Market Rallies as Trump Opens 401(k) Floodgates: Crypto Daybook Americas
Crypto markets rallied in the past 24 hours, with the CoinDesk 20 (CD20) index rising 5.3% as fresh U.S. policy signals and regulatory clarity supported risk appetite across the sector. Bitcoin (BTC) gained a relatively muted 1.3% to $116,500.
The rally took off after President Donald Trump signed an executive order opening 401(k) retirement plans to a broader range of investments, including cryptocurrencies. The order directs the Department of Labor and Securities and Exchange Commission to publish new guidance for retirement accounts.
'This move effectively opens access to bitcoin and other cryptocurrencies for retirement investors, unlocking a staggering $8.7 trillion in assets under management.,' James Butterfill, head of research at CoinShares, said in an emailed statement.
Jake Ostrovskis, OTC trader at Wintermute, told CoinDesk that the impact of the move could not be understated.
'Just a 2% allocation to Bitcoin and Ethereum would represent 1.5x the total cumulative ETF inflows to date, while a 3% allocation would more than double the entire market,' Ostrovskis said. 'Critically, these would be largely price-insensitive buyers focused on meeting allocation benchmarks rather than tactical trading.'
In practice, that means 401(k) funds would create 'sustained, predictable demand flows that could provide a structural bid for digital assets regardless of short-term price volatility,' Ostrovskis added.
While crypto has never been formally banned from the retirement investments, previous guidance strongly discouraged fiduciaries from offering it.
Meanwhile, the Ethereum blockchain hit a new record for average daily transactions this week, according to data from Dune Analytics. The increase was underpinned by the SEC's clarification earlier this week that certain liquid staking models don't constitute securities under the 1933 Securities Act, making it safer for institutions to offer staking services.
Ether's (ETH) price surged 4.6% over the past 24 hours to near $3,900.
While fireworks were going off in the crypto sector, TradFi was more subdued. The S&P 500 dropped in Thursday's session, and the Nasdaq closed 0.35% higher, furthering the concentration of megacaps in the indexes. The 10 largest stocks now account for 76% of the entire stock market capitalization, data shared by Barchart shows.
Gold rose on tariffs being imposed on some bullion bars. Looking ahead, investors are bracing for July's inflation report, due next week, which may influence the odds of a dovish Fed interest-rate cut in September. Stay alert!
What to Watch
Crypto
Aug. 15: Record date for the next FTX distribution to holders of allowed Class 5 Customer Entitlement, Class 6 General Unsecured and Convenience Claims who meet pre-distribution requirements.
Aug. 18: Coinbase Derivatives will launch nano SOL and nano XRP U.S. perpetual-style futures.
Macro
Aug. 8: Federal Reserve Governor Adriana D. Kugler's resignation becomes effective, creating an early vacancy on the Board of Governors that allows President Trump to nominate a successor.
Aug 8: President Trump's deadline for Russia to commit to a ceasefire and peace deal in Ukraine, with intensified U.S. sanctions and secondary tariffs on countries purchasing Russian energy if the deadline is not met.
Aug. 8: U.S. President Donald Trump hosts Armenian Prime Minister Nikol Pashinyan and Azerbaijani President Ilham Aliyev at the White House to sign a peace agreement. The U.S. will also sign bilateral economic agreements to promote trade and regional stability.
Aug. 8, 7 p.m.: Colombia's National Administrative Department of Statistics releases July consumer price inflation data..
Inflation Rate MoM Est. 0.19% vs. Prev. 0.1%
Inflation Rate YoY Est. 4.81% vs. Prev. 4.82%
Aug. 12, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases July consumer price inflation data.
Inflation Rate MoM Prev. 0.24%
Inflation Rate YoY Prev. 5.35%
Aug. 12, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases July consumer price inflation data.
Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.2%
Core Inflation Rate YoY Est. 3% vs. Prev. 2.9%
Inflation Rate MoM Est. 0.2% vs. Prev. 0.3%
Inflation Rate YoY Est. 2.8% vs. Prev. 2.7%
Earnings (Estimates based on FactSet data)
Aug. 8: TeraWulf (WULF), pre-market, -$0.06
Aug. 11: Exodus Movement (EXOD), post-market, $0.12
Aug. 12: Bitfarms (BITF), pre-market, -$0.02
Aug. 12: Fold Holdings (FLD), post-market, N/A
Aug. 15: BitFuFu (FUFU), pre-market, $0.07
Token Events
Governance votes & calls
BendDAO is voting on a plan to stabilize BEND by burning 50% of treasury tokens, restarting lender rewards, and launching monthly buybacks using 20% of protocol revenue. Voting ends Aug. 10.
1inch DAO is voting on a $1.88 million grant to fund its participation in nine global crypto events through late 2025. The proposal aims to boost developer engagement, grow institutional ties and expand adoption across ecosystems like Ethereum and Solana. Voting ends Aug. 10.
Aug. 8, 11:30 a.m.: Axie Infinity to host a town hall on Discord.
Unlocks
Aug. 9: Immutable (IMX) to unlock 1.3% of its circulating supply worth $12.66 million.
Aug. 12: Aptos (APT) to unlock 1.73% of its circulating supply worth $52.59 million.
Aug. 15: Avalanche (AVAX) to unlock 0.39% of its circulating supply worth $39.25 million.
Aug. 15: Starknet (STRK) to unlock 3.53% of its circulating supply worth $16.19 million.
Aug. 15: Sei (SEI) to unlock 0.96% of its circulating supply worth $17.21 million
Aug. 16: Arbitrum (ARB) to unlock 1.8% of its circulating supply worth $39.21 million.
Aug. 18: Fasttoken (FTN) to unlock 4.64% of its circulating supply worth $91.6 million.
Token Launches
Aug. 8: Pudgy Penguins (PENGU) to be listed on Arkham Exchange.
Conferences
The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through Aug. 31.
Day 3 of 5: Rare EVO (Las Vegas)
Day 2 of 2: bitcoin++ (Riga, Latvia)
Aug. 9-10: Baltic Honeybadger 2025 (Riga, Latvia)
Aug. 9-10: Conviction 2025 (Ho Chi Minh City, Vietnam)
Aug. 11: Paraguay Blockchain Summit 2025 (Asuncion)
Aug. 11-13: AIBB 2025 (Istanbul)
Aug. 11-17: Ethereum NYC (New York)
Aug. 13-14: CryptoWinter '25 (Queenstown, New Zealand)
Token Talk
By Shaurya Malwa
Ethereum's seven-day average daily transactions hit a record 1.74 million as staked ETH levels climbed to an all-time high.
Over 36 million ETH, nearly 30% of total supply, is now locked in staking contracts, according to Dune Analytics.
The increase followed the SEC's clarification that certain liquid staking activities and staking receipt tokens aren't securities under the 1933 Act if they meet strict assumptions.
The ruling reduced legal overhang, opening the door for greater institutional participation.
The trend is also backed by yield-seeking holders and growing treasury allocations from publicly listed firms, tightening liquid supply.
Public companies now control $11.77 billion in ETH, led by BitMine Immersion Technologies ($3.2 billion), SharpLink Gaming ($2 billion), and The Ether Machine ($1.3 billion).
Vitalik Buterin said treasuries are 'good and valuable' for Ethereum but warned that excessive leverage could spark cascading liquidations.
ETH has rallied 163% from April lows with more than 500,000 ETH ($1.8 billion) staked in the first half of June alone — a pace CryptoQuant's Onchainschool said reflects 'rising confidence and a continued drop in liquid supply.'
Derivatives Positioning
Total BTC futures open interest sits at $80.65 billion, flat on the day after a mild pullback earlier this week.
CME remains dominant with a 20% share, underscoring steady institutional exposure. Binance and OKX flows were mixed, with OKX OI up 3.95% in the past 24 hours despite heavier intraday swings.
ETH liquidations led the market over the past 24 hours at $188.7 million, dwarfing BTC's $52.6 million and XRP's $29 million.
The largest liquidation was a $34.28 million ETH-USDT long position on HTX, reflecting concentrated leverage in ETH perps ahead of price swings.
Liquidation data skews heavily to the short side, with $319 million in shorts wiped versus $91 million in longs, suggesting that the recent upside caught positioning off guard and may have forced momentum-driven covering across majors.
BTC open interest distribution shows CME's basis holding firm at 2.61%, suggesting sustained carry demand from TradFi desks, while Binance's basis is muted at 0.61%, indicating less aggressive directional leverage from offshore traders.
ETH funding rates remain elevated at or near exchange-imposed caps, signaling persistent long bias despite the heavy wipeout of shorts. This combination — high funding plus fresh OI — suggests traders are rotating back into directional plays rather than fully deleveraging.
Market Movements
BTC is down 0.43% from 4 p.m. ET Thursday at $116,701.75 (24hrs: +0.22%)
ETH is up 0.68% at $3,900.02 (24hrs: +2.08%)
CoinDesk 20 is up 2.2% at 4,046.33 (24hrs: +3.94%)
Ether CESR Composite Staking Rate is unchanged at 2.9%
BTC funding rate is at 0.004% (4.4052% annualized) on Binance
DXY is down 0.16% at 98.24
Gold futures are up 1.12% at $3,492.50
Silver futures are up 0.80% at $38.60
Nikkei 225 closed up 1.85% at 41,820.48
Hang Seng closed down 0.89% at 24,858.82
FTSE is unchanged at 9,095.08
Euro Stoxx 50 is up 0.13% at 5,339.07
DJIA closed on Thursday down 0.51% at 43,968.64
S&P 500 closed unchanged at 6,340.00
Nasdaq Composite closed up 0.35% at 21,242.70
S&P/TSX Composite closed down 0.57% at 27,761.27
S&P 40 Latin America closed up 2.03% at 2,666.61
U.S. 10-Year Treasury rate is up 0.6 bps at 4.25%
E-mini S&P 500 futures are up 0.26% at 6,383.25
E-mini Nasdaq-100 futures are up 0.28% at 23,562.75
E-mini Dow Jones Industrial Average Index are up 0.17% at 44,155.00
Bitcoin Stats
BTC Dominance: 60.82% (-0.31%)
Ether to bitcoin ratio: 0.03343 (0.42%)
Hashrate (seven-day moving average): 966 EH/s
Hashprice (spot): $57.95
Total Fees: 5.2 BTC / $602,389
CME Futures Open Interest: 137,710 BTC
BTC priced in gold: 34.4 oz
BTC vs gold market cap: 9.73%
Technical Analysis
The ETH/SOL ratio is testing a key weekly resistance (~22.4); a confirmed breakout could trigger strong continuation with ether rising toward the 34-36 SOL range.
RSI shows strong momentum (70+) with no bearish divergence, supporting the breakout potential.
Unless rejected, the setup favors ETH outperformance vs. SOL on confirmation.
Crypto Equities
Strategy (MSTR): closed on Thursday at $402.01 (+4.85%), -0.25% at $401 in pre-market
Coinbase Global (COIN): closed at $310.79 (+2.38%), +0.86% at $313.45
Circle (CRCL): closed at $152.93 (-5.43%), +1.12% at $154.64
Galaxy Digital (GLXY): closed at $28.09 (+2.74%), +1.35% at $28.47
MARA Holdings (MARA): closed at $15.95 (+0.38%), -0.13% at $15.93
Riot Platforms (RIOT): closed at $11.58 (-0.69%), +0.35% at $11.62
Core Scientific (CORZ): closed at $14.35 (+1.7%), +0.84% at $14.47
CleanSpark (CLSK): closed at $10.72 (-2.55%), unchanged in pre-market
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $25.37 (-1.4%)
Semler Scientific (SMLR): closed at $37.54 (+5.27%), unchanged in pre-market
Exodus Movement (EXOD): closed at $31.34 (+6.74%)
SharpLink Gaming (SBET): closed at $23.36 (+5.51%), +2.57% at $23.96
ETF Flows
Spot BTC ETFs
Daily net flows: $277.4 million
Cumulative net flows: $54 billion
Total BTC holdings ~1.29 million
Spot ETH ETFs
Daily net flows: $222.3 million
Cumulative net flows: $9.37 billion
Total ETH holdings ~5.6 million
Source: Farside Investors
Overnight Flows
Chart of the Day
The memecoin sector's outperformance of the wider cryptocurrency market was short-lived, showing that while its heightened volatility could present opportunities, market timing is critical.
Meanwhile, layer-2 tokens have outperformed in the past month, as Velo data shows.
The worst-performing sector throughout the period were gaming-related tokens, which consistently underperformed.
While You Were Sleeping
Ethereum Transactions Hit Record High as Staking, SEC Clarity Fuel ETH Rally (CoinDesk): The SEC's softer stance on liquid staking is spurring institutional ETH accumulation, with nearly 30% of supply now locked in staking contracts and corporate treasuries holding more than $11 billion worth of ether.
Crypto's $25 Billion Spree Sparks Unease Even Among Insiders (Bloomberg): Several fund managers warned that if altcoin-focused treasury firms' valuations fall below their crypto holdings' value, forced selling could follow, deepening losses and potentially ending the current crypto bull cycle.
XRP Surges 12% as Traders Bet on Big Price Swings with 'Straddle' Strategy (CoinDesk): Traders are placing large Deribit long straddles — buying calls and puts with identical strikes and expiries, risking only the premiums paid for potentially unlimited upside or sizable gains if prices plunge.
Binance Teams Up With BBVA to Let Customers Keep Assets Off Exchange (Financial Times): After a massive U.S. fine, Binance is giving traders the option of storing collateral in U.S. Treasuries at BBVA, highlighting traditional banks' deeper push into crypto markets.
Israeli Security Cabinet Approves Gaza Control Plan (The Wall Street Journal): Prime Minister Benjamin Netanyahu's proposal — seizing all of Gaza, then handing it to Arab coalition forces for day-to-day governance while keeping an Israeli-controlled perimeter — is drawing broad domestic and global pushback.
Trump Tariffs on Russia's Oil Buyers Bring Economic, Political Risks (Reuters): The U.S. president's secondary tariffs, starting with India, could risk raising fuel prices, straining relations with China and India and hurting Republicans' midterm election prospects with potentially no gain.
In the Ether
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
H.I.G. Infrastructure Invests in Finnish Circular Economy Provider Fluo Group
LONDON, Aug. 20, 2025 /PRNewswire/ -- H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $70 billion of capital under management, is pleased to announce that one of its affiliates has acquired a controlling interest in Fluo Group Oy ("Fluo" or the "Company"), a leading regional waste management and recycling platform based in Finland. Fluo plays a critical role in Finland's circular economy, operating a fully integrated platform that spans waste collection, sorting, and treatment, as well as the downstream production of recycled plastics and lubricants. In partnership with Fluo's management team, H.I.G. will support the Company's next stage of growth, driving the expansion of Fluo's service offering, reinforcing its strong regional presence, accelerating investments in sustainable waste infrastructure, and broadening Fluo's geographic reach across Finland by extending its integrated circular model to a wider national footprint. Petri Aaltonen, CEO of Fluo, commented: "This investment marks a significant milestone in Fluo's journey to develop circular economy solutions. We look forward to partnering with H.I.G. to deliver even greater value to municipalities, businesses, and the environment. H.I.G. is extremely experienced in driving growth within its portfolio companies through deep operational expertise, in providing strategic support, and in executing buy-and-build initiatives." Andrew Liau, Head of Europe Infrastructure at H.I.G., said: "The waste management industry across Finland and the broader Nordic region is undergoing significant transformation driven by the move to a circular economy. We see significant potential to grow the business in new waste streams and to consolidate the market both locally and internationally through add-on acquisitions." About Fluo Fluo is a Finnish circular economy leader providing integrated operations across the waste management and waste-to-product value chains. The Company provides waste collection, sorting, and treatment services, and converts recovered materials into high-quality recycled raw materials and finished products, including plastic granules, irrigation and infrastructure pipes, and recovered lubricants. Fluo serves over 3,000 businesses and 35,000 households through long-standing public-private partnerships across Ostrobothnia and Eastern Finland. For more information, visit About H.I.G. Capital H.I.G. is a leading global alternative investment firm with $70 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach: H.I.G.'s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses. H.I.G.'s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance. H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector. Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at *Based on total capital raised by H.I.G. Capital and its affiliates. Contact: Andrew LiauManaging Directoraliau@ Michael PothitosPrincipalmpothitos@ H.I.G. Capital10 Grosvenor Street2nd FloorLondon W1K 4QBUnited KingdomP: +44 (0) 207 318 View original content to download multimedia: SOURCE H.I.G. Capital Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 minutes ago
- Yahoo
Money over love? How finances are affecting romantic relationships
Although the median U.S. annual salary is about $62,192, Americans on average expect their ideal partner to earn six figures, a new survey found. On average, women want their ideal partner to earn $110,000 while men expect theirs to earn $90,000, according to a Tawkify survey of 1,000 Americans. A quarter of respondents want more, saying their ideal partner should earn over $150,000. That's still not enough for 1 in 10 who are holding out for $250,000 and 1 in 20 who want $500,000 or more. Some responses were contradictory. More than 6 in 10 Americans (63%) surveyed said they would marry for love, even if it meant a lifelong financial struggle. But if forced to decide between love and money, 46% said they would pick the latter. In fact, nearly 1 in 3 said they'd consider getting back with an ex if that person became wealthy. Those unemployed in a rough job market may find more trouble in their love life. Nearly half of Americans are taking the lyrics to TLC's 1999 hit 'No Scrubs' to heart, with 48% reporting they would not date someone without a job, even if they were attracted to them. Brie Temple, Tawkify's chief commercial officer and chief matchmaker, said the matchmaking company's clients want to date someone who adds to their life and not someone who is financially dependent on them. More: Uncomfortable Conversations: What is financial infidelity and how can you come clean? 'Women, in particular, are saying things like 'I'm not interested in being a nurse or a purse,' particularly if they're dealing with an older demographic,' Temple said. More: Can you afford your friends? That active social life can come at a steep price Deal breakers While not the leading cause, money issues are one of the reasons couples get divorced. But conversely, in some cases, money is the reason people stay together. Some 69% of those Tawkify surveyed said they remained in a relationship longer than they wanted due to shared finances. Single people might be quicker to cut someone off over bad money habits. A separate survey of 2,000 Americans conducted by Talker Research on behalf of Chime, found 26% said a date being ungenerous or stingy gives them a 'financial ick.' At the same time, a third said they would be put off by a partner who lives beyond their means. Jason Tartick, a banker and host of the podcast 'Trading Secrets,' said overspending is no longer 'cool' because it represents a lack of authenticity. 'It's beyond refreshing in this dating environment because it's allowing for a bit more openness,' said Tartick, who was also a contestant on season 14 of The Bachelorette. 'I think the openness is what will actually create connection, not a facade of something that is just an illusion.' For Tartick and Dr. Traci Williams, a certified financial therapist, a romantic partner not willing to talk about finances is a red flag in a relationship, if not a deal breaker. Williams added that a partner having lots of debt without a repayment plan or being reckless with money could also be cause for concern. More: Gen Z is getting serious about their finances. What's in the way? 'It is possible for couples to be together if they don't have exactly the same values. But can you agree, and can you work together?' Williams said. 'If one person likes to save, and one person likes to spend, yes, you can spend, but are we also saving for our future?' Generational shifts Financial responsibility is particularly appealing to members of Generation Z – 78% of whom consider it an important attribute when choosing a partner, according to a separate survey of 1,069 adults by Bank of America. Most Gen Zers are finding ways to date without spending money, with 53% of men and 54% of women reporting they spend $0 per month on romance. A quarter of Gen Z men and 30% of Gen Z women said they spend less than $100 a month on dating. When Gen Z does spend money on dates, they're more open to splitting the bill than older generations. The Talker Research/Chime survey found while 45% of Gen Xers and 42% of baby boomers believe men should pick up the tab, only 36% of Gen Zers agreed. Overall, 39% of men said they feel pressured to appear more financially stable than they are. At 47%, nearly half believe men should cover all the costs of a date, compared to only about a third of women. 'It's just fascinating for me to watch people's conversations online,' Williams said. 'People are regularly saying, 'I want a man who will pay for everything and take me on trips and here, there, and everywhere,' but in reality, when people are actually dating, they tend to be a bit more flexible.' When the love versus money question is asked in a different way, 58% of women are more likely to pick a 'broke and magical' relationship over financial security, compared to 51% of men, the Tawkify survey found. When broken down by age group, Gen Z is the generation second most likely to choose love over money, second only to millennials. More than half of both groups said they'd pick the 'broke and magical' relationship. Only 46% of Gen Xers and 48% of baby boomers reported the same. When and how to talk about money Half of Gen Zers and millennials said it's attractive when someone is upfront about their income, compared to only 23% of baby boomers, according to the Talker Research/Chime survey. It also found, however, that money remains one of the largest sources of stress in dating. To alleviate some of that anxiety, Temple recommends couples talk about money early and often in their relationship. Williams suggests setting up a specific time to chat about it once a week or every couple of weeks, if a couple is living together or in a serious relationship. For those struggling to broach the subject, Williams said even talking to your partner about egg prices is a place to start. More: What a viral TikTok teaches us about ghosting 'The reality is that it's relatable that life's so expensive,' he said. 'As opposed to creating tension with finances by not willing to have the conversations, you can actually create vulnerability by connecting via relatability.' If your partner shares financial information, Tartick said make sure not to use it against them. 'When we say money, everyone becomes very guarded... We are afraid of being shamed and blamed,' he said. 'You hear people joking around at the dinner table, 'Oh, my wife or husband has Amazon packages everyday' and we're constantly weaponizing information that has to do with spending.' Financial questions couples should discuss Tartick suggests asking the following questions to learn about someone's financial values while keeping money conversations fun: If you won $1 million and had to spend it in 24 hours, what would you spend it on? What's one thing you know you overspend on, but will keep doing it anyway? What's your dream income? Temple recommends asking: What's the largest splurge purchase you've made for yourself and why? When I say, 'financial freedom,' what does that bring up for you? Growing up, how did your parents or guardians talk about money? Williams also suggests setting clear expectations about who plans and pays for dates early on in a relationship. If money is tight, she recommends budget-friendly ideas including game nights and taking advantage of free museum days. Tartick said it's time to get real about numbers when a couple thinks about moving in together or getting married. He said they should ask about each other's credit score, number of financial accounts, annual expenses, salary, debt to income ratio, net worth, overall risk tolerance, and their target retirement age. 'If these are the numbers the bank is looking at to decide if you can get a mortgage or a loan to start up a company, why aren't these numbers that we're talking about with our partner?' he said. Reach Rachel Barber at rbarber@ and follow her on X @rachelbarber_ This article originally appeared on USA TODAY: Money or love? Survey finds Americans divided over which matters more
Time Magazine
13 minutes ago
- Time Magazine
White House Launches TikTok Account
The White House has created an official TikTok account just weeks before the deadline that President Donald Trump extended for the Chinese-owned app to be sold to a non-Chinese buyer or face a ban in the U.S. The account, @whitehouse, was launched Tuesday evening and gained more than 80,000 followers as of early Wednesday. Trump's campaign used a TikTok account, @realdonaldtrump, which now has more than 15 million followers, before the presidential election last year. Trump's aides said last year that his TikTok was 'the most successful launch in political history' and credited it with being his 'secret sauce.' 'I am your voice,' Trump declares in the first video posted to the White House account, featuring footage of him spliced together and a caption reading, 'America we are BACK! What's up TikTok?' 'The Trump administration is committed to communicating the historic successes President Trump has delivered to the American people with as many audiences and platforms as possible,' White House Press Secretary Karoline Leavitt told Reuters on Tuesday. 'President Trump's message dominated TikTok during his presidential campaign, and we're excited to build upon those successes and communicate in a way no other administration has before.' Federal employees are not allowed to download the app on work devices with limited exceptions, per a law passed during the Biden Administration. Trump's TikTok evolution The Trump Administration has sought to negotiate a deal for the sale of TikTok, which is owned by Chinese company ByteDance, to a non-Chinese buyer before Sept. 17. The app was initially banned in the U.S. after President Joe Biden signed a bipartisan law last year requiring ByteDance to divest from the app over national security concerns. TikTok has argued that a U.S. ban violates the First Amendment, though the Supreme Court upheld the ban. On the evening of Jan. 18, the app was removed from U.S. app stores and users were met with a message reading, 'Sorry, TikTok isn't available right now. A law banning TikTok has been enacted in the U.S. Unfortunately that means you can't use TikTok for now.' Hours later, the app was live again as Trump announced that he extended the deadline for ByteDance to sell. A message on the app read: 'Thanks for your patience and support. As a result of President Trump's efforts, TikTok is back in the U.S.!' TikTok CEO Shou Zi Chew, who attended Trump's inauguration, praised Trump for the extension in a video message. Read More: Why Trump Flipped on TikTok The President has since extended the deadline several more times, although a sale before the current September deadline looks uncertain. Trump said in June that a deal with 'a group of very wealthy people' was close, contingent on approval from Beijing. Trump has also acknowledged that his tariffs on China may have made a sale harder. Trump himself had called TikTok a national security threat during his first presidential term, and the ban on the app was driven by a bipartisan push. 'The spread in the United States of mobile applications developed and owned by companies in [China] continues to threaten the national security, foreign policy, and economy of the United States,' an executive order signed by Trump in 2020 reads. 'The United States must take aggressive action against the owners of TikTok to protect our national security.'
