Bitcoin 2024: Trump Presence, Biden Exit, ETH ETFs Debut, Mt. Gox Refunds
Last week in the world of cryptocurrency, notable events unfolded, including Republican presidential candidate Donald Trump’s appearance at the Bitcoin 2024 conference, the debut of spot Ethereum ETFs with subsequent net outflows, and the confirmation of Mt. Gox repayments by exchanges and creditors.
At the Bitcoin 2024 conference held in Nashville from July 25 to 27, Donald Trump, the GOP presidential nominee, took the stage on the final day to express his support for the crypto industry. Trump emphasized his plans to make significant changes, such as replacing the current SEC chair, eliminating restrictive crypto regulations like SAB 121, positioning the U.S. as the global hub for cryptocurrencies, and securing all government-held Bitcoin reserves.
During the same event, Jan van Eck, the CEO of VanEck, a prominent asset management firm, reiterated his positive outlook on Bitcoin, revealing that over 30% of his investment portfolio consists of the digital currency. Additionally, Michael Saylor, the Chairman of MicroStrategy and a well-known Bitcoin advocate, shared his bullish prediction for Bitcoin’s future value, forecasting a potential price range of $3 million to $49 million by 2045.
At Bitcoin 2024, Senator Cynthia Lummis voiced her support for cryptocurrencies and criticized the current SEC’s approach. Meanwhile, whistleblower Edward Snowden cautioned the community to remain vigilant against politicians pursuing personal agendas.
In a surprising turn of events, President Joe Biden withdrew from the presidential race and endorsed Vice President Kamala Harris as the Democratic nominee. Harris’ stance on cryptocurrencies remains unclear, but reports suggest her team is exploring ways to enhance relations with the crypto industry in the U.S. Following Biden’s announcement, Bitcoin closed above $68,000 for the first time in over a month, while the meme coin Jeo Boden experienced a significant 49% decline.
On another front, spot Ethereum ETFs officially commenced trading on July 23, generating over $1 billion in trading volume on the first day and attracting a net inflow of $106.7 million. However, after four days of trading, these ETFs experienced a combined net outflow of $341.8 million, primarily due to negative flows from the Grayscale Ethereum Trust (ETHE).
Furthermore, reports indicated that Mt. Gox creditors initiated the confirmation of their balances on the Kraken crypto exchange, while Bitstamp announced the commencement of distribution on July 25. Additionally, SBI Group and Franklin Templeton established a partnership to introduce crypto ETFs in Japan, with SBI holding a 51% stake in the joint venture, and Franklin Templeton owning 49%.
