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Trump Strengthens Crypto Initiatives with Key Appointments to New Crypto Council
News on the Blockchain
December 23, 2024
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 771
Market Cap: $3.31T (-0.99%)
24h Volume: $152.16B (-1.02%)
Bitcoin Dominance: 57.3%
Ethereum Dominance: 12.1%
ETH Gas Price: 7.92 Gwei
Fear & Greed Index: 54/100 (Neutral)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $95,856.73 | -1.21% | $1.89T | $52.04B |
Ethereum (ETH) | $3,329.00 | -1.79% | $401.00B | $29.43B |
Tether (USDT) | $0.9992 | +0.01% | $139.73B | $127.20B |
BNB (BNB) | $670.69 | +0.44% | $96.58B | $1.41B |
Solana (SOL) | $184.79 | -0.81% | $88.57B | $4.35B |
💹 Market Highlights:
Total DeFi Volume: $10.91B (7.17% of total market)
Stablecoins Volume: $141.4B (92.93% of total market)
Biggest Mover: XVG (+13.21%)
📈 Preview On Today’s News:
- Trump Strengthens Crypto Initiatives with Key Appointments to New Crypto Council
- VanEck Proposes Strategic Bitcoin Reserve to Reduce US Debt and Propel Crypto Growth
- Surge in Crypto Scams and Community Responses Highlight Ongoing Challenges
Keep reading below for more!
Today’s News:
1)
Trump Strengthens Crypto Initiatives with Key Appointments to New Crypto Council
Former college football player Bo Hines has been appointed by President-elect Donald Trump as the Executive Director of the newly established Presidential Council of Advisers for Digital Assets, also known as the Crypto Council. Alongside Hines, Sriram Krishnan, a former general partner at Andreessen Horowitz, has been named the senior AI policy adviser, underscoring the administration’s commitment to fostering innovation and growth in the cryptocurrency sector. These appointments, along with the nomination of pro-crypto businessman Paul Atkins to chair the SEC, reflect Trump’s ongoing efforts to position the United States as a global leader in the crypto industry by providing necessary resources and support to industry leaders.
Key Appointments: Bo Hines and Sriram Krishnan are leading the new Crypto Council, focusing on innovation and growth in digital assets.
Trump’s Crypto Strategy: The administration aims to make the US the world capital of crypto, supported by additional pro-crypto appointments like Paul Atkins to the SEC.
2)
VanEck Proposes Strategic Bitcoin Reserve to Reduce US Debt and Propel Crypto Growth
Asset management company VanEck has introduced a plan proposing a Strategic Bitcoin Reserve that could potentially decrease the United States' national debt by 35% by 2049. The initiative aligns with Senator Cynthia Lummis's legislation advocating for the government to hold one million Bitcoins as an economic security buffer. VanEck forecasts that Bitcoin could achieve a compound annual growth rate (CAGR) of 25%, reaching a value of $42.3 million per BTC by 2049, while the US national debt is expected to rise to $119.3 trillion at a 5% CAGR. Additionally, the firm suggests policy adjustments, such as ceasing the sale of seized Bitcoin assets and reissuing gold certificates, to support Bitcoin adoption and integration into global financial assets, which are projected to comprise 18% of the total by 2049. Concurrently, the crypto market remains vibrant with new council appointments, investment opportunities in altcoins and meme coins, and positive outlooks from financial experts like Tom Lee, emphasizing the sector's dynamic growth and potential.
Debt Reduction and Bitcoin Growth: VanEck's Strategic Bitcoin Reserve aims to cut US national debt by 35% by 2049, with Bitcoin projected to reach $42.3 million per BTC through a 25% CAGR.
Policy Recommendations and Market Developments: Proposed policy shifts include halting the sale of seized Bitcoin and supporting Bitcoin adoption, amid a thriving crypto market featuring new council appointments and diverse investment opportunities.
3)
Surge in Crypto Scams and Community Responses Highlight Ongoing Challenges
In 2024, the cryptocurrency landscape has seen a significant rise in scams and fraudulent activities, with losses reaching $2.2 billion, a 21% increase from the previous year, according to Chainalysis. Prominent figures like Australia’s “Barefoot Investor” Scott Pape have actively countered these threats by exposing and engaging with scammers who impersonate him to deceive followers. Pape successfully infiltrated fake Facebook groups and WhatsApp communities, uncovering sophisticated schemes that lure investors with false promises and manipulated trading signals. Additionally, the crypto market remains dynamic with developments such as Metaplanet’s expanded Bitcoin holdings, Florida’s strategic Bitcoin reserve plans, and emerging investment opportunities in projects like Qubetics. The community continues to emphasize the importance of due diligence (DYOR) and leveraging platforms like DexScan and CoinMarketCap to stay informed and protect investments.
Rising Crypto Scams: In 2024, crypto scams surged by 21%, resulting in $2.2 billion lost, with efforts by figures like Scott Pape to combat fraud through direct engagement and exposure of deceptive schemes.
Market Developments and Community Vigilance: The crypto market experiences ongoing growth and strategic investments, while the community emphasizes the importance of due diligence and utilizing tools like DexScan and CoinMarketCap for safer trading.
