Ethereum
Cryptocurrency Price Action Today: Bitcoin Briefly Surpasses $71,000
Key points to remember
- Bitcoin briefly topped $71,000 on Monday morning.
- Former US President Donald Trump has announced that he will create a strategic stockpile of bitcoins.
- Republican U.S. Senator Cynthia Lummis has announced a bill that would establish a strategic bitcoin reserve of about 5% of the total bitcoin supply.
- Twenty-eight Democrats have signed a letter urging the party to take a “forward-looking approach” to cryptocurrencies.
- Kamala Harris’ campaign has reportedly reached out to the crypto industry in an attempt to mend relations.
- Spot Ether ETFs ended their first week of trading with $341.8 million in net outflows.
Bitcoin (Bitcoin) briefly topped $71,000 early Monday, riding optimism over the Bitcoin 2024 conference in Nashville this weekend, before reversing course and falling 2% to around $67,000 as of 2 p.m. ET.
Bitcoin Reserve Talks Initially Support Price
Speaking at the Bitcoin 2024 conference, former US President Donald Trump said that if he returned to the White House, his administration would not sell any bitcoin that the US government currently holds or acquires in the future, creating a “strategic national stockpile of bitcoin.”
The U.S. government holds bitcoin and cryptocurrency assets that are often seized as part of enforcement actions.
Additionally, Republican U.S. Senator Cynthia Lummis of Wyoming announced a bill that would go even further and add to this strategic stockpile purchases representing 5% of the total bitcoin supply over a set number of years.
Independent presidential candidate Robert F. Kennedy Jr. also spoke at Bitcoin 2024, where he announced a plan similar to Lummis’s. He said that if elected, he would have the more than 200,000 bitcoins held by the U.S. government transferred by executive order to the Treasury as a “strategic asset” and would order the Treasury to purchase 550 bitcoins per day until the reserve reached 4 million bitcoins.
Trump also said he would replace the United States Securities and Exchange Commission (SEC)) Chairman Gary Gensler. Gensler has been very active critical for SEC enforcement actions against the crypto industry.
The growing influence of cryptocurrencies in US elections
Cryptocurrency is becoming an increasingly hot topic of conversation surrounding the US presidential election.
Twenty-eight Democratic lawmakers and candidates have sent a letter to the party’s national committee chairman demanding a change in the party’s stance on bitcoin and crypto, Politico reported.
“From an electoral perspective, cryptography and blockchain technologies have a significant impact in ensuring victory at all levels of the election,” the letter states.
Additionally, according to the Financial Times, Kamala Harris’ campaign has reached out to various cryptocurrency companies in an effort to rebuild relationships with the industry. The Harris campaign had been criticized by the crypto community after declining an invitation to speak at the Bitcoin 2024 conference last weekend, like the other candidates.
Ether ETF hype fades amid capital outflows
Point ether (ETH) exchange traded funds (ETFs)) ended their first week of trading with $341.8 million in net outflows, according to Farside Investors.
The Grayscale Ethereum Trust (ETHÉ) has seen just over $1.5 billion in outflows since going live last week, as holders of the pre-existing fund switched to cheaper ETFs or simply sold their holdings. BlackRock’s iShares Ethereum Trust (ETHA) has been the winner of the spot ether ETF race so far, with $442 million in inflows.