Trump abandons Bitcoin ETF

[davis196]

https://finance.yahoo.com/markets/crypto/articles/trumps-truth-social-pulls-bitcoin-100426533.html

This 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.

[bitbollo]

Abandon ?
Probably they are just facing a challenge and just retreat for now .
There is a clear pressure to have new regulation, I would not see actually a real bad news (even the idea to be "bad" must be revised).For sure this is an interesting news and ... in a certain way could be see as negative... anyway, would you buy an "et?f" mixed btc - eth? as community, this could really help on what we are doing - it could help users / miners/ nodes etc?

[KiaKia]

https://finance.yahoo.com/markets/crypto/articles/trumps-truth-social-pulls-bitcoin-100426533.html

This 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.

We can't take away the fact that Trump is playing politics to steal money, yes I said this with my full chest, it was all a game after all, the truth is politicians have to spend a lot of money to get better supports even if people don't like or choose to like them.

And once they win the first thing they will do is try to make all that money back and even more money, bitcoin was a big opportunity for Trump back then, many people wanted a president that will talk and support Bitcoin for a real bullrun to start.

Everyone wanted this, and Trump gave it, this was a perfect score for Trump, and he used his influence and power to sign the ETFs and other things, I am sure that they will do something similar after this bear market is over.

[Lucius]

~snip~
Trump never cared about Bitcoin, didn't care about crypto, he only counted $, but some were too blind to see reality while kissing his ass like he was the $1mil per BTC messiah.

Has anything changed today compared to the period when millions were literally in a trance awaiting the first BTC president? The man promised them anything and everything, in the end it all came down to the fact that he released a couple of criminals and enabled everyone to get rich by cheating people with all the possible tokens they can invent.

However, the president is a passing thing, but what is much more dangerous for BTC is the general centralization of the same in the US, whether it is supremacy in connection with mining, ownership of coins by companies and funds and the influence of their institutions on the price of the same. The FED sneezes and the price drops 5%.

[Lida93]

We can't take away the fact that Trump is playing politics to steal money, yes I said this with my full chest, it was all a game after all, the truth is politicians have to spend a lot of money to get better supports even if people don't like or choose to like them.

Myself believed this shit of Trump support and a marxist of bitcoin and probably crypto entirely but with him achieving his pursuits it starts to get clearer that the man is just another business man politician who just saw an opportunity to increase his net through crypto community. Roughly doing a search about the family that have deeply benefited from the different crypto market bubbles since Trump second regime, the result would shock you.

[instantexchange.i2p]

No one in their right mind should ever believe what any "politician" says/claims literally none of them to date have ever been about anything other than lies and self gain.  If you believe or follow these you are a lemming.

[Zlantann]

https://finance.yahoo.com/markets/crypto/articles/trumps-truth-social-pulls-bitcoin-100426533.html

This is slightly old news, but it flew below the radar. Trump was planning a Bitcoin ETF and now he has abandoned the idea.

The news was not noticed because the industry doesn't care much about Trump and his businesses anymore. It's clear that he used the crypto industry to achieve his political and financial goals.

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 Bitcoin ETF industry has become very competitive. Maybe Truth Social withdraws its Bitcoin and Bitcoin-Ethereum ETFs application because they don't have what it takes to succeed in the sector.

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 inability of this news to influence the market is a sign that Bitcoin is not tied to any politician.