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In 2022 and into 2023, the crypto market faced major drawdowns following the implosion of Bahamas-based cryptocurrency exchange FTX in 2022 and the regional banking crisis in early 2023. This led to the Federal Reserve Board releasing statements to banks on the risks of crypto assets, which it has recently withdrawn.What are Trump’s crypto policies?
The crypto industry has emerged as a significant political player, contributing large sums to support Trump and other legislators.Much of Biden’s crypto policies have been rescinded under the Trump administration, with the US Senate advancing key pro-crypto legislation such as the establishment of the Strategic Bitcoin Reserve and the Digital Asset Stockpile, aimed at maintaining control of Bitcoin seized as part of “criminal or civil asset forfeiture proceedings”.Trump’s cryptocurrency policies included appointing pro-crypto figures to key regulatory roles, such as naming Paul Atkins as the new SEC chair.
The most recent rally in Bitcoin is largely prompted by investor optimism over a more crypto-friendly administration and proposed regulatory changes to reduce barriers to entry in the crypto asset markets.Unlike fiat currencies, Bitcoin’s maximum supply is 21 million coins. Because of this, the White House has stated “there is a strategic advantage to being among the first nations to create a strategic Bitcoin reserve.”
What if Bitcoin were a country?
With Bitcoin priced at $110,000 and a circulating supply of approximately 19.87m BTC, its market capitalisation stands at roughly $2.18 trillion.Trump’s tariff policies have also faced legal challenges in the US, where businesses, interest groups and states have all filed lawsuits to stop the tax hikes on imports.
On Thursday, for instance, a federal court briefly ruled that Trump had illegally exercised emergency powers to impose his sweeping slate of international tariffs, only for an appeals court toA deal with Nippon Steel
Before the tariff hike was announced, Friday’s rally in Pittsburgh was expected to focus on Nippon Steel’s proposed acquisition of US Steel, the second largest steel producer in the country.“We’re here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,” Trump said at the outset of his speech.