Trump’s $10 Million Crypto Portfolio!

Donald Trump's cryptocurrency portfolio has exceeded $10 million, driven primarily by the TRUMP coin, according to Arkham Intelligence.

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Money Talks & Joe G
May 28, 2024 • Estimated Reading Time: 5 minutes

What we will talk about today...

Bitcoin Struggles at $69K Resistance

Saylor: Spot Ether ETF Boosts Bitcoin

Trump’s Crypto Holdings Surpass $10 Million

Bitcoin Struggles at $69K Resistance

Bitcoin's recent rally failed to hold, dipping below $68,000 and frustrating bullish traders. Bitcoin faces immediate resistance challenges and market volatility, but long-term prospects remain bullish.

  • Main Points:

    • Mt. Gox Influence: Movements of BTC from Mt. Gox wallets caused market volatility, impacting Bitcoin's price.

    • Price Action: BTC/USD dropped to four-day lows after reaching $70,600 during the Memorial Day holiday.

    • Market Reactions: Popular trader Credible Crypto noted a full retrace of the recent pump, while Daan Crypto Trades observed a neutral funding rate post-liquidation.

    • Resistance Challenge: Bitcoin struggles to flip the key $69,000 resistance to support.

  • Detailed Insights:

    • Long-Term View: Despite short-term volatility, popular trader Jelle sees Bitcoin within a long-term rising channel since 2017, with potential for six-figure prices.

Saylor: Spot Ether ETF Boosts Bitcoin

Michael Saylor, Microstrategy's Executive Chairman, views the approval of spot Ether ETFs by the SEC as beneficial for Bitcoin and the broader crypto asset class.

  • Main Points:

    • Spot Ether ETF Approval: Saylor discussed the impact of the SEC's approval of spot Ether ETFs on the "What Bitcoin Did" podcast.

    • Broader Crypto Asset Class: He noted that this approval legitimizes various crypto use cases, including tokens, NFTs, and DeFi, establishing a new asset class.

    • Positive for Bitcoin: Saylor believes Bitcoin will lead this new asset class and benefit from increased legitimacy and political support.

  • Detailed Insights:

    • Investment Allocation: Saylor suggested that investors might allocate a portion of their portfolios to this crypto asset class, with Bitcoin comprising 60% of these allocations.

₿itcoin reached $68,525. -0.65%

♢Ethereum reached $3,897.  -0.02%

Trump’s Crypto Holdings Surpass $10 Million

Donald Trump's cryptocurrency portfolio has exceeded $10 million, driven primarily by the TRUMP coin, according to Arkham Intelligence.

Arkham’s tracker tool of Trump’s crypto holdings. Source: Arkham.

  • Main Points:

    • Crypto Wealth: Arkham Intelligence reported that Trump’s on-chain crypto holdings reached over $10 million, with $7.3 million in TRUMP coin.

    • Pro-Crypto Stance: Trump pledged to support the crypto industry, opposing President Biden’s anti-crypto measures and advocating for Bitcoin’s future in the U.S.

    • Policy Promises: He promised to protect self-custody rights and oppose the creation of a central bank digital currency (CBDC).

  • Detailed Insights:

    • Campaign Donations: Trump’s campaign now accepts crypto donations via Coinbase.

    • Industry Impact: Analysts, including those from Standard Chartered Bank, see Trump’s potential return to the White House as favorable for the crypto sector.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results