It’s Friday! In today’s Daily, Kamala Harris’ team reaches out to the crypto industry, Bitcoin rises ahead of Trump’s keynote, BlackRock says there won’t be a “long list” of crypto ETFs, and more.
Let’s begin.
Kamala Harris’s Team Reaches Crypto
- Harris’ campaign team has already begun reaching out to ask questions, sources said.
- The source said her team asked why cryptocurrencies were receiving so much attention and wanted more information about past conversations the crypto industry had with President Joe Biden’s advisors.
- “My impression is that they know this is important,” the source added. “They want to take a position on it… They’re going to take their time.”
- After Biden announced on Sunday that he would not seek reelection, Harris quickly emerged as the likely Democratic candidate to run against former President Donald Trump in the upcoming election.
- Crypto industry leaders believe Harris’s election as president could signal a shift in the Biden administration’s current stance on cryptocurrencies.
- Meanwhile, Trump has pledged to end the “illegal and un-American crackdown” on the U.S. cryptocurrency industry and has called himself the first “crypto president.”
- As Harris emerges as the presumptive Democratic nominee, the crypto industry is looking for indicators that could show what impact her potential presidential victory would have on Bitcoin and the broader crypto sector.
Bitcoin Surpasses $67,000 Ahead of President Trump’s Keynote Speech
- The rally took place before Donald Trump’s keynote address at the Bitcoin 2024 conference in Nashville, Tennessee, the first time a U.S. presidential candidate has attended such an event.
- The former U.S. president will appear on the Nakamoto stage at 3 p.m. ET on Saturday for a 30-minute session.
- President Trump has previously criticized the cryptocurrency industry and has shown strong support for cryptocurrencies in recent months, including accepting donations in cryptocurrencies and defending self-custody rights for holders and the rights of American bitcoin miners.
BlackRock’s Robert Mitchnick says there won’t be a ‘long list of crypto ETFs’
- “If you think about bitcoin, it’s about 55% of the market cap today. Ether is 18%. The next most investable asset is about 3%. That’s not even close to the threshold or the maturity or the liquidity or anything like that,” Michnick told Bloomberg ETF analyst James Seifert.
- Michnick, who is sometimes referred to as “the guy who fed BlackRock CEO Larry Fink the ‘orange pill,’” added that the SEC is trying to draw the line somewhere and that it is unlikely to approve a spot Ethereum ETF with a staking component.
- “We don’t see Bitcoin and Ether as competitors,” Michnick continued. “Bitcoin is trying to be a global currency alternative, a potential global payment system.” Ethereum, on the other hand, is better thought of as a technology platform for building applications. “So it’s really more of a complement than a replacement.”
Ledger Unveils Latest Hardware Wallet Amid Product Line Revamp
- Founded in 2014, Ledger has sold over 7 million hardware wallets and claims to secure over 20% of the world’s digital assets.
- In addition to integrating Ledger’s “Secure OS” operating system, the Flex also connects to the company’s mobile and desktop app, Ledger Live. But at $249, the Flex is one of the company’s more expensive offerings.
- Last year, the company faced controversy after launching its Ledger Recover service, which some critics saw as a potential backdoor that could access users’ private keys.
At this rate, Grayscale’s ETHE could run out of ether in a matter of weeks.
- ETHE’s outflows have outpaced net inflows into other spot Ethereum ETFs, but at this rate, assets under management could be depleted within weeks.
- Analysts said that until the net outflows from ETHE subside, selling pressure on the ETH price is likely to continue.
Looking forward to next week
Eurozone CPI inflation data and the latest interest rate decision from the US Federal Reserve are released on Wednesday. The Bank of England’s interest rate decision follows on Thursday. US nonfarm payrolls are released on Friday.
Bank of England Governor Andrew Bailey is due to speak on Thursday.
Bitcoin 2024 concludes in Nashville on Saturday.
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