Trump hosts $1.5M fundraising dinner with crypto czar
President Donald Trump hosted a $1.5 million-per-plate fundraising dinner on the Trump Nationwide Golf Membership in Sterling, Virginia.
unbranded – Newsworthy
Bitcoin BTC= rose to its highest stage on record on Wednesday, eclipsing the earlier excessive from January, as danger sentiment continues to enhance after final month’s tariff-induced selloff.
The world’s largest cryptocurrency touched a excessive of $109,760.08, and was final up 1.1% at $108,117.
Its ascent was pushed by a mix of things together with easing commerce rigidity between the US and China and Moody’s downgrade of U.S. sovereign debt which has prompted buyers to hunt various funding sources to the greenback.
“Now that January’s excessive has been surpassed – and the 50 p.c upside from April’s lows has been achieved – bitcoin enters blue sky territory with tailwinds within the type of institutional momentum and a good U.S. regulatory atmosphere,” Antoni Trenchev, co-founder of digital asset buying and selling platform Nexo, mentioned in an emailed remark.
Bitcoin at occasions trades in a similar way to tech shares and different property that rise in worth when investor sentiment is excessive. The tech-heavy Nasdaq .IXIC is up 30% from its early April low.
That has additionally coincided with continued weak point within the greenback .DXY, an extra enhance for bitcoin’s trade price in opposition to the U.S. forex.
Crypto market members typically level to elevated involvement from conventional monetary companies as causes for its positive aspects.
This week they’ve referenced JPMorgan CEO Jamie Dimon, a longtime crypto skeptic, who mentioned the financial institution will let shoppers purchase bitcoin. Earlier this month, crypto trade Coinbase COIN.O was added to the S&P 500 index.
Coinbase mentioned on Monday the U.S. Division of Justice has opened a probe right into a current information breach on the firm.
“We’re nonetheless in yr 4 of the bitcoin value cycle – the yr after the bitcoin halving when miner rewards are slashed in half – which traditionally means its finest days are nonetheless forward of it and – whereas macro uncertainty and the specter of additional volatility stays, a goal of $150,000 in 2025 continues to be very a lot on the playing cards,” Trenchev mentioned.
In the meantime, ether, the second-largest cryptocurrency, surprisingly didn’t rise in tandem with bitcoin. It was final down 0.5% at $2,513 ETH=.
Reporting by Samuel Indyk and Alun John in London and Gertrude Chavez Dreyfuss in New York; Enhancing by Dhara Ranasinghe and Matthew Lewis
