weekly bitcoin
Risk assets are running today and crypto is flying. Bitcoin is up 4.7% to $101K in the first break above that level since early February. Ethereum is up nearly 15%.
The market likes what it heard about Trump’s trade deal with the UK. The President was also upbeat on talks with China and said they will be ‘substantial’ and advised people to buy stocks.
That has the market thinking more good news will be coming on the weekend.
Even without that, bitcoin has shown some impressive resilience lately and that built the foundation for the recent rally.
Another interesting development today relates back to this tweet from March.
The tweet caused a short-lived rally in those coins but later led to consternation and Trump hastily tweeted something else about including bitcoin and ETH as well.
Politico today writes that a powerful lobbyist was behind the tweet.
On a Sunday morning in early March, President Donald Trump greenlit a Truth Social post promoting a “Crypto Strategic Reserve.” Hours later, he felt like he’d been played.
That weekend at Mar-a-Lago, an
employee of the lobby shop run by Brian Ballard who was attending a
donor event at the resort, had personally buttonholed the president and
encouraged him multiple times to tout his desire to promote the
industry. She even gave him a copy of a message she thought he should
write.
It
was only after he posted that missive that Trump realized a company
behind one of the tokens named in the post, Ripple Labs, was a Ballard
client. He was furious and felt like he’d been used, according to two
people familiar with the incident who were granted anonymity to speak
candidly.
“He is not welcome in anything
anymore,” the president told associates at the White House that month,
the people said, referring to Ballard.
It’s an interesting look at how things get done in the White House.
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