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United States exchanges are betting big on cryptocurrency derivatives as market turbulence from US President Donald Trump’s looming trade war propels demand for the financial instruments.
Since late 2024, exchanges including Coinbase, Robinhood, Kraken, and the Chicago Mercantile Exchange (CME) Group have been listing new types of crypto derivatives and mulling multibillion-dollar acquisitions as they vie for control of the burgeoning market.
In April, the stakes became even higher after Trump’s unveiling of sweeping tariff plans sent financial markets into a frenzy and spiked crypto derivatives trading volumes.
“Institutional and sophisticated retail traders are increasingly turning to crypto derivatives platforms to navigate macroeconomic risks and uncertainty brought on by escalated tariff policies and global trade tensions,” David Siemer, CEO of asset manager Wave Digital Assets, told Cointelegraph.
Consequently, US exchanges are “experiencing record-breaking surges in trading activity and are expanding their investment offerings with the promise of regulatory clarity,” Siemer said.
Related: Coinbase launches CFTC-regulated SOL futures in US
Trump spikes trading activity
Crypto derivatives trading activity took off in 2024 after Trump’s November election victory sent exchange volumes to record highs.
In December, Coinbase said trading activity on its derivatives exchange rose by more than 10,000% year-over-year. Similarly, CME Group flagged crypto derivatives as among the exchange’s fastest-growing product segments during its 2024 earnings call.
Trump’s tariff plans, announced April 2, further accelerated trading activity. As of April 23, net open interest in Bitcoin (BTC) futures, the most popular crypto derivatives, rose by approximately 30% from the start of the month, according to data from Coinalyze.
Futures contracts are standardized agreements to buy or sell an underlying asset at a future date, often using leverage in a bid to enhance returns.
Heated competition
Burgeoning trading volumes are fueling competition among exchanges.
Since February, Coinbase has launched several new crypto derivatives products, including futures contracts tied to altcoins such as Solana (SOL) and XRP (XRP).
Meanwhile, Robinhood listed Bitcoin futures — its first crypto derivatives contracts — in February and, in March, CME Group listed its first Solana futures contracts.
The CME SOL futures clocked upward of $12 billion in volume during the first day of trading, the exchange told Cointelegraph.
Additionally, exchanges are turning to mergers and acquisitions to hasten growth.
Coinbase is reportedly in talks to buy crypto derivatives exchange Deribit in a multibillion-dollar bid to expand its footprint in the market segment.
In March, US crypto exchange Kraken agreed to buy NinjaTrader, a futures exchange, for $1.5 billion.
“The recent wave of tariffs has transformed crypto derivatives exchanges into critical market infrastructure,” Nic Roberts-Huntley, CEO of Web3 developer Blueprint Finance, told Cointelegraph.
“While traditional markets faltered under tariff pressures, derivatives platforms have inversely flourished, serving both as speculative venues and protective hedging mechanisms in a fragmenting global trade landscape,” Roberts-Huntley said.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Key Takeaways:
XRP has gained 25% since April 7, and its open interest has risen by 32%.
Positive spot market activity contrasts with a neutral futures funding rate, highlighting a tug-of-war between traders.
Analysts still have double-digit price targets for XRP.
XRP's (XRP) price fell to a year-to-date low of $1.61 on April 7, but has gained 25% over the past two weeks as the broader crypto market recovered and XRP open interest surged.
The altcoin’s open interest surged 32% from $3.14 billion to $4.13 billion between April 21 and 23, signaling the return of derivatives traders. Futures OI increasing alongside the price indicates a bullish sentiment, but data from the Velo painted a different picture.
Based on the negative aggregated premium on open interest, the XRP futures market continued to bid against an XRP price rise. The funding rate remained near 0, implying a neutral stance between the bulls and bears.
The aggregated spot tape cumulative volume delta became positive in April. This indicator measures the net difference between aggressive buy and sell trades across various exchanges. When it turns green and rises above zero, it indicates increasing buying pressure, with market buy trades surpassing sell trades.
Despite rising futures interest, the data suggests XRP’s price remains caught in a tug-of-war between bullish spot market activity and bearish perpetual futures.
Related: Price predictions 4/23: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, AVAX, SUI
Is XRP destined for double-digits?
Following XRP’s price pump, Sistine Research, a crypto investment community, posted a bold prediction for XRP, forecasting a long-term target between $33 and $50. The prediction is based on a higher time frame (HTF) symmetrical triangle that mirrors 2017’s 2,600% rally. The platform suggested that an optimistic target may drive prices as high as $77-$100.
For context, XRP is currently valued at $2.23 with a market cap of $131 billion. A $33 target increases the market cap to ~$2 trillion (1,400 %+), which is more than Bitcoin’s current market cap.
From a lower-time frame (LTF) perspective, XRP shows an inverse head-and-shoulders pattern, which could potentially test the resistance range between $2.50 and $2.67. The resistance range also coincides with the Fibonacci extension levels drawn from the neckline's base to the head's lowest point.
Although the relative strength index (RSI) is nearing overbought territory, suggesting a potential pause in price movement at the current range.
Related: XRP Ledger Foundation spots ‘crypto stealing backdoor’ in code library
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The Alabama Securities Commission, a financial regulator for the US state, dropped its lawsuit against crypto exchange Coinbase, which accused the company of violating securities laws by offering staking services to clients.
The regulator cited the ongoing work between the US Securities and Exchange Commission (SEC) and the crypto industry to develop clear crypto regulations as the primary reason for dropping the litigation, according to the April 23 legal filing shared by Coinbase's chief legal officer, Paul Grewal.
The filing read:
"The SEC has announced the formation of a new task force to, among other things, provide guidance for the promulgation of rules regarding the regulation of cryptocurrency products and services."
"Due to the foregoing, the Commission believes it would be apt to allow policymakers time to consider regulatory constructs," the filing continued.
The Alabama Securities Commission filed its lawsuit against Coinbase in June 2023, alongside state regulators from California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin.
The Commission's dropped lawsuit reflects the positive regulatory shift toward cryptocurrencies in the United States as reform at the federal level matriculates into state-level regulatory policy.
Related: Oregon targets Coinbase after SEC drops its federal lawsuit
US states drop Coinbase lawsuit but half still holding out
Five of the 10 states that filed the litigation against Coinbase for its staking services have dropped their lawsuits.
On March 13, Vermont's Department of Financial Regulation became the first of the 10 state regulators to drop the staking lawsuit against Coinbase.
South Carolina's securities watchdog was the next to drop the 2023 litigation against Coinbase, dismissing the lawsuit on March 28.
Grewal announced that Kentucky's Department of Financial Institutions followed Vermont and South Carolina's lead on April 1 by also dismissing its Coinbase lawsuit.
Despite the domino effect of states rescinding litigation against the crypto exchange, the Coinbase chief legal officer said that more work needs to be done.
"Five holdouts are still electing to waste taxpayer resources on lawsuits, and four of those have banned staking with Coinbase, depriving consumers of the right to earn on their platform of choice," Grewal wrote in an April 23 X post.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Key Takeaways:
Bitcoin short-term holders are back in profit, increasing chances for a rally to $100,000.
Long-term holders added 363,000 BTC since February, with new buyers injecting capital in April.
Bitcoin sell pressure risk exists at $97,000, where 392,000 BTC could be sold.
Bitcoin’s (BTC) surge above $91,700 on April 22 pushed its value above the short-term realized price or cost basis. This implies that a majority of short-term holders (STHs) are currently back in profit.
STHs returning to profit after unrealized losses signal a bullish outlook, paving the way for a potential $100,000 retest.
Historically, during the early phase of a rally, STHs in profit provided upward momentum by holding firm and drawing in new investors. Bitcoin’s supply mapping indicated “strong activity” in April from first-time buyers, indicating fresh capital injections in the market at higher prices.
Long-term holders (those holding for more than 155 days) increased their allocation by 363,000 BTC since February, while Bitcoin whales and sharks have absorbed 300% of the yearly issuance.
Despite this week’s price breakout, Bitcoin researcher Axel Adler Jr. noted that the last strong resistance remains at $96,100. In an X post, the analyst said,
“At the $96K level, there will be the final resistance from the cohort holding coins for 3-6 months, after which the next target of $100K opens up.”
Related: Why is Bitcoin price up today?
392,000 Bitcoin at $97K could trigger a sell-off
According to Bitcoin’s cost basis distribution data, investors hold approximately 392,000 BTC at an average cost basis of $97,000, creating a potential resistance zone. This concentration suggests many investors may sell at break-even, potentially stalling Bitcoin’s upward momentum.
However, anonymous trader Ezy Bitcoin emphasized Bitcoin's price action in the Wyckoff reaccumulation phase is “playing out beautifully”. The chart indicated continued strength, with three price targets: $131,500 (target 1), $144,900 (target 2), and $166,700 (target 3).
This Wyckoff pattern points to possible accumulation by large players, signaling an upward trend for Bitcoin, as the market absorbs supply and prepares for an uptrend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Officials with the US Securities and Exchange Commission’s (SEC) crypto task force met with the El Salvador National Commission on Digital Assets (CNAD) to discuss regulation and a proposed cross-border sandbox.
In an April 22 memo, the SEC’s crypto task force reported meeting with officials from El Salvador, Perkin Law Firm, and former Goldman Sachs partner Heather Shemilt as part of the commission’s outreach to the industry. The representatives discussed US-El Salvador cross-border collaboration on crypto regulation at a time when the relationship between the two countries was in the national spotlight over immigration and US deportations to an El Salvador prison.
According to the meeting notes, El Salvador’s national commission agreed to collaborate with the SEC to establish a sandbox pilot program, capped at $10,000 for each scenario. The program proposed allowing brokers licensed in the US to obtain a digital asset license in El Salvador and issue “non-securities” tokens in collaboration with a local company.
Many in the crypto industry see Salvadoran President Nayib Bukele as behind the country’s efforts to adopt cryptocurrency since he announced legislation to recognize Bitcoin (BTC) as legal tender in 2021. Bukele met with US President Donald Trump on April 14, discussing details of a $6 million deal in which the Trump administration has been sending immigrants, whose legal status to be in the US is unclear, to prisons in El Salvador. Some of these deportations violated orders from federal judges.
Related: Bitcoin takes back seat as Trump, Bukele focus on trade and immigration
New SEC chair sworn in
It’s unclear if the Trump administration may intend to deepen ties to El Salvador through additional regulatory partnerships or stepping up deportations in its existing deal. Cointelegraph reached out to SEC Commissioner Hester Peirce, who heads the crypto task force, for comment, but did not receive a response at the time of publication.
The meeting report came roughly a day after the SEC announced that Paul Atkins had been sworn in as the commission’s new chair, following Gary Gensler and acting chair Mark Uyeda. During his swearing-in ceremony, Atkins said his top priority would be to “provide a firm regulatory foundation for digital assets.”
Magazine: Ethereum maxis should become ‘assholes’ to win TradFi tokenization race
Luxury hospitality platform Dorsia is rolling out crypto payments for clients in the United States, the United Kingdom, Europe, and six Arab nations.
The payments feature is being enabled through a partnership with MoonPay, the companies told Cointelegraph. With the integration, users will be able to book luxury travel experiences and complete transactions directly in USDC (USDC) and Solana-based tokens through the Dorsia app.
“[…] integrating crypto payments is a natural next step in aligning with the evolving preferences of our members,” Marc Lotenberg, founder and CEO of Dorsia, said in an interview.
Dorsia is the latest luxury firm to turn to crypto services for high-net-worth individuals. The industry has been highly active in the Web3 space over the past few years, exploring crypto on-ramps and customer engagement features, such as non-fungible tokens and metaverses.
Luxury carmakers Lamborghini and Ferrari, and watchmakers like Patek Philippe, are a few companies accepting payments in cryptocurrencies.
Dorsia is a luxury hospitality app that connects its members with high-end restaurants and cultural experiences. Instead of traditional booking models, Dorsia uses dynamic pricing and a membership-based system for reservations at luxury facilities. According to Grand View Research, the luxury travel market is expected to reach $2.3 trillion by 2030.
Related: Gucci the latest luxury brand to accept crypto payments in store
The company has raised a total of $50.4 million in funding across Seed and Series A rounds. Major backers include Index Ventures, RedSea, and individuals from Meta, Uber, Atomic, Groot Hospitality, and the Rockwell Group.
Related: Polygon-based lending platform to provide crypto liquidity for luxury items
MoonPay expands in 2024
Dorsia isn’t the first luxury brand to partner with MoonPay. According to the company's CEO, Ivan Soto-Wright, it also offers a crypto on-ramp for clients like fashion house Gucci, carmaker Bugatti, and auction house Christie’s.
MoonPay's net revenue increased 112% in 2024, while transaction volume in Q1 2025 soared 123%, according to the company.
In January, MoonPay acquired the Solana-based payment processor Helio in a $175 million deal. The acquisition enabled a broader range of partnerships for payments, including with Dorsia, the company revealed. MoonPay has also recently acquired Iron to facilitate payments in stablecoins for merchants.
Magazine: AI Eye: AI travel booking hilariously bad, 3 weird uses for ChatGPT, crypto plugins
Key points:
Bitcoin’s rally is backed by solid institutional buying in the spot BTC ETFs.
A rally above the $95,000 level could be difficult, but analysts’ end-of-year price projections now extend to $200,000.
Select altcoins are showing signs of a price bottom.
Bitcoin (BTC) price rallied close to the $95,000 resistance level on April 23 as the cryptocurrency finds support from rising spot BTC ETF inflows and positive macroeconomic news in the United States. According to Farside Investors, the funds recorded net inflows of $381.3 million on April 21 and $912.7 million on April 22.
Analysts from Standard Chartered and Intellectia AI said that institutional demand for Bitcoin ETFs and BTC’s use as a hedge against macroeconomic risk could propel the price to $200,000 in 2025.
Not everyone is convinced about the current rally. 10x Research head of research Markus Thielen questioned the sustainability of the Bitcoin rally in an April 23 markets report, as the stablecoin minting indicator was “yet to return to high-activity levels.”
Could Bitcoin break above the $95,000 mark, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin formed a Doji candlestick pattern on April 23, indicating indecision between the bulls and the bears near the $95,000 overhead resistance.
The 20-day exponential moving average ($85,773) has started to turn up, and the relative strength index (RSI) is near the overbought zone, suggesting that the path of least resistance is to the upside. If buyers do not cede much ground to the bears, it enhances the prospects of a rally above $95,000. The BTC/USDT pair may then skyrocket to $100,000 and subsequently to $107,000.
This positive view will be invalidated in the near term if the price turns down sharply from $95,000 and plunges below the moving averages.
Ether price prediction
Ether (ETH) turned up sharply on April 22 and rose above the 20-day EMA ($1,676). Buyers will try to retain the advantage by pushing the price above the 50-day SMA ($1,830) on April 23.
If they succeed, the ETH/USDT pair could jump to the breakdown level of $2,111. Sellers will try to stall the recovery at $2,111, but if the bulls prevail, the pair could soar to $2,550. Such a move suggests that the corrective phase may be over.
Conversely, if the price turns down sharply from $2,111, it indicates that the bears are active at higher levels. That could keep the pair range-bound between $2,111 and $1,368 for a while longer.
XRP price prediction
XRP (XRP) rose above the 50-day SMA ($2.20), but the long wick on the candlestick shows selling at higher levels.
The bears are expected to defend the resistance line with all their might because a break and close above it signals a potential trend change. The XRP/USDT pair could then attempt a rally to $3.
On the contrary, if the price turns down and breaks below the moving averages, it signals that bears remain in command. The pair may then retest the $2 support, which is likely to attract buyers.
BNB price prediction
BNB (BNB) broke out of the downtrend line on April 21, but higher levels are attracting solid selling by the bears.
The BNB/USDT pair could drop to the moving averages, an important near-term support to watch out for. If the price rebounds off the moving averages with strength, the prospects of a rally to $644 and thereafter to $680 increase.
Alternatively, a break and close below the moving averages indicates that the breakout above the downtrend line may have been a bull trap. The pair then risks falling to $566.
Solana price prediction
Solana (SOL) rebounded off the 20-day EMA ($133) on April 22 and is attempting to climb above the overhead resistance at $153 on April 23.
The 20-day EMA is sloping up, and the RSI is in the positive territory, indicating an advantage to buyers. A close above $153 clears the path for a rally to $180. Such a move brings the large $110 to $260 range into play.
Time is running out for the bears. If they want to make a comeback, they will have to swiftly pull the price below the moving averages. If they do that, the SOL/USDT pair could plunge to the $120 to $110 support zone.
Dogecoin price prediction
Dogecoin (DOGE) broke above the moving averages on April 22, indicating that the bulls are on a comeback.
The price could rally to the overhead resistance at $0.21, where the bears are expected to step in. If the price turns down from $0.21 and breaks below the moving averages, it signals a range-bound action in the near term. The DOGE/USDT pair could swing between $0.21 and $0.14 for some time.
Contrarily, a break and close above $0.21 completes a double-bottom pattern. The pair could then rally toward its target objective of $0.28.
Cardano price prediction
Buyers pushed Cardano (ADA) above the 20-day EMA ($0.64) on April 22 and are trying to sustain the price above the 50-day SMA ($0.68) on April 23.
The 20-day EMA is flattish, but the RSI has jumped into positive territory, indicating that the momentum has turned positive. A close above the 50-day SMA opens the gates for a rally to $0.83.
Buyers are expected to defend the zone between the 20-day EMA and $0.58 on the downside. Sellers will be back in the driver’s seat if they sink the ADA/USDT pair below $0.58. The pair may then slump to $0.50.
Related: Why is Bitcoin price up today?
Chainlink price prediction
Chainlink (LINK) turned up from the 20-day EMA ($13.16) and rose above the 50-day SMA ($13.62) on April 22.
The LINK/USDT pair could rise to $16, where the bears may mount a strong defense. If buyers do not allow the price to dip back below the 20-day EMA, it improves the prospects of a rally to the resistance line of the descending channel pattern. A trend change will be signaled on a break above the channel.
The 20-day EMA is the crucial support to watch out for on the downside. A dive below the 20-day EMA opens the doors for a fall to $11.89 and later to the support line.
Avalanche price prediction
Avalanche (AVAX) broke out of the downtrend line on April 22, indicating that the bears are losing their grip.
The bears will try to halt the recovery at $23.50 because if they fail in their endeavor, the AVAX/USDT pair will complete a double-bottom pattern. This bullish setup has a target objective of $31.73.
If the price turns down from $23.50, the bulls will try to buy the dips to the 20-day EMA ($19.72). A bounce off the 20-day EMA increases the likelihood of a break above $23.50. Contrarily, a break below the moving averages signals a range formation between $15.27 and $23.50.
Sui price prediction
Sui (SUI) soared above the moving averages on April 22 and the overhead resistance at $2.86 on April 23.
The long wick on the candlestick shows selling above $2.86, but if the bulls do not give up much ground, the possibility of a break above the overhead resistance increases. That could propel the SUI/USDT pair to $3.25 and then to $3.50.
The 20-day EMA ($2.29) is expected to act as strong support on any pullback. A break and close below the 20-day EMA suggests the bullish momentum has weakened. That could result in a range formation in the near term.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
United States Treasury Secretary Scott Bessent recently called for “Bretton Woods institutions,” such as the International Monetary Fund (IMF), to reorient themselves, a signal that the global monetary order could be shifting.
Speaking at the Institute of International Finance (IIF) on April 23, Bessent called on the IMF and the World Bank to correct trade imbalances and protect the value of fiat currencies against exchange rate risk.
"The Bretton Woods institutions must step back from their sprawling and unfocused agendas," Bessent said. He added:
"The IMF's mission is to promote international monetary cooperation, facilitate the balanced growth of international trade, encourage economic growth, and discourage harmful policies like competitive exchange rate depreciation."
Bessent's call for the IMF to correct trade imbalances between countries, specifically the US and China, coincides with a decline in the US dollar to three-year lows, $36 trillion in US government debt, and stiff economic competition from China.
Investor and hedge fund manager Ray Dalio argues that the world is experiencing a global macroeconomic shift that will upend the post-WWII financial order and eventually replace the US dollar as the global reserve currency, potentially with a digital form of money.
Related: Trump tariffs reignite idea that Bitcoin could outlast US dollar
The Bretton Woods Agreement
The Bretton Woods Agreement was signed in 1944 and pegged the currencies of 44 countries to the value of the US dollar, which, at that point, was pegged to the value of gold at $35 per ounce.
Eliminating complex foreign exchange risks between freely floating currencies to make global trade more efficient was the primary goal of the agreement.
In August 1971, US President Richard Nixon announced the end of the dollar's convertibility to gold — formally ending the Bretton Woods agreement in a move that was supposed to be temporary.
“Your dollar will be worth just as much tomorrow as it does today,” Nixon incorrectly told Americans during his now-infamous address.
The IMF and the World Bank, which were spawned from the Bretton Woods agreement, continue operating in an attempt to curb the effects of free-floating fiat currencies on the foreign exchange market.
Bessent eyes stablecoins to protect the US dollar, BTC advocates have another idea
Speaking at the White House Digital Asset Summit on March 7, Bessent said stablecoins could drive international demand for US dollars and US government debt instruments.
Bessent added that the Trump administration will use stablecoins to protect the US dollar and its status as the global reserve currency.
Bitcoin maximalist Max Keiser argued against this plan, predicting that gold-backed stablecoins would outcompete dollar-pegged tokens due to the desire for low-volatility, inflation-resistant money.
In March this year, BlackRock CEO Larry Fink wrote that the $36 trillion US national debt could drive investors to Bitcoin (BTC) as market participants start to see BTC as a better store of value than the US dollar.
Bitwise executive Jeff Park voiced a similar prediction in February, focused on the effects of US President Donald Trump's trade tariffs.
The analyst wrote that the tumult from the ongoing trade war would cause worldwide inflation, which would cause individuals to seek alternative stores of value like Bitcoin, driving its price much higher in the long term.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
Key points:
Bitcoin ETF inflows obliterated the 2025 average on April 22.
ETF performance remains tightly dependent on BTC price action, with the turnaround following six-week highs in BTC/USD.
ETFs themselves are gaining influence, with one commentator arguing that they can “determine” exchange activity.
Bitcoin (BTC) institutional investors piled over eleven times the all-time average into the US spot Bitcoin exchange-traded funds (ETFs) on April 22.
Fresh data from onchain analytics firm Glassnode confirms that the $912 million ETF inflows equal more than 500 times the 2025 daily average.
Glassnode: 2025 ETF average inflow just 23 BTC
Bitcoin ETFs immediately felt the impact of BTC price rises this week, with inflows undergoing a “dramatic” turnaround to nearly $1 billion in a single day. BTC/USD hit its highest levels since early March.
Glassnode reveals just how unusual such a tally is — in 2025, so far, the average daily inflow has been just 23 BTC ($2.1 million).
“This was the largest daily inflow since November 11, 2024, marking a notable resurgence in demand,” researchers explained in an X thread on the topic.
The April 22 total thus stands at more than 500 times the average for a year in which dramatic sentiment shifts have led to periods of major outflows across the ETF cohort.
Even in the context of the ETFs’ entire lifespan since their January 2024 launch, the $912 million figure is rare and constitutes around 11.5 times the daily average.
“Since inception, the average daily inflow is approximately 1,031 $BTC,” Glassnode added, calling the April 22 total a “significant deviation.”
ETFs become “marginal buyer” for BTC
Continuing, Bloomberg ETF analyst Eric Balchunas was among those optimistic about the ETFs’ change of fortunes.
Related: Bitcoin exchange buying is back as 'Spoofy the Whale' lifts $90K asks
“The spot bitcoin ETFs went Pac-Man mode yesterday,” he told X followers.
Balchunas noted that inflows increased across most of the eleven ETFs — a move that contrasts with the common scenario in which the largest product, BlackRock’s iShares Bitcoin Trust (IBIT), takes in the lion’s share of investments.
Andre Dragosch, European head of research at asset management firm Bitwise, was equally buoyant.
“Great to see very positive net inflows into Bitcoin ETFs again -- In fact, they have become ‘the marginal buyer’ in Bitcoin since Jan 2024,” he observed alongside more Glassnode data.
“The can actually determine whether you see negative or positive net buying volumes on BTC spot exchanges.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Some of the top holders of Donald Trump’s memecoin could come out of the shadows to appear for a dinner the US President is planning to host on May 22.
As of April 23, the official Trump memecoin (TRUMP) website offered the opportunity for the “top 220” holders to meet the president in person at his golf club in Washington, DC. At the time of publication, the guest list for the event was unclear, but the project stated any tokenholder who applied had to pass a background check, “can not be from a [Know Your Customer] watchlist country,” and could not have any additional guests.
The memecoin, which the then-president-elect launched on Jan. 17 before taking office, has been heavily criticized by the crypto industry and lawmakers for potentially allowing foreign officials and interest groups to send money directly to the US President without proper disclosure and oversight. The team behind the project controls 80% of the total supply, while the identities of many of the other top tokenholders are mainly unknown.
The price of the TRUMP memecoin surged roughly 52% from $9.30 to $14.20 shortly after the dinner announcement. After the token launched on Jan. 17, the project’s market capitalization increased to roughly $15 billion before dropping more than 50% by Jan. 20.
Related: US lawmaker says TRUMP coin could risk national security
Trump’s wife released her MELANIA memecoin on Jan. 19. The token followed similar price movement to TRUMP’s, but, as of April 23, it had fallen by more than 90% from its all-time high price of $13.73. Blockchain data showed the project’s team moved roughly $30 million of the token’s community funds in April.
Campaigning on crypto
During his first term in 2019, Trump said he was “not a fan” of cryptocurrencies like Bitcoin (BTC), later comparing the coin to a “scam.” However, he appeared to shift campaign strategies when running for office again: releasing his own line of non-fungible tokens, accepting crypto donations, and appearing at crypto-themed events and conferences.
Before the 2024 election, Trump arranged a similar dinner in Florida with supporters who purchased his “mugshot” NFTs — featuring a picture of the then-candidate at his surrender to authorities in Georgia related to attempts to overturn the 2020 election. It’s unclear whether any of the same individuals who attended the May 2024 event are among the top memecoin holders.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions