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Renowned economist Peter Schiff has withdrawn his endorsement of a strategic Bitcoin reserve, stirring controversy in financial circles. Schiff, who had earlier expressed understanding of a Bitcoin reserve while opposing XRP as part of former President Donald Trump’s crypto strategy, now claims his stance was misrepresented. Accusations of Market ManipulationIn a recent statement, Schiff criticized Bitcoin promoters, accusing them of fraud and intentional misinformation to inflate BTC’s market value. He labeled such actions as common manipulation tactics used to mislead investors. Schiff emphasized that his previous remarks were misconstrued, clarifying that he never supported a Bitcoin reserve in the first place. Donald Trump created a strategic US crypto reserve with an inclusion of Bitcoin and the tokens XRP, Solana, and Cardano. After Trump framed regulatory suppression as a Biden administration policy, he launched this initiative, which caused a substantial market boost. The total market capitalization of cryptocurrencies increased by 6.47% until it reached $3.03 trillion. The price of Bitcoin increased to $94,810 after Trump made his announcement while Schiff added to the discussion. This action occurred when the Bitcoin price was maintained at roughly $85,000. Peter Schiff previously posted on X, questioning the rationale behind including XRP in the reserve while acknowledging the logic behind a Bitcoin reserve. His words were quickly interpreted by BTC supporters as an endorsement of the asset’s strategic inclusion. Enthusiasts claimed Schiff recognized Bitcoin as digital gold, reinforcing its legitimacy as a financial asset. Schiff has changed his position regarding those statements by pointing out their misinterpretation by the public. Bitcoin advocates supposed a deliberate falsification to generate wrong perceptions about BTC’s institutional support base according to Schiff. Shiff’s recent statements have intensified discussions about cryptotrading methods used to manage market images. Despite the controversy, Bitcoin remains at elevated levels, benefiting from Trump’s policy shift. Analysts suggest that the strategic reserve announcement has strengthened investor confidence in digital assets, regardless of Schiff’s retraction. Market sentiment continues to lean bullish amid growing institutional interest. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Members of the U.S. House of Representatives from both Democratic and Republican parties established the Congressional Crypto Caucus. House Majority Whip Tom Emmer, who is Republican, together with Representative Ritchie Torres, who is Democrat launched a unified group to support cryptocurrency-related bills. The group maintains autonomous status from its namesake organization known as the Congressional Blockchain Caucus that established its foundation in 2017. The caucus started its operations because blockchain and cryptocurrency regulations became central issues for voters. The growing number of citizens support political candidates who focus on digital asset regulations throughout America. The group will dedicate itself to preserving American leadership both in the blockchain development and the financial technology sector. The group plans to support legislation that creates defined regulatory systems which support both industry expansion and safeguard both market participants and end-users. Fox News reporter Eleanor Terrett quoted Torres during an interview as he explained that the caucus will drive policies to support innovation with robust consumer protection measures. The pioneer argued for developing an established framework for new technologies which would keep the U.S. at the forefront of the international digital asset marketplace. President Donald Trump advocates for the U.S. government to establish distinct regulations for digital assets. Lawmakers work to create new legislation regarding both stablecoins and markets as part of their response initiatives. Current House of Representatives evaluations involve two separate stablecoin-related bills that receive industry participation. Republican Senator Bill Hagerty from Tennessee leads the GENIUS Act among his party colleagues as they plan to review the stablecoin bill. During April 2023, the Senate Banking Committee under Chairman Tim Scott plans to finalize stablecoin with market structure legislation. The newly established caucus will help obtain combined approval from Democrats and Republicans regarding cryptocurrency regulations. At present, the Senate Banking Committee develops stablecoin policies as the House maintains attention on its advances in legislation. Introducing the GENIUS Act for stablecoin regulation remains likely during the approaching time period. Scott highlighted the necessity to develop legal regulations for digital assets because it enables their proper addition to the financial system. The Crypto Caucus establishes policies to develop blockchain innovation through stable regulations. The initiative functions as an impartial group which works to build both industry progress and regulatory stability through policy development according to Emmer and Torres. According to CryptoQuant CEO Ki Young Ju, Trump has chosen to support cryptocurrency as a plan for American dominance in worldwide digital asset markets. The crypto reserve initiative of the Trump administration began with attentiveness toward XRP, Solana, and Cardano yet progressed to encompass Bitcoin and Ethereum. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Recently, President Trump announced five cryptocurrencies he wants included in a new strategic reserve to make the U.S. “the Crypto Capital of the World.” Following the announcement, the prices of Bitcoin, Ethereum, XRP, Solana, and Cardano all quickly rose. The posts sparked a rise in crypto prices, which had fallen sharply after their initial surge following his election. Notably, A crypto whale who placed large 50x leverage long bets on Bitcoin and Ether before President Trump’s Crypto Strategic Reserve announcement has made nearly $7 million in profit. 🔸 Miscalculation By Trump? However, Some tech and crypto leaders, along with “Bitcoin maximalists,” have criticized Trump’s plan to include coins other than Bitcoin in the reserve. Peter Schiff, a well-known Bitcoin and crypto critic, stated, “I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. Bitcoin is digital gold, better than analog gold. But what’s the rationale for an XRP reserve? He shared. Coinbase CEO Brian Armstrong responded to Trump’s crypto reserve announcement, suggesting that Bitcoin alone would be the best choice. “Just Bitcoin would probably be the best option — simplest, and clear story as successor to gold,” Armstrong wrote, adding that he was still forming an opinion on asset allocation. During his campaign, Trump strongly supported the crypto community, while Biden took a tougher stance on crypto due to fraud and money laundering concerns. The details of Trump’s new crypto stockpile are not clear yet, but more details could be revealed at the Crypto Summit on Friday. 🔸 Crypto Summit Upcoming- Bullish News? Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to meet Bo Hines and David Sacks to discuss regulations and stablecoin oversight, among other topics, as cryptocurrency prices make a modest recovery from their recent drop. #Crypto

#Solana Futures will launch on the @CMEGroup March 17th This will start to cleanse the manipulation by offshore and unregulated futures exchanges.