Trump’s Speech Was Good for the Crypto Market

Bitcoin (BTC) has approached the $70,000 level for the first time since early June.

The development comes just days after Republican candidate Donald Trump announced plans to make the asset a national strategic asset if he comes to power in November. Bitcoin Cash (BCH) and BRETT, a relatively new memecoin on the Base blockchain, are currently leading the gains in the crypto market. Solana’s SOL is the biggest gainer among major tokens, up 6%, while BNB Chain’s BNB, ether (ETH), and XRP are all up between 2-5%.

BCH is up over 10% as Mt. Gox completes its distribution of tokens to its creditors, outperforming the CoinDesk 20 Index (CD20), which is up 3.6%.

In a widely-anticipated speech on Saturday, Trump said that if elected in November, he would fire current SEC Chairman Gensler, create a strategic bitcoin reserve and prevent the U.S. from selling its bitcoin holdings.

Trump believes the asset could one day rival gold and be “equivalent to the steel industry 100 years ago.” Trump-themed tokens remain in the red despite the former President’s speech at the BTC 2024 conference in Nashville.

According to CoinGecko data, the MAGA (TRUMP) token has lost 18% of its value in the last week. TREMP, on the other hand, is trading sideways with a 0.3% drop in the last 24 hours and is down almost 10% in the last week.

COMP, the native token of lending protocol Compound, has lost over 6% of its value due to a possible “governance attack” on the Decentralized Autonomous Organization (DAO) that governs the protocol.

A governance attack occurs when an attacker uses the permissionless and tradable nature of governance tokens to gain significant voting power in the DAO in order to manipulate the protocol for personal gain. According to posts on Compound’s forums, the governance attack involves a series of coordinated efforts led by Humpy, a whale, to manipulate the platform’s decision-making process with COMP token delegations.

Humpy is attempting to allocate $24 million worth of COMP tokens to a yield-bearing protocol called goldCOMP, run by a group called the Golden Boys. The group has made several attempts, and their latest attempt is successful.

Bitcoin has finally broken through the resistance of the trendline connecting the March and April highs. This development could attract momentum traders and open the door to new highs. Source: TradingView