US President Joe Biden has lumped crypto traders in with ‘wealthy tax cheats’ in a spray at the G7. But other candidates have a very different view.
A few years ago, that thought might even have been unfathomable.
Not that it’s all good news coming from the Democratic side of the aisle and from US regulators, mind. Far from it, in fact.
More than a few of those in the halls of power over there have shown themselves to be openly hostile to crypto for one reason or another.
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US President Joe Biden, for instance, whom we’re pretty sure probably isn’t a Bitcoin, Ethereum or frog memecoin Pepe investor, pretty much just slammed crypto traders at the G7 forum in Japan.
Amid banging on about the differences of opinions of current Republicans and Democrats, Biden, using his favoured well-worn, stale, go-to phrase, said: “Let me be clear … I’m not going to agree to … a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly one million Americans.”
“It’s time for Republicans to accept that there’s no bipartisan deal to be made solely on their partisan terms.”
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RFK Jr is still talking up Bitcoin
Meanwhile, at 69 – a positive youngster compared with the current octogenarian president – Robert F Kennedy Jr is actually a 2024 Democratic presidential candidate who apparently likes Bitcoin.
He’s certainly gunning for younger votes here (which makes some political sense, of course) when he revealed a couple of days ago at the Bitcoin 2023 conference at Miami that his campaign would be accepting Bitcoin for political donations.
He even pledged that, if elected president, he would “ensure the United States remains the global hub of Bitcoin”.
“Remains” … it’s definitely in danger of losing that status if Biden and co. retain power.
truly surreal to listen to a Kennedy speak to how his presidency would secure bitcoinâs place in the defense of the nationâs civil liberties⦠pic.twitter.com/EZpO8lybNX
— Marc Andrew (@marcrjandrew) May 19, 2023
Also gunning for the Bitcoin vote is 37-year-old Republican presidential contender Vivek Ramaswamy, who revealed at the Bitcoin 2023 conference:
“Just announced we’re officially accepting bitcoin donations. Give $1. Let’s make the 2024 election a referendum on fiat currency.”
Top 10 overview
With the overall crypto market cap at $US1.16 trillion at noon on Monday (AEST), down 1.7 per cent since the same time Sunday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Cryptocurrency prices for Monday, May 22. Source: CoinGecko
Well then, Bitcoin has lost its $US27.2k support level yet again, which doesn’t bode particularly well if you’re not looking forward to slightly lower levels according to some traders.
#BTCÂ still below ~$27600 (black) as the week slowly comes to a close
A 1W Close below ~$27600 would double-confirm a breakdown & could set $BTC up for downside continuation
Price needs to reclaim $27600 to have a chance at bullish momentum#Crypto#Bitcoin
— Rekt Capital (@rektcapital) May 21, 2023
As ever, at the moment, though, perhaps patience is the name of the game in this “boring year”, according to some …
This year is the boring year.
No price acceleration, no fundamental growth, while the preparations for the next bull cycle are made during this year.
So should you.
Start learning about TA/PA & #Bitcoin and prepare yourself, during a bull you don’t have the time.
— Michaël van de Poppe (@CryptoMichNL) May 21, 2023
Uppers and downers
Some of the biggest 24-hour gainers and losers at noon on Monday (AEST). Stats based on CoinGecko.com data.
PUMPERS (11-100 market cap position)
- Render (RNDR), (market cap: $US892 million) +2.8 per cent
- TRON (TRX), (market cap: $US6.73 billion) +2.8 per cent
- BitTorrent (BTT), (mc: $US567 million) +0.1 per cent
PUMPERS (lower, lower caps)
- NUM Token (NUM), (market cap: $US39 million) +226.3 per cent
- Kripto (KRIPTO), (mc: $U39 million) +51.6 per cent
- Ovr (OVR), (mc: $U25 million) +37.9 per cent
- Ben (BEN), (mc: $US36 million) +24.8 per cent
- MangoMan Intelligent (MMIT), (mc: $US85 million) +22.2 per cent
Visit Stockhead, where ASX small caps are big deals
SLUMPERS (11-100 market cap position)
- Pepe (PEPE), (market cap: $US650 million) -11.1 per cent
- Sui (SUI), (mc: $UXSS551 million) -7.8 per cent
- Injective (INJ), (mc: $US531 million) -7.5 per cent
- GMX (GMX), (mc: $US513 million) -7 per cent
- Stacks (STX), (mc: $US873 million) -6.1 per cent
SLUMPERS (lower, lower caps)
- Coinmetro (SCM), (market cap: $US32 million) -83.5 per cent
- Milady Meme Coin (LADYS), (mc: $US47 million) -30.6 per cent
- ORDI (ORDI),(mc: $US205 million) -26.1 per cent
- Blox (CDT), (mc: $US139 million) -22.5 per cent
- Dejitaru Tsuka (TSUKA),(mc: $US44 million) -22.3 per cent
Around the blocks
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
Biden: “I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk.”
He forgot to say that they printed and squandered trillions of dollars thatâs why we have problems.
— Gabor Gurbacs (@gaborgurbacs) May 21, 2023
This content first appeared on stockhead.com.au
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