Cryptocurrency Market News: Bitcoin Creeps Up But Still Under $70K
The past week has been a wild ride for the price bitcoin (BTC).
The price of bitcoin fell below $67,000 on Tuesday ahead of May inflation data and the Federal Reserve's meeting. Bitcoin regained some ground on Wednesday before tumbling again on Friday. While other risk assets such as stocks bounced back on cooler-than-expected inflation data, bitcoin failed to claw back the losses.
Despite bitcoin's performance last week, crypto is having a moment on the U.S. presidential election campaign trail. Presumptive Republican nominee Donald Trump met with bitcoin miners last week and a leaked email showed members of President Joe Biden's adminstration will meet with members of the crypto community.
Elsewhere, Terraform Labs has agreed to a massive $4.5 billion settlement with the U.S. Securities and Exchange Commission (SEC) regarding the TerraUSD stablecoin disaster from 2022, and an investigative report concluded that Binance founder and former CEO Changpeng «CZ» Zhao is one of the top 25 richest people in the world.
Former President Donald Trump has shifted his stance on cryptocurrencies during the current election cycle, now actively courting the crypto community to gain an edge over rivals Joe Biden and Robert F. Kennedy Jr.
After meeting with bitcoin miners at his Mar-a-Lago estate, Trump urged cryptocurrency enthusiasts on his Truth Social platform to «vote for Trump,» positioning himself as a defender against what he calls «Biden's hatred of Bitcoin.»
This new approach follows Trump's previous strong criticism of cryptocurrencies during his presidency, where he labeled them as highly volatile and unregulated assets that facilitate illegal activities.Now, however, Trump's campaign has announced plans to accept
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