Bitcoin at all-time high amid ‘Crypto Week': What does it mean?
The rally comes amid a stock market tumble due to trade and tariff tensions caused by US President Donald Trump's tariff letters to more than 20 countries. It also breaks a two-month lean period for the cryptocurrency market, as Ether climbed above $3,000 for the first time since February.
But what has led to a sudden bull run in Bitcoin and the wider cryptocurrency circle, and how do the option traders view its future?
Bitcoin breaking its all-time high amid tariff tensions
The Bitcoin surge comes just before 'Crypto Week,' when the US Congress will consider three major bills impacting regulations in the cryptocurrency market.
The GENIUS Act would enable private companies to issue stablecoins. Donald Trump has already voiced his support for the bill through social media, and the Senate has cleared it. The House of Representatives is also expected to consider the Digital Asset Market Clarity Act, which would establish a framework for cryptocurrency regulation.
The CBDC Anti-Surveillance State Act, which would prevent the Federal Reserve from issuing a central bank digital currency, is also expected to be discussed. The three bills represent a dramatic shift in policy around cryptocurrency after Trump took office in January this year.
For years, unclear rules and hostile regulations in the US drove cryptocurrency companies out of the country. Now, the mood seems to be shifting as regulators move towards clearer oversight.
'We expect the capital that was previously sidelined due to regulatory uncertainty to re-enter. Even if final passage stalls, the optics of legislative engagement are bullish,' said Jag Kooner of Bitfinex.
Option traders are so bullish about the market that they are now targeting Bitcoin to breach the $150,000 mark.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
40 minutes ago
- Economic Times
A year after Trump's near-assassination, friends and allies see some signs of a changed man
AP US President Donald Trump WASHINGTON: President Donald Trump was on stage at the Iowa State Fairgrounds earlier this month, kicking off the country's 250th anniversary celebration, when he heard what sounded like fireworks in the distance. "Did I hear what I think I heard?" Trump remarked as he spoke from behind a wall of thick, bulletproof glass. "Don't worry, it's only fireworks. I hope. Famous last words," he quipped, drawing laughs and cheers. "You always have to think positive," he went on. "I didn't like that sound, either." The comments, just days before the first anniversary of Trump's near-assassination in Butler, Pennsylvania, served as a stark reminder of the lingering impact of the day when a gunman opened fire at a campaign rally, grazing Trump's ear and killing one of his supporters in the crowd. The attack dramatically upended the 2024 campaign and launched a frenzied 10-day stretch that included Trump's triumphant arrival at the Republican National Convention with a bandaged ear, President Joe Biden's decision to abandon his reelection bid and the elevation of Vice President Kamala Harris as his successor. One year after coming millimeters from a very different outcome, Trump, according to friends and aides, is still the same Trump. But they see signs, beyond being on higher alert on stage, that his brush with death did change him in some ways: He is more attentive and more grateful, they say, and speaks openly about how he believes he was saved by God to save the country and serve a second term, making him even more dug in on achieving his far-reaching agenda. "I think it's always in the back of his mind," said Sen. Lindsey Graham of South Carolina, a longtime friend and ally who was in close touch with Trump after the shooting and joined him that night in New Jersey after he was treated at a Pennsylvania hospital. "He's still a rough and tumble guy, you know. He hasn't become a Zen Buddhist. But I think he is, I'll say this, more appreciative. He's more attentive to his friends," he said, pointing to Trump sending him a message on his birthday earlier this week. Graham added: "It's just a miracle he's not dead. He definitely was a man who believed he had a second lease on life." Constant reminders While many who survive traumatic events try to block them from memory, Trump has instead surrounded himself with memorabilia commemorating one of the darkest episodes in modern political history. He's decorated the White House and his golf clubs with art pieces depicting the moment after the shooting when he stood up, thrust his fist dramatically in the air and chanted, "Fight, fight, fight!" A painting of the scene now hangs prominently in the foyer of the White House State Floor near the staircase to the president's residence. Earlier this year, he began displaying a bronze sculpture of the tableau in the Oval Office on a side table next to the Resolute Desk. And while he said in his speech at the Republican convention that he would only talk about what had happened once, he often shares the story of how he turned his head at just the right moment to show off his "all-time favorite chart in history" of southern border crossings that he credits for saving his life. During a press conference in the White House briefing room last month, he acknowledged lingering physical effects from the shooting. "I get that throbbing feeling every once in a while," he said, gesturing to his ear. "But you know what, that's OK. This is a dangerous business. What I do is a dangerous business." Trump will spend Sunday's anniversary attending the FIFA Club World Cup soccer final in East Rutherford, New Jersey. Crediting divine intervention Trump's chief of staff, Susie Wiles, who as his then-campaign chief was with him at the rally, said in a podcast interview released last week that Trump walked away from the shooting believing he had been spared for a reason. "I would say I think he believes that he was saved. I do. And he would never - even if he thought it before, I don't think he would have admitted it. And he will now," she told "Pod Force One." She, too credited divine intervention. The chart, she noted, "was always the last chart in the rotation. And it was always on the other side. So to have him ask for that chart eight minutes in, and to have it come on the side that is opposite, caused him to look in a different direction and lift his head just a little because it was higher. And that just doesn't happen because it happened. It happened because, I believe, God wanted him to live." As a result, she said, when Trump says things that "are perfunctory - every president says 'God bless America' - well, it's more profound with him now, and it's more personal." She also credited the attack with helping change public perceptions of Trump during the campaign. "For the American public to see a person who was such a fighter as he was that day, I think, as awful and tragic as it might have been, it turned out to be something that showed people his character. And that's helpful," she said. "You know, I have an obligation to do a good job, I feel, because I was really saved," Trump told Fox News Friday. "I owe a lot. And I think - I hope - the reason I was saved was to save our country." Roger Stone, a longtime friend and informal adviser, noted that Trump has had other brushes with death, including a last-minute decision not to board a helicopter to Atlantic City that crashed in 1989 and another near-assassination two months after Butler when U.S. Secret Service agents spotted a man pointing a rifle through the fence near where Trump was golfing. Stone said he's found the president "to be more serene and more determined after the attempt on his life" in Butler. "He told me directly that he believed he was spared by God for the purpose of restoring the nation to greatness, and that he believes deeply that he is protected now by the Lord," he said. Ralph Reed, chairman of the Faith and Freedom Coalition, agreed. "I think for people who know the president, it is commonly believed that it changed him. I mean, how could it not? Imagine if you were who he was and if you don't turn your head at that instant," he said. "He knew he was lucky to be alive." Given how close Trump came to a very different outcome, Reed said, "it's hard not to feel on some level that the hand of providence protected him for some greater purpose. And there are people that I've talked to who said they were confident that he would win for that reason. That there must have been a reason."
Time of India
41 minutes ago
- Time of India
'Epstein Files Written by Obama, Clinton, and Biden': Donald Trump's Truth Social rant fuels conspiracy theories and backlash
In a major move, US President Donald Trump is working tirelessly to shift the public focus away from the Epstein Files and the controversial 'no client list' memo, which has drawn criticism even from within his own MAGA supporters. On Saturday, in a long post on Truth Social, Trump showed his support for Attorney General Pam Bondi, who drew most of the flak from MAGA supporters over the Epstein Files memo, and suggested that these files were written by people working for Barack Obama, Hillary Clinton, Joe Biden, James Comey, and John Brennan. Donald Trump blames political rivals for Epstein files, calls out so-called friends Further in the post, Trump went on to say, "Why are we giving publicity to Files written by Obama, Crooked Hillary, Comey, Brennan, and the losers and Criminals of the Biden Administration...... They created the Epstein Files, just like they created the FAKE Hillary Clinton/Christopher Steele Dossier." "They used me, and now my so-called 'friends' are playing right into their hands," Trump posted. Not only this, but he has silenced the reporters questioning him on the Epstein Files memo and berated them for focusing on the subject rather than just talking about what he thinks are the topics of more importance, such as the Texas floods. Donald Trump's Truth Social post on Epstein Files sparks major backlash In the post, Trump further suggested that the Epstein Files were written by Democrats, and this sparked more backlash for the president. One user on X (formerly called Twitter) wrote, "If there are them fabricated Epstein files, did they also destroy the actual files??" If there are dem fabricated Epstein files, did they also destroy the actual files?? "I'm shocked and disappointed that he is not reading the room better than this. And I have supported him since the beginning," another added. While another added, "This is so embarrassingly insulting. At some point, we must stop using Bondi, Bongino, or Kash as scapegoats and demand answers from Trump himself." I'm sorry but this is peak gaslighting - and how on earth can you say NO ONE CARES about Jeffrey Epstein. There are countless victims & Maxwell is in prison? He didn't off himself if he was innocent. I honestly never thought they'd release the files or that we would get justice… Trump has known ties to Jeffrey Epstein, having been photographed and filmed alongside Epstein and Ghislaine Maxwell several times. During his 2024 campaign, the 79-year-old pledged to make the Epstein Files public if he returned to the Oval Office.
Time of India
41 minutes ago
- Time of India
ICE barred from racial profiling in Los Angeles sweeps
Representative image A federal judge in Los Angeles issued a temporary order barring US immigration authorities from stopping people for questioning without cause, the latest fallout from the Trump administration's controversial crackdown on migrants. A temporary restraining order sought by a group of Southern California residents, workers and advocacy groups was granted Friday by US district judge Maame Ewusi-Mensah Frimpong. The judge barred agents in the Los Angeles area from stopping and questioning individuals without reasonable suspicion that they're in the US illegally. The order forbids the agents from basing their suspicion on race, ethnicity, speaking Spanish, speaking English with an accent, the type of the work they do or where they are located. Tricia McLaughlin, a spokeswoman for the department of homeland security, said "a district judge is undermining the will of the Americans." The groups argued that officials "must have an objective, particularized basis" to believe that a person is in the US illegally before they can stop them and require they answer questions. To do otherwise, they alleged, amounts to illegal racial profiling.
