- BTC is facing a huge offer from Mount Gox and German authorities, says Marathon’s CEO
- The executive branch viewed Trump as pro-Bitcoin but advocated a bipartisan approach to crypto issues.
Former US President Donald Trump continues to receive support from the crypto community. As far as, Bitcoin [BTC] Miner Marathon Digital CEO Fred Thiel has become the latest executive to support Trump.
In a recent interview with Yahoo Finance, Thiel said said,
“Former President Trump has positioned himself as the pro-Bitcoin candidate. He believes all Bitcoin should be mined in the US and is open to Bitcoin miners and people in the space’
On the contrary, Thiel noted that the Biden administration is very “hostile” towards Bitcoin through various agencies such as the SEC.
55 million BTC voters are at stake
However, Thiel added that the Biden administration has backed away from its hostility after realizing a large voting bloc was at stake. The executive said:
“I can feel the chill starting to thaw under the Biden administration as they realize there are 55 million voters in this country who care about crypto.”
The executive further urged both sides to embrace issues related to Bitcoin and crypto.
Several crypto figures have endorsed Trump. Last week, the CEO of asset manager Ark Invest, Cathie Wood, said supported Trump as pro-business.
“I am a voter when it comes to the economy. And on that basis Trump has
When asked about BTC’s current price action after dipping below $60,000, Thiel mentioned many factors affecting the largest digital asset.
From macro expectations to sales by German authorities, BTC miners and refunds to Mount Gox, Thiel added:
“What we’re seeing now is a large supply in the market and an outflow of $1.2 billion from the ETFs.”
The executive cited $57K as a key support level and $68K and $69K as major hurdles for BTC to overcome. During the intraday trading session on Monday, BTC fell to $58.4K before recovering $60K.
Despite looming concerns about Mount Gox’s refunds, QCP Capital analysts say suggested the update could have less impact based on the options market data.
“We see little activity in the options market in July, indicating that the market is not anticipating volatility around the distribution itself.”
Furthermore, most of the market liquidity was on the upside on the weekly charts, especially at $64K, underscoring that a move towards the cluster (orange) could be possible.
Source: Coinglass