2024

Biden

Donald Trump

The US 2024 Presidential election is getting interesting for the digital assets industry. In a recent fundraiser, Republican presidential candidate <a href="https://news.todayq.com/is-this-trump-effect-as-us-crypto-market-hits-new-highs/" rel="noopener noreferrer nofollow">Donald Trump</a> positioned himself as a strong advocate for crypto. However, he criticized Democratic regulatory efforts over the years. Donald Trump makes big claims 
According to reports, a tech executive and former Trump ambassador to Austria, Trump declared, “he would be the crypto president.” The event went on to raise $12 million.
The digital assets industry is facing high regulatory scrutiny. This rose after several major bankruptcies seen in 2022. These bankruptcies had exposed major fraud and misconduct which has led to never seen financial losses for investors.
At the fundraiser, Trump highlighted the importance of crypto and his support for the sector. Meanwhile, he did not provide detailed policy proposals.
The report added that the Biden administration has taken steps to regulate the crypto industry. It aims to protect consumers while fostering innovation.&nbsp;
President Biden signed an executive order in 2022 directing regulators. This includes the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to build rules to address the risks linked with digital assets. The White House has expressed its willingness to work with Congress on creating rules for the industry. How is market reacting? 
The global digital assets market has seen massive fluctuation over the past few weeks. The cumulative market cap stands at around $2.6 trillion with a trading volume of $102 billion. Bitcoin (BTC) price recently regained the $71,000 price mark, however, it dropped to the $69,000 level in the last 24 hours. BTC is trading at an average price of $69,430, at the press time.
The second biggest crypto, Ethereum (ETH) was riding a high tide after gaining approval for ETF trading from the SEC. ETH price jumped by almost 30% in the last 30 days. The biggest altcoin is trading at an average price of $3,693, at the press time. Its 24 hour trading volume is up by 40% to stand at $18 billion with a market cap of $444 billion.
Despite San Francisco’s liberal reputation, a number of high-profile venture capitalists and crypto investors have shown support for Trump, citing concerns over what they perceive as excessive regulation.
The fundraiser was attended by notable figures in the crypto industry, including executives from Coinbase and the Winklevoss twins, Tyler and Cameron, who are prominent crypto investors.

Donald Trump positions himself as Crypto champion, slams Biden’s regulation efforts

Todayq News

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