https://finance.yahoo.com/markets/crypto/articles/trumps-truth-social-pulls-bitcoin-100426533.htmlThis is slightly old news, but it flew below the radar. Trump was planning a Bitcoin ETF and now he has abandoned the idea.
This is yet another sign that Trump is pulling away from Bitcoin while still pumping his own products. That's a very bearish sign for Bitcoin since US government action can severely affect the price: say if the US president decided he'd make more money if he told people to buy his coin and not Bitcoin. Or worse, if he directed US government agencies to make enforcement actions that benefitted himself and his products at the expense of Bitcoin.
The crypto industry--now the biggest political donor in the United States--cemented itself tightly to Trump and his party starting in the 2024 election cycle. Hence, a major indicator of Bitcoin's price is going to be the political success (or failure) of Trump and his party.
The crypto industry is the biggest political donor in the US? Do you have any verified data to backup your claim? I find it hard to believe that the American crypto industry is the one, that donates more money to politicians in the US in comparison to the "Big Oil", "Big Pharma", "Big Tech", Wall Street or the industrial military complex. I also find it difficult to believe that the US crypto community had "cemented itself tightly to Trump". Most crypto supporters are libertarians and right wing people, who are against mass regulations, higher taxes and "big government". This means that most crypto enthusiasts in the US are supposed to be voting Republican. Maybe Trump's failures could cause small BTC price drops, but Bitcoin will be OK in the long run, no matter who is running the country.
