Author: Stephanie Bedard-Chateauneuf

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Although former President Donald Trump is better known for various endeavors, his involvement in the world of cryptocurrency has remained somewhat under the radar.

Recent revelations have shed light on Trump’s crypto portfolio, providing insight into his digital assets.

Using blockchain analytics, Arkham Intelligence has identified Trump’s wallet address by cross-referencing his financial disclosures. This analysis has unveiled not only Trump’s holdings but also those of various other entities, ranging from Tesla Inc. to Snoop Dogg.

Trump entered the cryptocurrency sphere in late 2022 when his name and likeness were utilized to promote and sell the Trump Digital Trading Cards non-fungible token (NFT) collection. This venture yielded Trump over 1,700 Ethereum (ETH) and Wrapped ETH (WETH) tokens.

In late 2023, Trump liquidated a portion of his ETH holdings, transferring 1,075 ETH to Coinbase, likely for sale.

However, Trump’s most significant crypto investment lies in MAGA Coin (TRUMP), a meme coin endorsing the former president. Initially, 580,000 TRUMP tokens were sent to Trump’s wallet, which, at the time, were worth a modest sum. Yet, the value of TRUMP has surged dramatically in 2024, driven by meme coin frenzy and increased media attention on Trump.

TRUMP’s price skyrocketed from less than 1 cent shortly after launch to an all-time high of $11.56 within six months, representing a staggering price increase of nearly 150,000%. Consequently, Trump’s TRUMP tokens, initially worth a few thousand dollars, ballooned into a small fortune, reaching highs of over $6.7 million before settling around $3 million.

However, recent market fluctuations have taken their toll on Trump’s crypto portfolio. Over the past week, TRUMP has experienced a significant decline of over 15%, while ETH has also dipped by approximately 12%. As a result, Trump’s holdings have plummeted by over $1 million in just seven days.

On April 11, Trump’s crypto portfolio stood at $6.6 million, only to drop to $5.4 million by April 16, marking a loss of over $1.2 million, or more than 18%.

These losses raise speculation regarding Trump’s next move. While this downturn may be a temporary setback, it could also signal trouble for the future of the TRUMP coin. Moreover, there is uncertainty regarding Trump’s awareness of his crypto holdings. If Trump perceives a potential decline in the token’s value and is cognizant of his position, he may opt to sell, as he has done previously.

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Bitcoin’s forthcoming ‘halving’ is on the horizon, prompting a need-to-know exploration. Here’s a breakdown of what awaits:

What is Bitcoin Halving and Why Is it Significant?

Bitcoin “halving,” occurring approximately every four years, directly affects bitcoin production. Miners, utilizing specialized computers to solve complex mathematical puzzles, receive a fixed number of bitcoins as a reward upon completion.

As the name suggests, halving cuts this fixed income in half, thereby reducing the influx of new bitcoins into the market. Consequently, the supply of available coins grows more gradually, aligning with bitcoin’s fundamental characteristic of limited supply. With only 21 million bitcoins ever to exist and the majority already mined, scarcity becomes a defining feature.

The reduction in supply can potentially drive up bitcoin prices, assuming demand remains steady or increases relative to supply. However, predicting future price movements remains uncertain, as past performance does not guarantee future results.

How Frequently Does Halving Occur?

According to Bitcoin’s code, halving takes place after the creation of every 210,000 “blocks” during the mining process, roughly translating to a four-year interval. The next halving is anticipated to unfold imminently.

Will Halving Impact Bitcoin’s Price?

The impact on bitcoin’s price remains speculative. Historically, following previous halvings, bitcoin’s price experienced mixed short-term reactions, eventually surging significantly one year later. Nonetheless, market conditions beyond halving contribute to these fluctuations.

The current halving arrives on the heels of a bullish year for bitcoin, with prices doubling compared to the previous year. Factors such as the introduction of spot bitcoin ETFs and persistent demand may further influence bitcoin’s trajectory.

What About Miners?

Miners face the challenge of adapting to reduced rewards while managing operational costs. Efficiently prepared miners may weather the transition better, but struggling firms might encounter difficulties.

Consolidation within the mining industry is probable, a trend exacerbated by previous market downturns. Larger miners may expand operations, leveraging technological advancements for efficiency gains.

What About the Environment?

Bitcoin mining’s environmental impact stems largely from energy consumption. While recent trends indicate a shift towards cleaner energy sources, concerns persist regarding reliance on pollutive energy.

The looming halving might incentivize miners to seek cheaper, albeit less environmentally friendly, energy sources. Additionally, some firms may explore low-cost energy regions, potentially deploying inefficient mining rigs.

In essence, Bitcoin’s upcoming halving carries implications for its economy, environment, and industry landscape, yet its exact outcomes remain uncertain amidst the dynamic cryptoverse.

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Bitcoin maintains its position above the significant threshold of $60,000, marking a resurgence amid recent dips that saw it hit six-week lows. Short-covering activity has been notably active, contributing to this upward trend.

Despite recent corrections, Bitcoin continues to assert its dominance within the cryptocurrency market, attracting investors who are turning away from riskier currencies. Additionally, a slowdown in US 10-year treasury yields has provided further support and bolstered sentiment towards cryptocurrencies.

Today, Bitcoin saw a notable rally of 2.9% on Bitstamp, reaching $63,046 from a session low of $60,830. This recovery comes after a 4% decline on Wednesday, the second drop in three days, when it dipped to $59,672 amidst turbulence in Wall Street markets.

The collective market value of cryptocurrencies surged by $20 billion today, surpassing $2.375 trillion, buoyed by gains in Bitcoin and Ethereum.

Bitcoin’s dominance has strengthened as other AI-linked cryptocurrencies experienced declines in recent weeks. Its market share has risen to 55%, marking an increase of 1.35% last week and 2.5% in March, largely due to an influx of new investments.

Anticipation surrounding Bitcoin’s upcoming halving event has driven Google searches to record highs, surpassing the interest levels seen during the 2020 halving.

Meanwhile, US 10-year treasury yields have receded from their recent five-month highs, falling to 4.696%. This decline has provided support for non-yielding assets like Bitcoin.

As the market awaits further guidance on US interest rates, Crypto.com‘s CEO anticipates a wave of selling leading up to the halving event. However, in the long run, this event is expected to have a positive impact and add value to the cryptocurrency market.

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Recent data from analytics firm Santiment indicates a notable shift in sentiment within the crypto community, signaling a growing bearish inclination.

The sentiment within the crypto community regarding the trajectory of Bitcoin’s price appears to be turning bearish, according to metrics derived from social media activity. This trend, historically observed, often coincides with market bottoms.

As American poet and novelist Charles Bukowski famously remarked, “The masses are always wrong. Wisdom is doing everything the crowd does not do.” This adage holds true in the realm of cryptocurrency, where a burgeoning bearish sentiment towards Bitcoin (BTC) suggests that the current downtrend may be nearing its end.

Santiment, a blockchain analytics platform, noted in a recent market insights report that prices tend to move inversely to the expectations of the majority of traders. According to their analysis, the market could potentially bottom out either just before or shortly after the upcoming halving, anticipated within the next two days.

Santiment’s Social Trends indicator, which monitors discussions across platforms like Telegram, Reddit, and 4Chan, has revealed a decline in mentions related to “bull market” or “bull cycle” since late March. Conversely, there has been a steady increase in references to “bear market” or “bear cycle.”

The decline in mentions of phrases like “buy the dip” indicates a waning sense of optimism, known in crypto circles as “hopium,” among retail investors. Historically, such a decline has often signaled the conclusion of downtrends.

Bitcoin has faced various pressures this month, including diminishing prospects of Federal Reserve interest-rate cuts, escalating geopolitical tensions, and U.S. tax payment deadlines. These factors have contributed to a 14% decline in its price, with the leading cryptocurrency briefly dropping below $60,000 before rebounding to around $61,200 at the time of writing.

With Bitcoin’s blockchain set to undergo its fourth mining reward halving, reducing the per-block BTC emission by 50% to 3.125 BTC, concerns about a further price decline have been raised by some analysts, including those at JPMorgan. However, the prevailing consensus remains bullish over the long term.

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The cryptocurrency market encountered challenges this week, particularly impacting crypto Exchange-Traded Funds (ETFs). The theme of cryptocurrency investment witnessed an overall decline of 5.99%, reflecting setbacks in major cryptocurrencies. Bitcoin retreated by 2.25%, slipping below the $70,000 mark, while Ethereum faced an even steeper decline, plummeting by 6.5%.

Challenges with SEC and Spot ETFs

The recent setback stemmed from actions by the U.S. Securities and Exchange Commission (SEC). The regulatory body initiated a three-week comment period regarding proposals for spot Ether ETFs, effectively postponing any possibility of approval until at least May. This delay subdued investor optimism, especially among those expecting prompt approvals for spot ETFs representing direct investments in cryptocurrencies, as opposed to derivatives.

Impact on Crypto ETF Performance

Particular crypto ETFs bore the brunt of these developments. The Ether Tracker Euro ETC (ETHEREUM XBTE) and the 21Shares Ethereum Staking ETP (AETH) experienced declines of 7.96% and 7.63%, respectively. These setbacks highlight the heightened sensitivity of crypto ETFs to regulatory decisions and market sentiment as investors navigate the uncertain landscape of cryptocurrency regulations and their implications for spot ETFs.

The SEC’s decision to postpone approvals for spot ETFs has cast a shadow over the future of Ether ETFs, temporarily halting the momentum that had been building in anticipation of broader institutional acceptance. While these ETFs offer a regulated avenue for investors to gain exposure to cryptocurrencies, the path forward appears to be mired in regulatory uncertainty, impacting both investor sentiment and ETF performance.

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According to a survey by Deutsche Bank released on Monday, consumers are showing slightly diminished skepticism towards bitcoin, though nearly one-third of respondents still foresee a significant drop in its price by the conclusion of 2024.

Despite substantial investments poured into bitcoin with hopes of capitalizing on price surges, leading regulators have asserted its lack of intrinsic value and associated risks.

Deutsche Bank’s survey encompassed over 3,600 participants, with 52% expressing the belief that cryptocurrencies will emerge as an “important asset class and payment method” in the future. This marks a shift from less than 40% in September 2023.

One-third of respondents in the United States anticipate bitcoin’s value to dip below $20,000 by the end of 2024. Notably, this demographic is marginally diminishing, having comprised 35% in February and 36% in January.

The segment of individuals regarding cryptocurrencies as a “temporary trend destined to fade away” dwindled to less than 1%.

However, merely 10% of those surveyed expect bitcoin to surpass $75,000 by year-end.

Context

Bitcoin ascended to a three-week peak on Monday, having achieved an all-time high of $73,803.25 in March after rebounding from a significant downturn in 2022.

Analysts attribute the recent resurgence to anticipation surrounding spot bitcoin ETFs and expectations of impending interest rate reductions.

What’s Ahead

Some analysts interpret bitcoin’s recent rebound beyond $70,000 as a sign of investors disregarding cautionary advice.

Deutsche Bank analysts anticipate support for bitcoin’s price from forthcoming events such as the “bitcoin halving,” regulatory measures, central bank rate cuts, and the potential approval of spot ethereum ETFs by the SEC.

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Global crypto investment products have witnessed an unprecedented surge in annual inflows, reaching $13.8 billion year-to-date, with an additional $646 million added last week. However, there are indications that the hype surrounding exchange-traded funds (ETFs) is beginning to moderate, according to James Butterfill, Head of Research at CoinShares.

Leading asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares collectively attracted $646 million in inflows globally last week, as reported by CoinShares. This follows the previous week’s net inflows of $862 million, pushing the year-to-date inflows to a historic high of $13.8 billion, surpassing the prior annual record of $10.6 billion set in 2021, within just a few months into 2024.

This surge indicates a sustained recovery for global crypto funds, following nearly $1 billion worth of outflows observed for the week ending March 22. However, Butterfill noted a moderation in appetite from ETF investors, with weekly flow levels not reaching the heights seen in early March. Additionally, trading volumes declined to $17.4 billion last week compared to $43 billion in the first week of March.

Bitcoin Continues to Dominate

Bitcoin remains the primary focus for global crypto investment products, with a net addition of $663 million last week. Conversely, short-bitcoin funds experienced their third consecutive week of outflows, totaling $9.5 million, indicating minor capitulation among bearish investors.

ETFs remain dominant, accounting for $484.5 million of last week’s net inflows.

Bitcoin is currently trading up 4% over the past week at $72,129, while the GMCI 30 index, representing the top 30 cryptocurrencies by market capitalization, has seen an 8% increase during the same period, reaching 154.27.

Inflows into Other Cryptocurrencies

Investment products tied to Litecoin, Solana, and Filecoin also attracted inflows of $4.4 million, $4 million, and $1.4 million, respectively, last week. However, funds based on Ether experienced outflows for the fourth consecutive week, losing $22.5 million.

Regional Sentiment

Regionally, sentiment remains polarized, with U.S.-based funds adding $648 million last week, alongside inflows for products in Brazil, Hong Kong, and Germany. However, Switzerland and Canada recorded outflows of $27 million and $7.3 million, respectively.

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Brad Garlinghouse, CEO of Ripple, has made a bold prediction regarding the cryptocurrency market, anticipating its total value to double within the current year. He attributes this forecast to significant developments, including the launch of the first U.S. spot bitcoin exchange-traded fund (ETF) and the forthcoming bitcoin “halving.”

Garlinghouse expressed his optimism during an interview with CNBC, stating, “The overall market cap of the crypto industry … is easily predicted to double by the end of this year … [as it’s] impacted by all of these macro factors.” He emphasized the potential positive regulatory momentum in the United States as another factor propelling the market to new heights.

The Ripple CEO’s outlook aligns with expectations of the combined market capitalization of the cryptocurrency market surpassing $5 trillion in the current year. He attributes this projected growth to macro factors such as the debut of the first U.S. spot bitcoin ETF and the upcoming bitcoin halving.

The approval of the first U.S. spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on January 10 represents a significant milestone. These ETFs enable institutions and retail investors to access bitcoin exposure through trading on U.S. stock exchanges without directly owning the underlying asset.

The bitcoin halving, occurring approximately every four years, halves the total mining reward to bitcoin miners. This event, scheduled for later this month, is anticipated to further influence market dynamics.

Garlinghouse highlighted the contraction of supply and expansion of demand as fundamental drivers of market growth. He remarked, “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”

As of April 4, the total crypto market capitalization stood at approximately $2.6 trillion. A projected doubling of this figure would imply a new total market cap exceeding $5.2 trillion.

Bitcoin, the leading digital currency, has experienced significant growth, appreciating over 140% in the past year. Despite reaching a record high above $73,000 on March 13, its value has since retraced below the $70,000 level.

Garlinghouse also highlighted the potential for positive regulatory developments in the United States, suggesting a shift towards greater clarity and accommodation for the crypto industry. He acknowledged the SEC’s recent enforcement actions, including the lawsuit against Ripple alleging illegal XRP sales, but expressed optimism for regulatory clarity moving forward.

Garlinghouse’s bullish outlook is shared by others in the crypto space, including Marshall Beard, COO of U.S. crypto exchange Gemini, who anticipates bitcoin’s price reaching $150,000 later this year. Despite anticipated volatility, driven by factors such as new regulations and supply dynamics, the overall momentum suggests continued growth for the crypto market.

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Coinbase has achieved a groundbreaking milestone by becoming the first international and largest cryptocurrency exchange to register as a Restricted Dealer with the Canadian Securities Administrators (CSA).

This achievement, following Coinbase’s formal launch in August 2023, underscores its commitment to establishing a strong presence in the Canadian market, which it has identified as a key market for expansion.

The journey towards registration began in March 2023 when Coinbase signed an Enhanced Pre-Registration Undertaking, demonstrating its dedication to regulatory compliance and operational excellence.

In its pursuit of registration, Coinbase worked closely with Canadian regulators to develop a policy framework aimed at setting a global benchmark for the industry. The exchange also collaborated with Canadian banks, investment advisors, and pension funds, showcasing its commitment to navigating the evolving digital asset landscape successfully.

Lucas Matheson, CEO of Coinbase Canada, highlighted the significance of this achievement, stating, “This is a significant milestone in Coinbase’s journey in Canada.” He expressed the company’s enthusiasm for accelerating the adoption of digital assets, promoting economic empowerment, and reshaping the financial system in collaboration with stakeholders across Canada.

Coinbase’s collaboration with stakeholders aims to drive digital asset adoption, promote economic empowerment, and transform the financial system. The company’s stance on the regulation of centralized crypto intermediaries aligns with Canadian public opinion.

A survey conducted by Coinbase in partnership with Angus Reid revealed that 72 percent of Canadians consider the regulation of cryptocurrency exchanges important, with 29 percent indicating that increased regulation would make them more likely to invest in cryptocurrencies. Among cryptocurrency investors, curiosity, investment diversification, and profit potential were key motivators.

Coinbase’s commitment to the Canadian market is fueled by the significant growth potential of the cryptocurrency sector in Canada. The country ranks third globally in crypto awareness, supported by a robust tech ecosystem that could lead the way in the cryptoeconomy.

Faryar Shirzad, chief policy officer at Coinbase, praised Canadian securities regulators for their commitment to providing clarity in the industry. “Regulation is critical to the success of the crypto industry and is essential for building trust,” Shirzad emphasized.

Coinbase has undertaken various initiatives to expand its presence in Canada, including its official launch in August 2023 with Interac payment rails, a visit by CEO Brian Armstrong to Toronto in November 2023, hiring nearly 200 local employees, and investing in Canada’s tech ecosystem through Coinbase Ventures.

These efforts are part of Coinbase’s broader strategy of collaborating with regulators globally, having obtained licenses in various countries. The company remains committed to fostering the growth of the crypto ecosystem in Canada, working closely with stakeholders to promote digital asset adoption, economic empowerment, and reshape the global financial system.

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As the 2024 bull run gains momentum, investors are on the lookout for cryptocurrencies with the potential for significant growth. This selection highlights four promising picks that could multiply wealth during this exciting phase of the market.

TRUE Token: Revolutionizing Crypto in iGaming for Unprecedented Gains

TRUE token (TFT) is a new GameFi project that aims to surpass the success of the once-popular Notcoin. TFT is currently available through an exclusive NFT Token Offering (NTO), offering early adopters the opportunity to significantly boost their investment. The NFTs distributed contain a portion of TRUE tokens, ranging from 100 to 500,000 TFT, at substantial discounts. The NTO ensures that your allocation is 100% guaranteed, secure, and manageable. Additionally, NFT holders gain exclusive TRUE membership and entry into a prize draw for $330,000 in extra tokens, 10 ETH, status cards, merch, and tokenized partner gifts.

TRUE, with six years of experience in game and blockchain development and significant backing of over $3.45M raised, led by SoftSwiss, is well-positioned in the iGaming sector. With more than 4M active players and 16,000 third-party games interested in its blockchain service, TRUE has remained profitable even in challenging markets, setting a strong foundation for TFT post-token generation event. As TRUE’s value is expected to benefit from the activity within the upcoming TRUE World iGaming metaverse, set to attract millions of users, now is the ideal time to secure your TFT allocation before it takes off.

NEAR Protocol: Performance and Outlook

NEAR Protocol has experienced fluctuations recently, with a current price range between $6.73 and $7.98. While it dipped by almost 8% in the past week, it has risen by over 50% in the last month and more than 500% over the past six months. The price movements of NEAR appear mixed, with periods of rapid growth followed by smaller changes.

The near resistance at $8.67 could pose a challenge, but with sufficient momentum, NEAR could aim for the higher resistance at $9.91. Conversely, if it experiences a decline, it may find support at $6.18 or even lower at $4.93. The mixed outlook suggests that NEAR’s price may experience both upward and downward movements in the near future.

Avalanche: Trends and Price Prediction

Avalanche (AVAX) has witnessed significant price swings over the last six months, surging by 341.12%. While it climbed 9.08% last month, it dropped by 13.05% last week. Currently trading between $51.34 and $58.12, AVAX appears to be in a corrective phase, with the RSI indicating a neutral stance, suggesting that the price may not move sharply in either direction soon.

Looking ahead, there is potential for growth if AVAX surpasses the near resistance at $62.13, with further gains possible if it breaks the higher resistance at $68.91. However, if buying pressure subsides, the price could fall to the nearest support at $48.57 or even the lower support at $41.79. The high Stochastic value at 84.48 indicates a possible consolidation phase. AVAX’s recent price movements suggest that it may continue to experience fluctuations in the short term.

Solana: Price Range and Prediction

Solana’s price has been fluctuating recently, ranging between $187.30 and $210.62. While it saw a slight dip of 0.46% in the past week, it has surged by 39.08% over the last month and an impressive 691.63% over the past six months. Currently, the price movements appear corrective, with the Relative Strength Index indicating a balance between buyers and sellers.

Looking ahead, SOL has the potential for growth, with the nearest resistance level at $218.61. If it breaks through, the next target could be $241.93. On the downside, SOL is likely to find support near $171.97 and then at $148.65. The mixed signals from Stochastic (42.10) and MACD (-0.89) suggest a cautious approach.

Conclusion

While NEAR, AVAX, and SOL show potential for upside, they may not match the short-term potential of other options. The standout choice is the TRUE token (TFT), which is poised for significant growth in the iGaming metaverse. TFT’s innovative NFT Token Offering provides unique investment opportunities, and its solid foundation sets it up for success in the upcoming bull run.

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