This Week in Cryptocurrency and Politics: Key Developments and Market Movements. July 18th 2024.
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Ethereum’s ETF Hopes Drive Price Surge: Ethereum’s (ETH) market value is climbing, potentially surpassing $3,770, as excitement builds over the anticipated approval of the first spot Ethereum ETF. The introduction of spot ETFs on U.S. exchanges has infused major optimism, elevating the prices of key cryptocurrencies.
Bitcoin’s Price Sees Fluctuation Amid Market Dynamics: Bitcoin (BTC) peaked at $72,000 in May before experiencing a pullback. Despite this, it’s expected to close the month above $68,200, marking a 5.9% increase. Future price movements may be influenced by the expected release of over 142,000 Bitcoins from the Mt. Gox payout.
Solana Remains a Preferred Choice Despite Price Volatility: Starting the year at a peak of $210, Solana (SOL) currently trades at $144.01. It continues to attract analyst favor for its robust ecosystem and swift transaction capabilities, with a projected target of $316.36 by December 2024.
Tether’s Performance Slightly Below Par: Trading just shy of its $1 peg at $0.9996, Tether (USDT) is grappling with investor trust issues, which affects its position in the market.
Political Landscape:
- Trump’s Crypto Strategy Could Influence Election Outcomes: Former President Trump’s active engagement with the cryptocurrency community may increase his support base in the 2024 presidential race, underpinned by his opposition to regulatory crackdowns.
- Bitcoin Tax Payment Options Under Consideration: There is active discussion about enabling U.S. taxpayers to pay their taxes with Bitcoin, potentially implementing this option sooner than anticipated.
- Significant Sales by Cryptocurrency Influencers: Notably, billionaire investor Peter Thiel has sold a substantial amount of his Bitcoin following the recent surge in cryptocurrency prices.
- Bitcoin Miners Pivot to Artificial Intelligence: With advanced technology and efficient energy use, Bitcoin miners are diversifying into the expanding AI sector.
- Crypto Voters’ Impact on the 2024 Election: The influence of crypto voters in the 2024 presidential election may be limited by their small numbers in crucial swing states.
Weekly Summary: This week in the cryptocurrency and political arenas, key discussions include the adoption of cryptocurrencies for tax payments, Trump’s pro-crypto policies, significant movements by cryptocurrency leaders, Bitcoin miners’ shift to AI, and the potential electoral impact of cryptocurrency enthusiasts.
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