Trump Will Fire SEC Chairman Gary Gensler & Create a Bitcoin Reserve
The Bitcoin 2024 conference ended last weekend. The most expected speech was the speech of US presidential candidate Donald Trump. However, his statements did not trigger a Bitcoin rally.
Overall, Trump's speech drew a strong endorsement. In his speech, which covered a wider range of topics and issues related to his election campaign, Trump promised to fire current SEC Chairman Gary Gensler on the first day of his presidency. To recap, Gensler speaks negatively towards the cryptocurrency sector, and his policy is aimed at suppressing the development of the industry as a whole.
In addition, Trump promised not to allow the US government to sell Bitcoins confiscated as a result of enforcement actions. Instead, the plan is to create a Bitcoin Reserve, where both confiscated Bitcoins and those acquired in the future will be sent.
Trump also emphasized that he will stop further development of CBDC by the US government. But supported the development of stablecoins and the Bitcoin mining industry. Trump also reiterated his intentions to commute the sentence of Silk Road founder Ross Ulbricht.
Despite the positive applause during the speech, Bitcoin managed to fall from $68,400 to $66,885, but recovered to $68,000 by the end of his speech and then rose above the $69,000 mark. The industry seems to have learned to respond to action rather than flashy promises.
At the time of writing, the asset is trading near the $69,500 mark. The asset is now aiming for the $69,800 resistance level. Key resistance is near the $70,000 level. A major resistance is located at $71,200. Movement above this level can provoke a bullish movement. In this case, Bitcoin could reach the $72,000 mark.
On the negative side, if Bitcoin fails to overcome the $70,000 level, the price will continue to decline to $68,750, $68,000 and $67,250.
