Trump as “crypto president”, Bitcoin slips below $68.000, Tether VC has ambitious plans

Crypto2Cash
3 min readJun 11, 2024

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Trump wants to become a “crypto president”

Former U.S. President Donald Trump has pledged to become the “crypto president” as part of his 2024 campaign. At a San Francisco fundraiser, Trump declared his support for cryptocurrency, positioning himself against the Democrats’ stricter regulatory stance. Bitwise’s CIO, Matt Hougan, sees a shift towards regulatory clarity in Washington, potentially benefiting the U.S. financial advisory industry. Meanwhile, Coinbase has donated $25 million to the crypto-focused PAC Fairshake, aiming to influence upcoming elections. In related news, Qatar has launched the first phase of its CBDC project, and the UAE is advancing its stablecoin regulatory framework.

Source: Cointelegraph

Bitcoin slips below $68.000, outflows of bitcoin ETF’s

Bitcoin has slipped below $68,000, experiencing a decline of over 2% to $67,900, extending its recent retreat from highs near $72,000. Ether, the second-largest cryptocurrency, also fell, dipping below $3,550. The broader CoinDesk 20 Index saw a 1% decline to 2,370 points. This drop in cryptocurrency values followed a significant outflow of $64.9 million from U.S.-listed spot bitcoin exchange-traded funds (ETFs) on Monday, marking the first such loss since at least May 23, according to provisional data from Farside Investors. These outflows come despite recent strong inflows, which market chatter suggests are driven by institutional interest in non-directional basis trades rather than outright bullish bets.

In traditional financial markets, Chinese stocks led losses in Asian equity indices, falling over 1% amid ongoing property market concerns and reports that the Bank of Japan might reduce its liquidity-boosting bond purchases this week. The dollar index, which measures the greenback against a basket of major fiat currencies, consolidated gains from the past two days. Meanwhile, U.S. Treasury prices, considered a safe haven, rose, pushing yields lower. The yield on the benchmark 10-year note fell by three basis points to 4.45%, according to data from TradingView.

European political developments added to market uncertainty. Recent gains by right-wing parties in European elections and the announcement of a snap poll in France have raised concerns about the European Union’s cohesion. This political instability is contributing to market volatility.

Investors are also on edge ahead of significant upcoming U.S. economic events. The U.S. Consumer Price Index (CPI) release and the Federal Reserve’s rate decision on Wednesday are key focal points. The Federal Open Market Committee (FOMC) will publish its latest quarterly projections, including the interest rate dot plot, which outlines policymakers’ future rate projections. These events are crucial as they will provide insights into the central bank’s inflation outlook and interest rate trajectory, influencing investor sentiment and market movements.

Source: CoinDesk

Tether plans to invest $1 billion in emerging technologies

Tether plans to invest up to $1 billion in emerging technologies, including artificial intelligence (AI) and biotech, over the next year. CEO Paolo Ardoino revealed that Tether’s venture capital arm, with a team of 15 evaluating numerous pitches monthly, has already invested around $2 billion in tech like AI and alternative financial infrastructure. Tether’s investments include a $610 million debt financing facility for Northern Data Group. The firm seeks to invest in technologies that promote disintermediation in finance and reduce reliance on major tech companies. This follows Tether’s restructuring into multiple divisions and significant profits from Bitcoin and gold investments.

Source: Cointelegraph

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