By James Davis
Vivek Ramaswamy Abandons Presidential Ambitions to Support Donald Trump
The crypto market has shed nearly $3 billion over the past seven days. The discouraging performance has shocked many who hoped that the approval of Bitcoin ETFs in the United States would boost the crypto market.
As the digital asset market continues to trend downward, a lot has been happening on X. On Tuesday, crypto advocate Vivek Ramaswamy delivered news regarding his decision to drop out of the presidential race to support former US President Donald Trump.
Many crypto enthusiasts who commented on Ramaswamy’s post requested him to persuade Trump to prevent the creation of a Central Bank Digital Currency when he assumes office. Surprisingly, when Trump delivered his speech in New Hampshire on Wednesday, he promised to “never allow” the introduction of a CBDC in the US.
Trump’s Launches His Trading Cards on Bitcoin
On Wednesday evening, the official X account for the Trump Digital Trading Cards wrote that the NFTs were now available on Bitcoin after minting them using the Ordinals protocol. Many crypto fanatics said the move was intended to cement Donald Trump’s status as a crypto-friendly presidential candidate ahead of this year’s general election.
But Trump’s road to the White House faces several challenges. He currently faces more than 90 criminal counts in several federal jurisdictions. The charges have made some Americans believe that his election poses a massive threat to American democracy.
Nonetheless, several crypto enthusiasts led by YouTuber @CryptoWendyO continue to insist that they will vote for Trump simply because he is pro-Crypto.
ARK Invest CEO Says BTC Will Soon Hit $1M
ARK Invest boss Cathy Wood wrote a bold tweet on Thursday. She claimed that the launch of Bitcoin ETFs had made the road to $1 million in BTC’s price easy. The crypto guru argued that as more traditional institutional investors inject funds into Bitcoin through ETFs, the reputation of BTC as a risky asset would fade away, causing more people to invest in the coin, thus pushing its price to $1 million.
On Friday, Chainalysis reported that the crypto industry recorded a decline in scams last year. According to the blockchain analytics company, revenue from illegal transactions dropped from $39.4 billion in 2022 to $24.3 billion in 2023.