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Trump's Vision: Make Bitcoin American Again!
Donald Trump wants all remaining Bitcoin to be made in the USA to achieve "energy dominance."
Danielle du Toit
June 12, 2024
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Trump Wants Bitcoin ‘Made in the USA’ After Hosting Mining Industry Heads
US Spot Bitcoin ETFs See $200 Million in Net Outflows Ahead of FOMC Meeting
Meme Coins Reflect Hunter Biden’s Guilty Verdict with Wild Swings
Bitcoin Whale Transfers 8,000 BTC to Binance After 5-Year Dormancy
Donald Trump showed his support for the crypto mining industry after executives pitched him on how they could strengthen the electrical grid and create new jobs.
Donald Trump once again expressed his strong support for the Bitcoin mining industry, and is adamant that all remaining Bitcoin should be produced in the United States to achieve "energy dominance."
The former President believes that BTC is the country's "last line of defense" against a central bank digital currency.
President Joe Biden proposed a 30% electricity tax on Bitcoin miners, and the the industry is facing increasing political pressure due to concerns over emissions, energy consumption, and its impact on power grids.
The U.S. Spot Bitcoin exchange-traded funds experienced net outflows of $200 million on Tuesday.
Grayscale’s GBTC saw the largest amount of net outflows totaling $121 million on Tuesday, followed by Ark Invest’s ARKB with $56 million in net outflows.
The 11 spot Bitcoin ETFs ended their 19-day streak of net inflows on Monday, with outflows totaling $64.93 million.
Markets are now focused on the upcoming U.S. economic indicators, including the Federal Open Market Committee meeting results and Consumer Price Index data.
President Joe Biden’s son, Hunter Biden, was found guilty on three federal gun charges, which caused volatility among Biden-themed meme coins.
The Jeo Boden (BODEN) token saw a 26% increase, almost reaching $0.20 within just five hours of the Delaware federal court jury's verdict, before dropping by 6%.
The Hunter Boden (HUNTBODEN) token saw a 116% rise to a daily high of $0.0022 but subsequently fell by about 54% soon after.
Hunter Biden, who is a recovering crack cocaine addict, was found guilty of lying on a form to buy a gun. He now faces a potential maximum sentence of 25 years in prison.
A dormant Bitcoin whale transferred 8,000 BTC worth $536.5 million from a Coinbase cold storage wallet to Binance after five and a half years of inactivity.
The Coinbase cold-storage wallet originally received the 8,000 BTC over multiple transfers on Dec. 5, 2018, primarily in batches of 200 BTC.
This recent transfer has caused a lot of speculations about what is next. Liquidation of even a portion of the 8,000 BTC by the whale could have a major impact on the market due to the large volume involved.
The whale’s movements are part of a broader trend of dormant Bitcoin addresses becoming active. Some of the more notable recent transfers include 1,000 BTC on May 12 and 687 BTC from a Satoshi Nakamoto-era wallet the previous before.
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