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Trump Campaign to Accept Crypto Donations, Including Dogecoin and Shiba Inu
Donald Trump, the presumptive Republican presidential nominee, announced he will accept political donations in various cryptocurrencies, including Bitcoin, Ether, Solana, Dogecoin, and Shiba inu. According to his website, Trump's campaign has launched a fundraising page enabling donations via the Coinbase Commerce product. This move marks the first time a major party presidential nominee has embraced cryptocurrency for donations. Trump's campaign positions him as a greater advocate for digital currencies than his opponent, President Joe Biden, highlighting Trump's support for reduced regulations and financial technology innovation.
Physically Backed Bitcoin and Ether ETPs Set to Launch in the UK
WisdomTree has received approval from the Financial Conduct Authority (FCA) to list Bitcoin and Ether Exchange-Traded Products (ETPs) on the London Stock Exchange (LSE). This move coincides with growing optimism in the US regarding potential approval of spot ether ETFs. WisdomTree plans to launch these physically backed crypto products on May 28, marking a significant development in the UK where the FCA had previously restricted crypto ETNs to professional investors. The approval of these ETPs is seen as a positive step that could encourage greater institutional adoption of cryptocurrencies, removing barriers for professional investors seeking exposure to Bitcoin and Ether.
Ether Achieves 2-Month High Relative to Bitcoin
Bitcoin has shown signs of weakness compared to Ethereum as traders await the upcoming ETF decision. The $69,000 level is crucial, with Material Indicators highlighting the need for support to validate a bullish reversal. However, there are concerns, such as a clear downward signal on daily timeframes. John Bollinger also expressed caution over potential reversals. Credible Crypto and others had predicted retracements, while Filbfilb noted that an ETF rejection might reset the market, but approval could propel Bitcoin towards $80,000. Ethereum's performance against Bitcoin has also been notable, hitting highs not seen since mid-March on May 21.
Trading Desk Insights
Bitcoin continues its pullback in line with the broader market, although there are some outperformers like MYRO and WIF. The price of Bitcoin appears to be headed towards the 67,000 - 69,000 range. On Tuesday, Ethereum's market cap surged by over $70.7 billion, approaching Solana's total market value of around $80 billion. This marks the largest single-day market cap gain for ETH.
In the US BTC ETFs space, the market saw substantial inflows totaling $305.7 million, with Blackrock leading the charge with a crucial $290 million.
SEC Chair Gary Gensler pushed back against the FIT21 bill just hours before a planned vote. The bill aims to clarify the roles of the SEC and Commodity Futures Trading Commission (CFTC) in overseeing crypto. While it allows companies to self-certify their issuance of "digital commodities," it provides the SEC only 60 days to assess if these assets meet the bill's definition. Gensler argues this timeframe is insufficient given the vast number of digital assets in circulation. He also criticized the bill’s definition of a digital commodity, saying it disregards the Howey Test precedent.
In other developments, Bitcoin and Ethereum ETPs have been approved for listing on the London Stock Exchange. These crypto ETNs in the UK will be physically-backed and exclusively available to professional investors.
In political news, Donald Trump's campaign announced plans to build a Bitcoin and crypto army to challenge Joe Biden in the upcoming presidential election. On Tuesday, Trump’s campaign began accepting crypto donations, fulfilling the presumptive Republican nominee’s promise to embrace bitcoin, ether, and other digital currencies.
On the stock market front, U.S. stock futures dipped on Wednesday as the S&P 500 and Nasdaq are coming off record-setting sessions. Investors are eagerly awaiting Nvidia’s latest earnings report, expected to be strong, which will be released after the bell Wednesday. Traders are also looking out for minutes from the recent Federal Open Market Committee meeting and April’s existing home sales data.
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Disclaimer
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.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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