Bitcoin price wavered on Wednesday, Sept. 11, as traders reflected on the Donald Trump and Kamala Harris debate.
Bitcoin exchange reserves have dived
Bitcoin (BTC) retreated to $56,700 from this week’s high of $58,000 while Trump-themed tokens like MAGA (TRUMP) fell by over 10% in the last 24 hours.
Kamala Horris (KAMA) token by a smaller margin as traders estimated that Harris had a better night than Trump. Polymarket’s odds flipped in her favor, with a 50% chance of winning in November.
Bitcoin and other cryptocurrencies are expected to perform well if Donald Trump wins the election, due to his support for the industry. He has hinted that he will replace Gary Gensler, maintain the Bitcoins in the government’s custody, and promote the U.S. as the crypto capital.
Meanwhile, spot Bitcoin ETFs have seen inflows for the last two consecutive days, signaling that investors have started to buy the dip. They added $116 million on Sept. 10 and $28 million a day earlier.
Another potential catalyst for Bitcoin is that reserves on exchanges have continued to fall. Data from CoinGlass shows that these reserves dropped to 2.35 million, the lowest level in years, significantly lower than the year-to-date high of over 2.71 million.
Falling Bitcoin reserves are a positive metric because they indicate that many holders are not selling. Recently, reserves rose in July and early August as the German government and Mt. Gox liquidated their holdings.
Falling BTC reserves are happening as the volume of stablecoins in reserves moves upward. Tether’s (USDT) market cap has risen to over $118 billion, while USD Coin (USDC) jumped to a record high of $35.2 billion.
A combination of falling Bitcoin reserves and rising stablecoin amounts is a sign that investors are waiting to buy.
Still, Bitcoin faces some major risks ahead. The most important risk is that the spread between the 50-day and 200-day Exponential Moving Averages has continued to narrow, meaning that a death cross may happen.
Historically, financial assets tend to dive sharply when this pattern happens. In Bitcoin’s case, the last death cross led to a 65% dive in 2022.
Bitcoin also faces a major resistance, which is shown in the descending trendline that connects the highest swings since March this year. For a clear bullish breakout to happen, it will need to clear that resistance and the year-to-date high of $73,800.
Bitcoin price rose for three consecutive days as investors bought the dip ahead of the Donald Trump and Kamala Harris debate and the closely watched U.S. inflation report.
Bitcoin (BTC) rose to $55,700 while Ethereum (ETH) jumped to $2,320. The gains coincided with a positive performance in the stock market, where the Dow Jones, S&P 500, and Nasdaq 100 indices all rose by over 1%. These assets rebounded following the mixed jobs report, which showed that the jobless rate fell to 4.2%, while wage growth strengthened.
Bernstein is bullish on Bitcoin
In a note ahead of the Trump and Harris debate, an analyst at Bernstein predicted that Bitcoin could rise to $90,000 if Trump wins in November. Such a move would represent a 62% increase from its Sep. 8 levels. The analyst also expects the coin to drop to a low of $30,000 if Harris wins.
Bernstein is a major player on Wall Street, as part of AllianceBernstein, a company with over $700 billion in assets under management and a market cap of over $3.8 billion.
The analyst believes that Donald Trump will usher in a more crypto-friendly regulatory environment following the tenure of Gary Gensler, who has been criticized by many in the crypto industry for focusing on regulation through enforcement. During Gensler’s tenure, the SEC has sued companies like Coinbase, Binance, Kraken, and OpenSea.
Trump has vowed to fire Gensler and support the crypto industry. For example, he has stated that he will not allow the sale of Bitcoins currently held by the government. He also aims to promote the U.S. as the leading Bitcoin mining country.
However, history shows that Bitcoin tends to perform well regardless of who is in the White House. It has reached all-time highs under every president since its inception. It peaked at a record high of $73,800 during Joe Biden’s presidency and under Gary Gensler’s oversight.
Another possible catalyst for Bitcoin is the Federal Reserve’s actions, particularly if this week’s data confirms that inflation is easing. Economists expect the numbers to show that the headline Consumer Price Index retreated to 2.6% in August.
If this is accurate, the Fed may implement a 0.50% rate cut at its September meeting. Bitcoin and other risky assets tend to perform well when the central bank is cutting rates.
For Bitcoin to reach $90,000, it will need to move past the 200-day Exponential Moving Average at $60,000. It will also need to rise above the descending trendline that connects the highest swings since March.
Donald Trump and Kamala Harris-themed cryptocurrencies were mixed on Monday, Sep. 9, ahead of a key debate that could influence the outcome of the next general election.
Donald Trump and Kamala Harris debate ahead
MAGA (TRUMP), the largest Trump-themed coin, was down by 2.1% to trade at $3.38. It has risen by 6.3% in the last seven days, giving it a market cap of over $155 million. Doland Tremp (TREMP) has surged by 40% in the last seven days, while Trumpcoin (DJT) has fallen by over 4%.
On the other hand, Kamala Horris (KAMA) token has fallen by 6.6%, bringing its valuation to over $8 million, making it the sixth-biggest coin in the world.
The main catalyst for these politfi coins is Tuesday’s debate between Trump and Harris, which can impact the race. Recent polling data shows that the race is close, meaning that many undecided voters may pick a side after the debate.
A closely watched New York Times/Sienna poll showed Trump leading by one point nationally. In top swing states, the poll—together with that of CBS News—had Harris leading by one point, indicating that the race is virtually tied.
Polymarket, a popular prediction market, shows that Donald Trump has a 52% chance of winning the election. Another poll suggests that Harris will win the popular vote, as Democrats have done in the last few elections.
Trump tokens jumped after his debate with Joe Biden
Most Trump-themed tokens surged after the first Trump and Joe Biden debate on June 27. In that debate, it became apparent that Biden was likely to lose the election to Trump. The MAGA token rose by 18%, while MAGA Hat jumped by over 28%. Doland Tremp rose by 15%.
These tokens then retreated as the market predicted that Democrats might nominate a younger candidate with a higher chance of winning.
Most Trump tokens and other cryptocurrencies are likely to perform well if he wins the debate for two reasons. First, these meme coins are often driven by hype among market participants.
Second, Trump is viewed positively in the crypto community. He owns cryptocurrencies worth over $5.76 million, has called for the government not to sell its Bitcoin (BTC) holdings, and is supported by crypto fans like Elon Musk and Tyler Winklevoss.
Harris, on the other hand, is said to favor Gary Gensler as Treasury Secretary and has not delivered a specific crypto policy. Elizabeth Warren, one of her supporters, has called for more crypto regulations.
Eric Trump, the son of U.S. presidential candidate Donald Trump, has announced the official launch of the defi project World Liberty Financial.
No details of the project are provided. It is known that it was initially named The Defiant Ones. World Liberty Financial’s X and Telegram channels have more than 16,000 and 45,000 users, respectively. The presence of other networks and the project’s website has yet to be discovered.
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Making finance great again with Eric Trump
In an interview for The New York Post, Eric Trump emphasized that the project is related to “digital real estate.” According to him, this real estate will be available to absolutely everyone and will provide fair and instant access to assets.
It’s equitable. It’s collateral anyone can get access to and do so instantly. I wonder if people realize what a shake up that is for the world of banking and finance. I hope we can help change that.
There are no descriptions of the project on social media, but on Telegram, it promises to “make finance great again by putting the power back in YOUR hands.”
We all know how crooked banks and financial institutions rig the system against everyday Americans. They shut people out, deny them loans, drown them in paperwork, and kill them with legal and processing fees. Our entire family has experienced this firsthand…
Trump Jr. emphasized that the new Telegram channel will be the main source of information about the upcoming project.
The crypto community believed that Trump Jr.’s crypto project would be related to meme coins. However, the son of the U.S. presidential candidate denied all speculation on this matter. He said that he is working on creating a crypto platform that will challenge traditional banks.
Community reacts to platform launch
Eric Trump’s latest tweet caused a mixed reaction from the community. Some X users criticized the project in the comments to the post and questioned its possible success.
Earlier, the U.S. presidential candidate Donald Trump did not stand aside and advertised the community of the new one on his social network Truth Social.
“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together.”
Notably, during his first term, Trump actively criticized cryptocurrencies and called them a scam. This year, the politician changed his position, deciding to bet on crypto voters.
The former president even recently spoke at the Bitcoin 2024 conference in Nashville. During his speech, he promised to fire Gary Gensler as head of the SEC.
The politician also recently released his fourth NFT collection (also known as new Trump trading cards), adding real-world buyer bonuses. The collection consists of 50 unique “portraits” depicting “significant moments” in Trump’s career. The digital images include Trump holding Bitcoin, wearing boxing gloves, and acting like Captain America.
Each NFT costs $99, but bundles are available. Buying five NFTs gets you a pair of Never Surrender sneakers, while buying nine gets you two pairs.
How the crypto market is reacting
Notably, PolitiFi’s MAGA (TRUMP) meme coin has remained virtually unchanged since the news of World Liberty Financial’s launch.
However, the last time Trump publicly endorsed the project, TRUMP’s price soared by 21%, reaching $3.87.
Overall, MAGA has become one of the largest coins by market cap in the PolitiFi sector, second only to ConstitutionDAO (PEOPLE).
According to the latest report, the political coins category has outperformed the entire meme coin segment in market cap since the beginning of 2024 — 782.4% versus 90.2%. Moreover, the top tokens have been mostly associated with Trump: TRUMP has soared by 1350.9% since the beginning of the year, and MAGA Hat (MAGA), with a market cap of $35.5 million, has grown by 1292.1%.
Growing interest in the U.S. political scene amongst crypto communities has led to the creation of many PolitiFi tokens. While the majority are created for satire purposes, some have applied transaction fees to support the project and political causes it aligns with.
The Trumps’ impact on the U.S. crypto landscape
The results of a Coinbase study provide a possible explanation for why cryptocurrency has become a significant part of the election agenda. According to the survey, in key swing states crucial to the 2024 U.S. presidential election, young cryptocurrency holders under 35 are almost equally divided between Democrats and Republicans — 41% and 39%, respectively. This suggests that the influence of cryptocurrency could be decisive in these critical battlegrounds.
During his election campaign, Trump already announced planned measures for the crypto industry. He promised to appoint a crypto presidential advisory council, fire the SEC chairman, introduce friendlier regulation, and ban central bank digital currencies.
One way or another, giving a final answer about the future of cryptocurrencies under Trump’s presidency is impossible. To do this, the presidential candidate must at least win the elections in the fall of 2024.
A recent Fairleigh Dickinson University poll found that former President Donald Trump’s outreach to crypto owners is paying off this 2024 U.S. Presidential election season.
It appears Trump’s embrace of cryptocurrency is paying off. The FDU poll revealed that Trump holds a significant lead among voters who own crypto or related assets, outpacing Vice President Kamala Harris by 12 percentage points in the 2024 U.S. Presidential race.
The poll shows that 50% of likely voters who own crypto backed Trump, compared to 38% who support Harris. Conversely, among non-crypto owners, Harris leads by 12 points, garnering 53% support to Trump’s 41%.
The FDU Poll also revealed that 15% of all registered voters in the U.S. have owned crypto, NFTs, or similar digital products. This group is disproportionately composed of men, younger voters, and members of racial minority groups.
Interestingly, while Republicans are slightly more likely to own crypto than Democrats, the difference does not fully account for the 24-point swing in presidential support between crypto owners and non-owners, according to the poll.
Crypto in the driver’s seat this election season
During this election season, both parties have catered to the crypto crowd, aiming to appeal to the crypto community and its financial contributions. The support among crypto owners indicates the increasing influence of digital assets in American politics.
“Trump has been reaching out to the crypto community, and it seems to have paid off. It might be easy to dismiss them as insignificant, but I don’t think people realize exactly how widespread crypto ownership is.”
Executive Director of the poll Professor Dan Cassino.
Trump has not shied away from expressing a pro-crypto sentiment during his most recent campaign trail. Trump’s stance on crypto is in stark contrast to his earlier criticism, in which he famously labeled cryptocurrencies a “scam” in a 2021 interview.
However, during this election cycle, Trump said he would embrace crypto in his next presidential term. “Crypto is moving out of the U.S. because of hostility toward it. I don’t want that. If we are going to embrace it, we will have to let them be here,” he said in a recent rally.
Trump’s strategy to court the cryptocurrency community has been evident in recent months. In July, he delivered a keynote address at Bitcoin2024 in Nashville, where he expressed strong support for the Bitcoin (BTC) mining industry despite concerns about its environmental impact.
On Aug. 29, Trump announced plans to make the U.S. the “crypto capital of the planet” if re-elected, hinting at an initiative led by his sons called World Liberty Financial. While details are limited, the project reportedly focuses on real-world asset tokenization.
On May 21, The Trump campaign introduced a fundraising page that accepts donations in any cryptocurrency available on the Coinbase platform.
On the other side of the aisle, Democrats, led by Harris’s campaign team, launched the Crypto4Harris initiative in early August to engage with the crypto community and counter Republican efforts to attract crypto voters. The campaign aims to develop a pro-crypto policy framework to repair Harris’s relationship with the crypto industry.
As the 2024 Presidential election approaches, Trump’s crypto support may be crucial in swaying undecided voters, particularly among demographics that have traditionally leaned toward the Democratic Party.
Republican presidential candidate Donald Trump announced his fourth NFT collection with bonus trading cards via Bitcoin Ordinals.
Titled “Series 4: The America First Collection,” former President Trump revealed that his digital trading card collection, released as non-fungible tokens, will offer additional benefits to big spenders.
The NFTs are priced at $99 each, but buyers who spend up to $24,750 on the cards can receive perks such as Trump cocktails, sneakers, a dinner with Trump in Florida, and a piece of his suit from the CNN debate against U.S. President Joe Biden.
Donald Trump first ventured into NFTs in December 2022. Since then, his digital collections have earned him north of $1 million in cryptocurrencies like Ethereum (ETH). Despite his earlier skepticism about the web3 economy, Trump’s NFT collections indicate a shift in his approach to digital assets.
In May, the Republican candidate launched his third NFT series and declared himself the “crypto presidential candidate.” Trump reiterated his stance during a speech at the Nashville Bitcoin (BTC) 2024 conference.
In front of approximately 20,000 attendees, the former president emphasized his pro-crypto and pro-Bitcoin positions, pledging to keep America’s BTC holdings and convert them into a national strategic reserve.
Trump amplified this further by recruiting Bitcoin holder J.D. Vance as his running mate, and onboarding former independent aspirant Robert F. Kennedy Jr to his campaign.
Former President Donald Trump has seemingly put his weight behind his family’s crypto project, the Defiant Ones.
In an Aug. 22 post on Truth Social, Trump endorsed the decentralized finance project, saying; “For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together.”
It’s worth noting that Trump met with leaders of the largest financial firms in the U.S., promising tax cuts and deregulation in exchange for their support ahead of the 2024 presidential election. Among the names he spoke with this summer include JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser and Bank of America CEO Brian Moynihan.
This marks the first time Trump has publicly endorsed the still-inactive crypto project on his personal account.
Up until now, his sons — Eric Trump and Donald Trump Jr. — have been promoting the mysterious project over the last few weeks.
In a past interview with The New York Post, Eric described the project as “digital real estate,” highlighting its potential to shake up the financial sector by providing equitable and instant access to collateral.
It’s equitable. It’s collateral anyone can get access to and do so instantly. I don’t know if people realize what a shakeup that is for the world of banking and finance.
Eric Trump, speaking about the Defiant Ones
Most of the Trump brothers’ posts have broadly hinted at the project’s goal of building “the future of finance,” but have provided no specifics on its functionality.
This has left followers curious about whether it would involve a decentralized autonomous organization, a new cryptocurrency, trading market, or something else entirely.
To cut down on the speculation, Trump Jr. recently directed people to a Telegram channel called the Defiant Ones, stating it would be the official source of information about the mysterious project.
A lot of rumors are swirling about our crypto project. To get the real story and stay updated with official announcements, join our official Telegram channel. Don’t rely on speculation—get the news directly here!https://t.co/wVPMEJTpKy
The channel currently has almost 40,000 members, and recently gave away premium Telegram subscriptions to 10 of them.
The project seems like the culmination of Trump’s newfound support for crypto. While he referred to the industry as a “scam” in the past, he has since reinvented himself as a pro-crypto stalwart, earning support from the industry in the process.
In July, the former president headlined the Bitcoin 2024 conference in Nashville, Tennessee, where he outlined a series of crypto-friendly proposals, including setting up a national Bitcoin (BTC) reserve if elected.
After The Defiant Ones was unveiled, numerous critics on X.com almost immediately called it another “grift.”
At least six of Trump’s companies have gone bankrupt. The now-defunct Trump University, launched in 2005, was shut down for fraud. Trump has since resorted to selling sneakers, bibles, and non-fungible tokens, or NFTs.
Political meme coins are a bust as digital tokens inspired by Republican presidential candidate Donald Trump plummet in value.
TrumpCoin (DJT) token crashed to a record low of $0.000157
MAGA: Fight for Trump (TRUMPCOIN) slipped to $0.0059, giving it a market cap of over $5.9 million.
MAGA (TRUMP), the biggest Trump-themed token, continued to fall by over 53% from its highest point this year.
Trumpcoin vs MAGA vs TRUMP tokens | Source: crypto.news
Trump
The same trend has happened in the stock market where the Trump Media & Technology Group stock has fallen to $23, its lowest point since April.
One reason for this sell-off is that Trump’s odds of winning the general election have slimmed after President Joe Biden exited the race.
According to a Polymarket poll with over $628 million in assets, Trump and Vice President Kamala Harris are tied at 49% on Aug. 18, meaning that her odds have slipped in the past few days.
A national poll by the New York Times shows that Harris has a 49% chance of winning the presidency against Trump’s 47%. She also leads in some states like Wisconsin, Michigan, and Pennsylvania, while Trump leads in Arizona and Georgia.
Still, it is too early to predict who will win the election since most of these polls are within a margin of error.
Meme coins retreat
The ongoing retreat of tokens like Trumpcoin, Maga Hat, Trump, and Maga coincide with the ongoing meme coin crash.
Most meme coins have been in a steep sell-off in the past few weeks, bringing their total market cap to over $38 billion, down from the year-to-date high of over $63 billion. Most of them, including popular names like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) have fallen by double digits from their highest points this year.
Meanwhile, Bitcoin is consolidating between the support level at $57,000 and the resistance point at $61,000. Typically, meme coins underperform the market when Bitcoin is not doing well.
On the positive side, there are signs that politicians are warming up to crypto. Trump often promises at his rallies and on his social media platform, Truth Social, that he plans to enact crypto-friendly policies if he wins a second term.
Democrats have also started to embrace cryptocurrencies and are working on a crypto regulation bill, according to recent comments from Senate Majority leader Chuck Schumer.
Bitcache and Megaupload founder Kim Dotcom, is determined to resist extradition to the U.S., claiming political persecution and vowing to stay in New Zealand.
German-Finnish internet entrepreneur Kim Dotcom, known for his controversial political views, now faces a new challenge as New Zealand’s justice minister, Paul Goldsmith, has signed an order for his extradition to the United States.
The move has reignited a legal battle that has spanned more than ten years, with Dotcom and his legal team vowing to fight the decision tooth and nail, per a report from The New Zealand Herald. Dotcom has been living in New Zealand since 2010, and has faced the threat of extradition since 2012 following a dramatic global sting operation that led to his arrest.
The U.S. Department of Justice charged Dotcom with a slew of serious offenses, including criminal copyright infringement, money laundering, racketeering, and wire fraud, all linked to his role in Megaupload’s operations. U.S. authorities accused the platform of enabling widespread piracy, and allegedly profiting from the illegal distribution of copyrighted content.
In an Aug. 15 defiant post on X, the crypto entrepreneur who once promised to bring Bitcoin (BTC) to the masses via Bitcache and Megaupload, declared, “I love New Zealand. I’m not leaving,” signaling a clear intention to remain in the country despite the looming threat of extradition.
Kim Dotcom alleges legal irregularities and political persecution
Dotcom’s legal team — led by Ira Rothken — confirmed plans to seek a judicial review of the extradition order in a separate X post, stating that the fight for justice is far from over. Rothken also highlighted numerous legal irregularities that have plagued Dotcom’s case, including an illegal government raid on his family home, unlawful surveillance, and the withholding and destruction of crucial evidence.
Our legal team is working on judicial review to the High Court for @KimDotcom in NZ.
After 12+ years of injustice: -Illegal Gov raid on family home -Illegal spying (PM apologized) -Withholding of evidence -Destruction of evidence -US blocked legal funding -US judge recused…
The long-time U.S. critic maintains that his legal troubles stem from his support for WikiLeaks and its founder Julian Assange, who recently pled guilty to one charge of espionage and returned home to Australia after years of fighting U.S. extradition.
In another series of posts on X, Dotcom implied that his donations to WikiLeaks, including a $100,000 contribution made shortly after his release on bail, may have prompted the U.S. government’s pursuit of him.
It all started because I became a large donor to @Wikileaks after Julian revealed US war crimes with the collateral murder video. And the moment I got out on bail I created Mega and sent the first $100k I made to Wikileaks. I would do it all over again. Fuck the criminal US Govt. https://t.co/QcJvq7wM61
In addition, Dotcom accused the DoJ, under President Joe Biden’s administration, of targeting him for political reasons, drawing a parallel between his situation and former President Donald Trump‘s legal battles.
The ‘cache’ in Bitcache solves the problem. It eliminates all blockchain limitations. Wait for it 🙂
Founded in 2016, Bitcache was meant to increase the utility of Bitcoin by introducing cost-effective microtransactions where file transfers on Megaupload would be linked to Bitcoin transactions thereby making it very difficult to identify users of the file sharing platform. However, in 2023, a New Zealand court put Bitcache into liquidation, after it was claimed the company owed more than $13 million to assorted creditors.
