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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/trumps-policies-influence-bitcoins-future/" data-wpel-link="internal">Trump’s Policies Influence Bitcoin’s Future</a> 
Recently, <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">significant developments</a> have occurred in the cryptocurrency industry. Former US President Donald Trump‘s crypto-friendly policies have increased speculation that Bitcoin’s (BTC) price could depend on the outcomes of the upcoming US presidential elections. A research report by Jefferies detailed these developments and their potential impacts on the <a href="https://en.coin-turk.com/powells-speech-implications-for-interest-rates-and-crypto-markets/" data-wpel-link="internal">cryptocurrency market</a>. 
<h2 style="text-align: justify" id="strong-bitcoin-s-price-may-now-depend-on-us-presidential-elections-strong">Bitcoin’s Price May Now Depend on US Presidential Elections</h2> 
Jefferies highlighted Trump’s speech at the Bitcoin Conference in Nashville. Trump promised to appoint crypto-friendly regulators, establish a presidential advisory council for the cryptocurrency industry, and make the country the “crypto capital of the planet.” These promises created a positive atmosphere in the cryptocurrency market, paving the way for Bitcoin‘s price to be influenced by the election results. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-375281" src="https://coin-turk.com/wp-content/uploads/2024/07/Donald-Trump-Bitcoin.jpeg" alt="" width="2112" height="1188"> 
The report also emphasized Trump’s commitment to holding a strategic Bitcoin reserve and not selling the government’s BTC. Such policies could increase confidence in Bitcoin and give new momentum to the cryptocurrency market. 
<h2 style="text-align: justify" id="strong-jefferies-bitcoin-mining-profitability-better-than-expected-strong">Jefferies: Bitcoin Mining Profitability Better Than Expected</h2> 
On the other hand, Jefferies reported that since the beginning of 2024, Bitcoin mining profitability has been better than expected. Despite mining revenue falling by 40-45% since the fourth Bitcoin block reward halving in April, major mining <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">companies</a> continue to remain in growth mode. 
The report noted that the less-than-expected drop in mining revenues despite the hashrate decline indicates the sector’s dynamic nature. 
Moreover, Jefferies noted that the consolidation process in the mining sector has accelerated. CleanSpark’s acquisition of GRIID and Riot Platforms’ offer to acquire Bitfarm suggest more mergers and acquisitions could occur in the sector. Jefferies stated that access to energy has become more valuable than mining equipment during this process. 
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Trump’s Policies Influence Bitcoin’s Future

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