In the past few months, Donald Trump, the strongest candidate in the United States presidential elections in 2024, has disclosed his in-depth ties with digital assets. The funds sponsoring pro-crypto candidates have gathered the 2nd largest donation from the digital assets category.
A renowned media outlet has recently quoted that Trump’s closely mentored cryptocurrency venture is similar to Dough Finance. A borrowing and lending platform that was looted for $2 million in July 2024.
The white paper of the yet-to-be-launched project notes that it will also have a ‘credit account system’ that “highlights the power of blockchain in an accessible way.” It will also have a “non-transferable governance token,” coined as WLFI, a person aware of the fact notes.
Its white paper also notes that by leveraging governance tokens, the holders can appoint new blockchains to incorporate into the platform. There are assertions that the DeFi will probably be built on the Aave & Ethereum blockchain.
Earlier this month, Trump also publicized his holdings in digital assets; in the border market, several projects function directly or indirectly with Trump’s name.
Other Recent News
On September 04, 2024, bad actors took control of the social media accounts of Lara and Tiffany Trump, allegedly to promote a scam. The X account of Trump’s younger daughter, Tiffany Trump, was used to promote a scam.
The Commodities Futures Trading Commission of the United States has recently retrieved $18 million in cryptocurrencies from a claimed ponzi’ crypto hedge fund.’ Sam Ikkurty & Jafia fooled the investors by falsely claiming more significant returns than investments.
CFTC’s official announcement remarks that the valuation of the claimed hedge fund fell roughly 99 percent in just a couple of months.
On August 16, 2024, Todayq noted that Trump holds over $1 million in crypto; he allegedly made $300k by selling branded Bibles.
The Greenwood Bible is a branded Bible traded beneath Trump’s business name, and it possesses handwritten phrases of the song “God Bless the U.S.A.,” by Lee Greenwood.
Crypto Market Price Update
The fear and greed indicator by CoinMarketCap was at 34, reflecting volatility & fear in the market with strong bear dominance. When writing, the cryptocurrency market capitalization was $2 Trillion, with an intraday decline of more than 3.57 percent.
As of writing, Bitcoin was trading at $56,710, with an intraday decline of 3.54 percent and 4.17 percent in the past seven days. Among the significant intraday losers are Toncoin, DOGS, Solana, Ethereum, Akash Network, Fantom, and Worldcoin.
Bitcoin SV leads the intraday gainers’ list as its prices grew 5.21 percent, reaching $45.47, followed by Aave with 2.46 percent at $134.23. However, the weekly list is topped by Monera and Helium.
Dozens of market analysts claim that the bearishness in the crypto market is fueled by the back-to-back crackdowns of the U.S. SEC and other regulators globally. However, some others assert that the constant outflow leads to significant losses.
It is crucial to note that despite turmoil in the broader market, the addresses holding Bitcoins have surged over 10 percent YTD (year to date)—the approval and sudden popularity of BTC spot ETFs reportedly back the growth in the addresses.
