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Trump Likely to Speak at Bitcoin 2024 Event in Nashville
Former President Donald Trump is in talks to speak at Bitcoin 2024 in Nashville, according to Axios, citing two sources. Trump, along with other politicians like Robert F. Kennedy Jr., Vivek Ramaswamy, and Republican Senators Bill Hagerty and Marsha Blackburn, may attend the event. Brian Hughes, Trump's senior advisor, criticized Biden's administration for stifling crypto innovation and emphasized Trump's support for the industry. Trump has pledged to advocate for bitcoin mining and accept crypto donations. Meanwhile, Biden's campaign is seeking input from the crypto industry on digital asset policies. Both Trump and Biden will debate later this week, with crypto likely to be discussed.
German Government Entity Transfers 900 Bitcoin, Sends 400 BTC to Coinbase and Kraken
The German government has sold over $54 million worth of Bitcoin, transferring 900 BTC in three transactions on June 25. The sales included 200 BTC each to Coinbase and Kraken, with 500 BTC sent to an unknown wallet, “139Po,” which had received previous transactions from the government. The government's wallet still holds over 46,000 BTC, valued at $2.8 billion, potentially impacting Bitcoin prices, which have been in a downtrend. Additionally, Mt. Gox's planned repayment of $9.4 billion worth of Bitcoin to creditors in July could further pressure Bitcoin prices.
Hut 8 Secures $150M Investment Amid AI Firms' Growing Interest in Bitcoin Mining Energy
Coatue Management is investing $150 million in crypto miner Hut 8 to build AI infrastructure, boosting Hut 8 shares and other bitcoin mining-related data-center stocks like Soluna Holdings and Applied Digital. Coatue also backs CoreWeave, a cloud-computing firm eyeing Hut 8 rival Core Scientific. AI firms' growing need for power is driving these investments, with bitcoin miners' existing capacity and power deals attracting AI and high-performance computing firms. Hut 8 noted traditional data centers' struggles to meet AI demand, highlighting the potential for bitcoin miners to fill this gap.
Trading Desk Insights
Bitcoin has rebounded from the significant losses incurred yesterday, which were spurred by concerns over the Mt. Gox repayments potentially driving the market lower. However, traders now believe that the selling pressure from these repayments may be less intense than initially feared, alleviating immediate selloff worries. This optimism stems from the fact that many creditors are long-term bitcoin enthusiasts—tech-savvy early adopters who have resisted years of aggressive buyout offers, indicating a preference to retain their BTC rather than opting for a USD-denominated payout. Additionally, funds that purchased claims from creditors are expected to distribute BTC to LPs in kind, likely preventing large-scale market sales.
In the US BTC ETFs sector, the market experienced another round of outflows amounting to $174.5 million, with Grayscale leading the exodus at $90.4 million.
Looking ahead, the presidential debate on Thursday is anticipated to have a significant impact on political meme coins. According to a Polymarket contract, Republican candidate Donald Trump is currently the frontrunner with a 57% chance of winning, compared to 35% for Joe Biden.
Meanwhile, stock futures showed mixed results on Tuesday following a sell-off in favored technology stocks. Nvidia’s decline led to a more than 1% drop in the Nasdaq Composite on Monday, marking its biggest one-day loss since April. The Nasdaq-100 also experienced its worst day since April as investors shifted away from chipmakers.
Nvidia's shares fell by 6.7% on Monday, marking the third consecutive day of decline and bringing the stock down 13% from its peak last week. Other significant decliners included stocks that have recently seen substantial gains due to their connections to the artificial intelligence sector. It appears that investors are locking in profits from Nvidia and similar high-momentum stocks after a period of strong performance.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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