Fed pushes crypto back down while Trump wants all remaining Bitcoin ‘made in the USA’

The crypto markets, just like the global stock exchanges, reacted positively to the latest inflation figures from the United States. They fell to 3.3%. That is still far from the desired level of 2%, but it does increase the chance of an interest rate cut happening this year.

Meanwhile, Donald Trump is increasingly fangirling for the crypto sector. During a meeting with Bitcoin mining companies CleanSpark and Riot Platforms, he demanded that all remaining Bitcoins be mined in the USA. I don’t know if that’s even possible.

Inflation

Bitcoin rose by $1,500 in minutes on Wednesday after the latest economic data from the United States showed inflation continuing to fall. The stock markets also responded very positively.

Yesterday evening it was Federal Reserve Chairman Jerome Powell’s turn. He expects to only cut interest rates once this year, which is less than what markets expected. Bitcoin dropped in response to $68,000.

At the time of writing, Bitcoin trades for $67,300.

Donald Trump

The Republican presidential candidate met representatives from Bitcoin mining companies CleanSpark and Riot Platforms this week. Trump told them that he believes all remaining Bitcoin should be mined in the United States.

JUST IN: 🇺🇸 Donald Trump says “We want all the remaining #Bitcoin to be MADE IN THE USA!!!”

“It will help us be ENERGY DOMINANT!!!” pic.twitter.com/rx1epjVaKX

— Bitcoin Magazine (@BitcoinMagazine) June 12, 2024

On social media he wrote:

Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be energy dominant.