26.07.2024
The first cryptocurrency recently surged past the $67,700 mark, driven by anticipation of Donald Trump’s keynote speech at the Bitcoin 2024 Conference in Nashville, Tennessee. This rally led to a wave of market activity, with BTC short liquidations spiking to over $34 million within 24 hours, and total cryptocurrency market liquidations exceeding $200 million. The price increase saw Bitcoin trading at around $67,740, reflecting a more than 5% rise.
Markus Thielen noted that traders were reluctant to short leading cryptocurrency ahead of Trump’s appearance, speculating that Trump might announce a strategic Bitcoin reserve if elected. Such a move could propel Bitcoin prices even higher, injecting significant volatility into the market. Trump’s involvement in the Bitcoin community has been marked by a notable shift from scepticism to cautious endorsement. Scheduled to speak at the conference, Trump’s recent actions, including his potential appointment of JPMorgan CEO Jamie Dimon as Treasury Secretary, have drawn criticism from Bitcoin advocates.
Kennedy Jr.’s Vision: A $619 Billion Bitcoin Acquisition
In a dramatic policy proposal at the same event, Robert Kennedy Jr. unveiled his plan to transform the USA into the world’s largest holder of BTC. His strategy involves a $619 billion investment to match the value of current gold reserves. The plan is rooted in a commitment to redefine monetary policy and enhance fiscal discipline through the strategic acquisition of the TOP-1 crypto asset. Kennedy criticized Trump’s inconsistent support for cryptocurrencies.
Trump's Campaign and Crypto Fundraising
Adding another layer to the story, Donald’s campaign has seen a notable influx of cryptocurrency donations, amassing over $4 million predominantly in Bitcoin. The figure represents a substantial increase from the $3 million reported just a week earlier. The Federal Election Commission’s recent filings reveal a diverse array of contributions, including Bitcoin, Ethereum, Ripple’s XRP, and the stablecoin USDC.
High-profile crypto industry figures, such as Tyler and Cameron Winklevoss, co-founders of Gemini, have also thrown their support behind Trump’s campaign, each contributing $1 million in Bitcoin. These donations, despite partial refunds due to donation limits, highlight the significant backing Trump enjoys within the cryptocurrency community.
The Quiet Removal: Elon Musk's X and the Disappearing Bitcoin Hashmoji
Early one Friday, crypto enthusiasts on X noticed the Bitcoin emoji was missing from "#bitcoin" posts. Hashtags for other cryptocurrencies like #bnbchain and #cryptocom also lost their brand images. Additionally, the emoji for #MAGA, featuring Republican candidate Donald Trump, was removed before Trump's appearance at the conference.
The removal sparked speculative discussions within the cryptocurrency community on X. User "DogeDesigner" (@cb_doge), a DOGE team member and X insider, confirmed the change but did not explain, fueling curiosity.
Prominent Bitcoin influencers, including JAN3 CEO Samson Mow, early Bitcoin adopter Jeremy Davinci, and trader @TheMoonCarl, expressed confusion and disappointment, as the hashmojis were beloved among crypto enthusiasts. The emojis were introduced in 2020 by former CEO Jack Dorsey, who aimed to integrate the symbol into the global text encoding standard.
The removal raises questions about X's future direction under Elon Musk. While the reasons remain unclear, it suggests a shift in the platform's approach to cryptocurrency content.
Interestingly, this comes despite Musk's ties to Bitcoin. Tesla, owned by Musk, still holds a substantial amount of Bitcoin, with $184 million worth of BTC on its balance sheet as of April 2024.
