- Bitcoin drops over 10%, falling below $60K amid market fears and liquidations.
- Trump’s Bitcoin endorsement sparks debate, contrasts with RFK Jr.’s pro-Bitcoin stance.
- Russia authorizes Bitcoin for international transactions to bypass sanctions.
The crypto market experienced a turbulent week as Bitcoin faced significant declines, finishing down over 10% and slipping below $60,000. This drop coincided with Donald Trump’s high-profile appearance at the Bitcoin Nashville conference. Despite Trump’s endorsement of Bitcoin, the week revealed stark contrasts in the crypto market, reflecting broader market anxieties.
Bitcoin’s performance was notably poor this week, exacerbated by fears of a potential U.S. recession and a surge in market liquidations. The drop in Bitcoin’s value and its dip below $60,000 on Saturday highlighted the market’s instability.
These worries grew when the U.S. government moved $2 billion worth of Bitcoin taken from the Silk Road dark web marketplace. Some Bitcoin fans panicked because of this move, but Adam Cochran from Cinneamhain Ventures said it was not surprising and advised people not to overreact.
Discussions concerning the relevance of Trump endorsing Bitcoin erupted on Crypto Twitter. Cameron and Tyler Winklevoss, the co-founders of Gemini, were among those who applauded Trump’s attendance as a move in the right direction for Bitcoin advocacy.
Tyler Winklevoss emphasized that real engagement begins with such public appearances. Conversely, others, such as Swan Bitcoin analyst Sam Callahan, contrasted Trump’s endorsement with that of independent presidential candidate Robert F. Kennedy Jr., describing Kennedy as a more genuine pro-Bitcoin figure.
In international crypto news, Russia made headlines by authorizing Bitcoin for international transactions, a move aimed at circumventing sanctions. This legislation, set to be effective in September, does not legalize cryptocurrency for domestic use but represents a strategic shift in Russia’s approach to digital assets.
U.S. legislative efforts also featured prominently this week. Senator Cynthia Lummis introduced a bill proposing the creation of a strategic U.S. Bitcoin reserve, a promise she made at the Bitcoin Nashville conference.
Additionally, quarterly earnings reports from major crypto firms, including Coinbase, Marathon Digital, Tether, and Block, revealed mixed results. Notably, MicroStrategy reported a $102 million quarterly loss, though the company’s Bitcoin holdings remain substantial, valued at over $13 billion.
Despite the week’s market challenges, Trump reaffirmed his support for Bitcoin in a Fox News interview. He suggested that Bitcoin could potentially help the U.S. address its $35 trillion debt. This renewed advocacy comes as Trump prepares for a potential face-off against Vice President Kamala Harris in the upcoming election. Harris’s campaign has also noted Trump’s pro-Bitcoin stance, though without additional commentary.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
