NAIROBI (CoinChapter.com) — Donald Trump announced a bold plan, vowing to promote crypto and Bitcoin within the USA. He pledged to protect self-custody rights for 50 million crypto holders. Trump also firmly opposed central bank digital currencies (CBDCs), vowing never to allow their creation. His statements mark a significant stance in the ongoing crypto regulation debate.
Trump’s Vision for Crypto’s Future
Trump’s commitment to crypto enthusiasts is clear. He emphasizes the importance of self-custody, which allows users to have full control over their digital assets. This stance resonates with many in the crypto community who value privacy and independence. By rejecting CBDCs, Trump distances himself from government-controlled digital currencies, appealing to those wary of excessive regulation.
“I will support the right to self custody to the nations 50 million crypto holders”
Donald TrumpHis statements come as Bitcoin experiences significant market activity. With a current market cap of $1.35 trillion, Bitcoin remains a dominant force in the crypto space. Daily transactions reach 835,000, highlighting its widespread use. Trump’s support could further boost confidence in Bitcoin and other cryptocurrencies.
“I will keep Elizabeth Warren and her goons away from your Bitcoin And I will never allow the creation of a Central Bank Digital Currency (CBDC)”
Donald TrumpMoreover, Donald Trump took an unequivocal stand against central bank digital currencies (CBDCs), vowing, “I will never allow the creation of a central bank digital currency.” This bold declaration resonates with concerns over potential government overreach and erosion of financial privacy associated with CBDCs.
Bitcoin’s Performance Amidst Political Support
On May 27, 2024, Bitcoin’s price stands at $68,714.83, showing a slight decrease of 0.81% over the past 24 hours. Despite this minor dip, Bitcoin remains 5.38% below its all-time high of $73,797.35, recorded on March 14, 2024. This recent fluctuation can be attributed to market adjustments following Trump’s vow, as investors react to the news and its potential implications.
Bitcoin faces resistance at $72,986.57 and finds support at $60,723.03. The price remains above the 50-day EMA of $65,298.54, suggesting a bullish trend if support levels hold. Fibonacci retracement indicates critical zones at $68,316.17 and $60,065.22, providing critical zones for traders to watch.
Bitcoin’s performance metrics highlight its resilience and growing adoption. Daily active addresses have surged to 353,900, and decentralized exchange (DEX) trading volumes reached $80,200. Furthermore, the total value locked (TVL) in decentralized finance (DeFi) protocols utilizing Bitcoin exceeds $1.2 billion, showcasing the network’s growing adoption and utility.
The ex-president’s stance on crypto reflects a broader trend in American politics. Lawmakers and regulators are increasingly scrutinizing digital currencies, balancing innovation with regulation. Trump’s declaration could influence future policy directions, potentially fostering a more favorable environment for crypto growth in the USA.
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