Is Donald Trump Keeping His Campaign Promises for Crypto?

Donald Trump’s media company, TMTG, is in advanced talks to acquire cryptocurrency platform Bakkt, signaling his deeper involvement in the crypto space. This acquisition could mark a pivotal moment for both Trump’s business ventures and the future of cryptocurrency regulation in the U.S. Read on to explore how Trump’s moves could impact the crypto ecosystem.

During the campaign, Donald Trump firmly made 11 promises for the crypto ecosystem to gain support for votes in the 2024 US Election. After declaring his victory, Donald Trump showed his seriousness. Donald Trump made a breakthrough by holding serious discussions to acquire Bakkt and meeting with the CEO of Coinbase.

Are Donald Trump's steps a good sign for the sustainability of the crypto ecosystem? Or maybe it's just Trump's gimmick to get clear support for his inauguration later? Let's see the explanation in this article.

TMTG’s Strategic Push into Cryptocurrency

Donald Trump’s media and technology company, Trump Media & Technology Group (TMTG), is reportedly in advanced negotiations to acquire Bakkt, a prominent cryptocurrency trading platform.

This move marks a significant expansion of Trump’s business interests into the burgeoning cryptocurrency sector and highlights his ongoing efforts to capitalize on digital assets.

The reported acquisition has caused a surge in both companies' stock prices, with shares of TMTG rising by over 16% and Bakkt’s stock soaring by an astounding 162%, triggering multiple trading halts due to volatility.

While the deal's specifics remain unclear, sources suggest that it would be an all-share transaction, underscoring the value of TMTG’s stock despite its relatively modest earnings in the past year.

If finalized, this potential deal would serve as a key moment in Trump’s post-presidential ventures, positioning TMTG at the center of a fast-growing industry that aligns with Trump’s increasing involvement in cryptocurrency.

Trump’s interest in cryptocurrency is not new. Just weeks before the November 2024 presidential election, he announced the launch of a new crypto venture, World Liberty Financial (WLF), which would issue a token tied to the company’s activities.

The deal to acquire Bakkt would expand TMTG’s portfolio, giving the company a foothold in the cryptocurrency trading and services market, which could complement its existing plans to develop digital financial products.

A key figure in both Trump’s political network and Bakkt’s history is Kelly Loeffler, the former CEO of Bakkt and a former U.S. Senator for Georgia. Loeffler’s ties to Trump are significant. She co-chaired Trump’s inaugural committee in 2017 and has remained a close ally of the former president.

Trump’s Broader Crypto Strategy: Shaping Policy and Regulation

Trump’s push into cryptocurrency goes beyond business acquisitions. Reports suggest that his administration is planning to establish a “Bitcoin and crypto presidential advisory council” in the first 100 days of his presidency.

This council would aim to provide much-needed regulatory clarity for the cryptocurrency industry, which has long struggled with inconsistent rules and enforcement actions from agencies like the Securities and Exchange Commission (SEC).

Trump’s interest in cryptocurrency regulation is underscored by the involvement of key figures from the industry. Coinbase CEO Brian Armstrong is reportedly set to meet with Trump to discuss key appointments related to financial regulation and digital assets. This meeting aligns with Trump’s goal of appointing pro-crypto advocates to leadership positions within his administration.

Other figures reportedly under consideration for positions in Trump’s administration include Elon Musk, Vivek Ramaswamy, and Robert F. Kennedy Jr., all of whom have expressed favorable views on blockchain and cryptocurrencies.

Furthermore, Howard Lutnick, the CEO of Cantor Fitzgerald and a known advocate for Bitcoin, is rumored to be in the running for Treasury Secretary. These moves signal that Trump’s administration may take a more favorable stance on cryptocurrencies, potentially driving market growth.

Implications for the SEC and Future Crypto Regulation

One of the most significant areas of interest for the cryptocurrency industry is the leadership of the SEC, which has faced increasing criticism for its tough stance on digital asset regulation.

Trump has openly stated that he plans to replace Gary Gensler, the current SEC chair, on his first day in office. Gensler has faced backlash from crypto advocates due to his enforcement-focused approach, which many believe stifles innovation in the space.

Industry leaders like Armstrong and Ripple CEO Brad Garlinghouse have long called for clear, fair, and consistent guidelines for digital assets. Trump’s proposed advisory council and his discussions with crypto leaders suggest that the incoming administration is actively engaging with the industry to craft a more favorable regulatory environment.

Conclusion

The advanced talks between Trump Media & Technology Group and Bakkt represent more than just a corporate acquisition—they signal a strategic shift towards cryptocurrency and digital finance that could reshape Trump’s business empire and influence U.S. regulatory policy.

As Trump gears up for his return to the White House, the cryptocurrency industry is watching closely, anticipating a potential sea change in how digital assets are regulated and integrated into the broader financial ecosystem.

With key figures like Kelly Loeffler and Brian Armstrong involved, and with Trump’s administration likely to feature pro-crypto voices, the next few years could witness a transformative era for the cryptocurrency market, one that may be shaped by the policies of the 45th president of the United States.

Get the latest information about the crypto ecosystem to updates on the steps taken by Donald Trump only on the Bitrue website. Bitrue also provides various features that you can use to do research before buying your target crypto token.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

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What Happens if Bitcoin Hits $100K? A Look at the Potential Impact

Explore what happens if Bitcoin hits $100K, from market reactions and profit-taking to a potential altcoin season. Understand the factors driving Bitcoin's rise, including institutional support, political developments, and halving events, as the cryptocurrency nears this historic milestone.

As we approach the end of 2024, all eyes are on Bitcoin (BTC) as it nears the psychological and historic milestone of $100,000. Many analysts are speculating on whether Bitcoin will break this barrier by the close of the year, with some saying it’s a matter of "when," not "if."

While the digital currency is currently trading above $92,000, questions about the impact of such a surge, on both the market and its broader influence, remain.

In this article, we will explore what could happen if Bitcoin reaches $100K, including the likely market reactions, the potential for an altcoin season, and the catalysts that might drive Bitcoin’s price to unprecedented heights.

Bitcoin: The Road to $100K

Bitcoin’s surge toward $100,000 is not happening in a vacuum. It is the result of a confluence of factors that are propelling it higher. Institutional support has been a major driver, with financial giants like BlackRock investing heavily in Bitcoin and launching Bitcoin ETFs (Exchange Traded Funds) that have opened the door for traditional investors.

The approval of these ETFs has brought significant inflows into the crypto market, with Bitcoin ETFs alone attracting $2.6 billion post-2024 U.S. electioncal developments also play a crucial role.

The election of Donald Trump has led to increased optimism about a more crypto-friendly U.S. government, which could potentially propel Bitcoin prices even higher in the near future.

The idea of Bitcoin being integrated into national financial systems has generated optimism, with some predicting a Bitcoin reserve, similar to gold reserves, being established by governments worldwide .

Furtalving event earlier in 2024—where the reward for mining new Bitcoin blocks was cut in half—has led to a tighter supply of the digital asset. As history has shown, halving events tend to precede price increases as reduced supply meets ongoing demand .

Bitcoin Price Today

As we can see from the chart above, the price of Bitcoin is rising again today. If a few hours ago Bitcoin was still at $92,000, when this article was written on November 21, Bitcoin was traded at $94,753, very close to $100,000.

The prediction that Bitcoin will rise to $100,000 will not be just a fantasy at the end of the year. If Bitcoin continues to consistently increase by 1-2%, even at the end of November, the price of $100K can be achieved immediately and it is possible that it could reach more than $150K at the beginning of the year.

Both Bitcoin futures and trading, all prices have experienced similar increases. This increase in Bitcoin will be a trigger for other crypto tokens to soar.

What Happens When Bitcoin Hits $100K?

If Bitcoin does hit the $100K mark, several dynamics will unfold, shaping the future trajectory of the cryptocurrency market.

1. Market Reactions and Profit-Taking

Historically, when Bitcoin hits significant milestones, it attracts attention from both institutional and retail investors. This surge in interest often leads to a rush of profit-taking, with some investors choosing to sell and lock in their gains.

This could trigger a temporary selloff in the short term, followed by consolidation as the market digests the new price levels.

On the other hand, if Bitcoin can maintain its momentum above $100K, it could solidify its status as a mainstream asset, attracting even more capital into the crypto space. Bitcoin's success could reignite broader interest in digital assets, which have somewhat lagged behind Bitcoin in recent years.

2. Renewed Interest in Altcoins

Bitcoin’s success in reaching $100K could spark renewed interest in altcoins. While Bitcoin has been the dominant force in the crypto market, altcoins have not mirrored its success to the same degree.

Ethereum (ETH), for example, has shown strong potential due to its foundational role in decentralized finance (DeFi) and the growing importance of smart contracts. But despite Bitcoin’s surge, Ethereum and other altcoins have lagged behind.

Historically, Bitcoin’s rallies have been followed by an "altcoin season", where lesser-known cryptocurrencies experience exponential growth. In 2021, for example, when Bitcoin's price surged, altcoins like Solana and Polygon saw dramatic increases. This phenomenon could repeat once Bitcoin breaks the $100K barrier, with altcoins potentially following suit.

Some of the more innovative and niche projects could see outsized growth as a result of Bitcoin’s success. For example, projects like XYZVerse (XYZ), an all-sport meme coin, could capitalize on the renewed market excitement by offering unique opportunities to investors. XYZVerse seeks to tap into the sports and meme coin intersection, leveraging the growing enthusiasm for both sectors .

3. Increased Retail and Institutioipation

As Bitcoin’s price rises and crosses new thresholds, retail investors are likely to re-enter the market. The $100K price point could reignite interest among casual investors who have been sitting on the sidelines.

Additionally, institutional investors, who are already getting involved in Bitcoin through ETFs and direct investments, may increase their exposure to the cryptocurrency as they see it reaching a new level of maturity and acceptance.

This influx of capital could further push Bitcoin’s price higher, creating a self-reinforcing loop of demand and growth. It also validates Bitcoin’s role as a store of value, much like gold, and could lead to it being seen as an essential asset class in institutional portfolios.

Will $100K Bitcoin Trigger Altcoin Season?

A key question surrounding Bitcoin's price surge is whether it will trigger a full-fledged altcoin season. The answer to this depends on the overall market sentiment, as measured by indicators like the Fear and Greed Index.

Historically, extreme levels of greed in the market, as seen in 2019 and early 2024, have coincided with brief surges in Bitcoin’s price but didn’t lead to a prolonged altcoin rally.

However, if Bitcoin breaks through $100K and the market sentiment continues to show high levels of greed, it could lead to a more sustainable rally, similar to what happened during the late 2021 bull run.

Potential Risks and Challenges

While the outltcoin reaching $100K is generally positive, there are risks that could hinder its progress. A significant short-term correction could occur, especially with the large options expiry of $11.8 billion in December 2024, which could introduce volatility in the market.

Additionally, market speculation and leveraged trading may c fluctuations, even if the longer-term outlook for Bitcoin remains strong.

Another potential challenge is the risk of over-reliance on political or macroeconomic events, such as Trump's victory. While political developments have spurred bullish sentiment, experts like Lorien Gamaroff caution against putting too much faith in any one figure, given their unpredictable nature .

Conclusion

The prospect of Bitcoin hitting $100,000 represents milestone in the evolution of cryptocurrency. If Bitcoin achieves this target, it could serve as a catalyst for renewed interest in the crypto space, triggering higher levels of institutional and retail participation.

The potential for an altcoin season would also grow, as investors seek to capitalize on the broader market rally that could follow Bitcoin’s surge.

The key question now is not whether Bitcoin will hit $100K, but when. While 2024 remains a likely candidate, early 2025 may be another realistic timeline.

Regardless of the exact timing, the fundamental drivers of Bitcoin’s price—institutional investment, political developments, and its increasingly established role as a store of value—suggest that the $100K target is well within reach.

However, short-term volatility and the potential for corrections are inevitable as Bitcoin’s meteoric rise continues. In any case, Bitcoin’s journey to $100K will likely leave a lasting impact on the broader crypto landscape, with far-reaching consequences for the financial world.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

 

 

Ethereum (ETH) Price Breaks Through $3,100, Bullish Potential in Sight?

Ethereum's price has broken through $3,100, sparking bullish potential as it approaches new highs. Explore the factors driving Ethereum’s growth, including its diverse ecosystem, technical indicators, and upcoming network upgrades. Is Ethereum on track for $4,000? Find out in this analysis.

Ethereum, the world's second-largest cryptocurrency by market capitalization, has been making significant strides in recent times. Despite experiencing a recent pullback, the underlying fundamentals and technical indicators suggest a promising future for the Ethereum ecosystem.

Today, Ethereum's price is even stronger again. The increase of almost 2% occurred with a promising price. Will Ethereum's bullish potential bring it to a new ATH? Or is the hope of $ 4,000 just a dream?

The Ethereum Ecosystem

The Ethereum ecosystem is vast and diverse, encompassing a wide range of projects and applications. Some of the most prominent include:

1. DeFi Protocols: Platforms like Uniswap, Aave, and Curve Finance have transformed the way people interact with financial services.

2. NFTs: Ethereum is the leading platform for NFTs, with marketplaces like OpenSea facilitating the buying and selling of unique digital assets.

3. DApps: Decentralized applications built on Ethereum provide a wide range of services, from gaming to social media.

A Resilient Network

One of the key factors driving Ethereum's resilience is its robust and ever-evolving network. The Ethereum community is constantly working on upgrades and innovations to enhance the platform's scalability, security, and user experience.

The upcoming Shanghai upgrade, which will enable the withdrawal of staked ETH, is a significant milestone that could further bolster the network's strength.

Ethereum’s Bullish Outlook

Technical analysis indicates a potential bullish trend for Ethereum. The recent price correction has provided an opportunity for investors to accumulate ETH at a relatively lower price. As the market recovers, Ethereum could experience a significant upward movement.

On-chain data also supports a bullish outlook. The increasing accumulation of ETH on exchanges suggests that investors are preparing for a potential price surge. Additionally, the growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) on the Ethereum network is driving demand for the cryptocurrency.

Looking at the data from the chart above, when this article was written on November 18, Ethereum experienced an increase of 0.42% and was trading at $3,112. However, the ETH RSI value is actually below 50, which means that the selling trend is still dominant compared to the buying flow. The MACD line has also decreased because it is currently sloping. 

Conclusion: The Road Ahead

While the future of Ethereum is promising, it's important to acknowledge the challenges that lie ahead. The competition from other blockchain platforms and the potential for regulatory hurdles could impact the cryptocurrency's growth.

However, with a strong community, innovative technology, and a growing ecosystem, Ethereum is well-positioned to maintain its dominance in the blockchain industry.

As an investor, it's crucial to conduct thorough research and consider the risks involved before investing in cryptocurrencies. While Ethereum has shown significant potential, the market remains highly volatile, and prices can fluctuate rapidly.

By staying informed about the latest developments in the cryptocurrency market and making informed decisions, investors can navigate the complexities of the crypto landscape and potentially reap the rewards of long-term investment in Ethereum.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.