📈 BTC Passes $61,000

DNC Doesn't Mention Bitcoin & No Trump/Bitcoin Connection                                                                                                                                                                                                                                                                                                                                                                                                                 August 20, 2024 | [Read Online]( 📈 BTC Passes $61,000 DNC Doesn't Mention Bitcoin & No Trump/Bitcoin Connection [fb]( [fb]( [fb]( [fb](mailto:?subject=Post%20from%20Bitcoin%20Minimalist&body=%F0%9F%93%88%20BTC%20Passes%20%2461%2C000%3A%20DNC%20Doesn%27t%20Mention%20Bitcoin%20%26%20No%20Trump%2FBitcoin%20Connection%20%0A%0Ahttps%3A%2F%2Fbitcoinminimalist.com%2Fp%2Fbtc-passes-61000) First time reading? I’m [Jordan](, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights. Today we’re covering: - DNC omits Bitcoin from platform, - VanEck says selling is over, - No strong Trump-Bitcoin price link, - And everything else you need to know. —Jordan Bitbo launched Bitbo Pro! Get our monthly reports & analysis to know EXACTLY what’s happening with Bitcoin and its price. Get alerts when the BTC price hits key highs and lows, and more charts & data you can’t get anywhere else! [GET BITBO PRO]( WHAT WE’RE WATCHING Bitcoin hit $61,400 this morning before falling back down below $60,000. 📊 [Bitcoin rose 2.5%, passing $61,000, amid stronger macro risk-on sentiment.]( Analysts link this surge to stock market dynamics, including corporate buybacks and rising demand. However, Bitcoin remains stuck in a downward range, with resistance near $70,000 still unbroken. 💼 [The U.S. Treasury and Federal Reserve plan to redefine “money” under the Bank Secrecy Act to include Bitcoin](. This change would extend reporting requirements to Bitcoin and cryptocurrency in domestic and cross-border transactions, aligning them with fiat currency regulations. 📉 [The NYSE has withdrawn its proposal to list Bitcoin ETF options after repeated SEC delays.]( Similarly, the CBOE withdrew but refiled a more detailed application. This affects plans to list options for funds like Bitwise and Grayscale Bitcoin Trust. 🗳️ [Kamala Harris may nominate SEC Chair Gary Gensler as Treasury Secretary if elected.]( Gensler, known for his aggressive stance against Bitcoin, has faced criticism from Republicans and could shape future Bitcoin regulation, echoing his previous SEC moves which impacted the Bitcoin market. 💡 [Bitcoin has a fixed supply of 21 million, making its total supply inelastic.]( However, its available supply is perfectly elastic, adjusting to market demand. The author argues that this trait will drive Bitcoin's adoption as a global medium of exchange and unit of account, ensuring both value storage and supply flexibility despite perceived volatility. ⛏️ [The Hash Ribbons indicator suggests the end of Bitcoin miner capitulation as miners adopt more efficient equipment.]( Despite this, miners face challenges as mining difficulty hit a record high of 90.66 trillion in August, squeezing profit margins. Some miners, like TeraWulf, are diversifying into AI services. 📊 [Data shows no strong link between Trump’s election odds and Bitcoin’s price from June 1 to Aug. 15, 2024.](Factors like U.S. monetary policy and concerns over Bitcoin supply have had a bigger impact, according to FalconX’s analysis, despite speculation about Trump’s influence on BTC. IN THE LOOP Bitwise [expands]( into Europe by acquiring ETC Group. The Conference Board's leading indicators [show]( a continued slowdown but no longer signal a U.S. recession. Harris [leads]( Trump on prediction markets, while bettors expect RFK Jr. to drop out. Bitcoin miners could [earn]( $13.9B yearly by shifting 20% of energy to AI and HPC by 2027. Binance [leads]( among Chinese Bitcoin users, with X as their primary info source. BITCOIN SILENCE Democratic Platform Skips Bitcoin as Election Nears DNC Ignores Crypto in Platform: [The Democratic National Committee’s (DNC) newly released platform makes no mention of Bitcoin.]( This omission comes just ahead of the party's national convention and stands in sharp contrast to the Republican Party’s pro-Bitcoin stance. Missed Opportunity for Engagement: While some Democrats, including Rep. Wiley Nickel, have advocated for a balanced approach to Bitcoin under a potential Kamala Harris administration, the party's official silence raises concerns, especially given recent outreach from Bitcoin industry leaders. Republican Contrast: Republicans have taken a pro-Bitcoin position, emphasizing opposition to regulation and support for innovation, potentially attracting Bitcoin-friendly voters. POLL Do you think Kamala Harris nominating Gary Gensler as Treasury Secretary would be good or bad for Bitcoin? Gensler approved Bitcoin ETFs, but stance on Bitcoin overall is not clear. [Good]( [Bad]( [Other (leave a comment)]( THURSDAY’S POLL RESULTS Is the US government intentionally moving Bitcoin for politically motivated reasons? 👍 Yes - 78.0% 👎 No - 16.0% Other - 6.0% 👍 Yes - “Do the exact opposite of what Trump advocates...wash, rinse, repeat.” - Chris 👎 No - “Coinbase is just being paid a fee to securely hold them.” - Ari VIDEO VanEck’s Matthew Sigel [told CNBC that the major Bitcoin selling is over, signaling a bullish outlook](. "We’re buyers here," he stated, believing Bitcoin is set for a recovery. CHARTS & DATA [Bitbo launched a new short-term holder realized price chart.]( This chart shows the average price at which Bitcoin has moved over the last 155 days, giving insights into short-term market trends. 0.95 - Bitcoin’s [Mayer Multiple is still sitting below 1.0](, at just 0.95. New Bitbo Charts Never miss Bitbo's newest charts. Get an email when we post new charts. [Subscribe]( MORE FROM OUR COMPANY The Bitcoin Minimalist is run by Bitbo. Browse our most popular pages across our sites: [Bitbo Dashboard](: View live price action, monitor on-chain data, and track key economic indicators - all for free. [Bitbo Pro:]( Analytics & intelligence to supercharge your Bitcoin investing & trading. [Bitbo Charts:]( Useful Bitcoin charts, featuring on-chain metrics and other Bitcoin analysis. [Bitbo Store:]( Shirts, hats, hoodies, mugs, and other merch for Bitcoiners. [Halving Clock:]( Track the countdown to the Bitcoin halving with our Bitcoin halving clock. 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