations than Democratic presidential frontrunner Kamala Harris.
Trump said he would establish a cryptocurrency advisory committee at the White House and also create a national reserve of Bitcoin using the U.S. government’s current holdings, most of which have been seized by law enforcement.
“Never sell your bitcoin… If elected, it will be the policy of my administration, the United States of America, to retain 100% of all bitcoin that the United States government currently holds or acquires in the future,” Trump said.
Trump, who called cryptocurrency a scam in 2021, has courted the sector with his recent campaign efforts. His campaign accepts cryptocurrency donations, and the former president has also released his own collection of non-fungible tokens.
Trump has also promised to fire Securities and Exchange Commission Chairman Gary Gensler, who has led a regulatory crusade against the cryptocurrency industry.
Recent polling data has shown that Trump is poised for a close race with Harris, who has so far not outlined any plans for regulating cryptocurrencies. But given her background as a prosecutor with experience in financial fraud, Harris seems likely to continue the government’s crackdown on cryptocurrencies.
Bitcoin’s price has benefited from speculation about a Trump presidency, rebounding sharply over the past two weeks from four-month lows. But further gains in the token have remained in doubt as defunct cryptocurrency exchange Mt Gox has continued to mobilize its Bitcoin holdings for distribution.
Cryptocurrency Price Today: Altcoins Advance With Rate Cuts in Focus
Broader cryptocurrency prices advanced on the prospect of friendlier U.S. regulations. Speculation about U.S. interest rate cuts ahead of a Federal Reserve meeting this week also supported risk-oriented assets.
The world’s No. 2 token rose 3.3% to $3,377.32, seeing growing interest after the launch of spot exchange-traded funds (ETFs) tracking the token last week.
and increased between 1.3% and 3.3%, while among meme tokens, they added 2.3% and increased by 1.5%.
ETF inflows hit $1 billion in the first week, but were offset by outflows from individual funds
The launch of U.S. spot ETFs last week was mixed: most saw net inflows, but significant outflows from Grayscale’s converted fund, ETHE, overshadowed those gains.
Nine new spot Ethereum ETFs launched on Tuesday from eight issuers, following their approval by the SEC in May.
In the first four days of trading, BlackRock’s (NYSE:) ETHA led with $442 million in net inflows, followed by Bitwise’s ETHW with $265.9 million and Fidelity’s FETH with $219.4 million. VanEck’s ETHV, Franklin Templeton’s EZET, Invesco’s QETH and 21Shares’ CETH recorded $35.4 million, $23.3 million, $14.2 million and $7.5 million, respectively.
Nearly all ETFs attracted net inflows, with the exception of Grayscale’s ETHE, which faced net outflows of over $1.5 billion last week, resulting in a total net outflow of $341.8 million for spot Ethereum ETFs in the US.
In comparison, US spot Bitcoin ETFs, launched in January, had a total net inflow of $1.26 billion in their first four days. Excluding ETHE, Ethereum ETFs generated about 40% of the net inflows seen by Bitcoin ETFs after launch, at $1.17 billion compared to $2.89 billion excluding similarly converted GBTC.