1-Under Trump's leadership, Bitcoin has become the new gold for the United States
What's Bitcoin like? Like gold, right? Bitcoin Magazine interviewed Lutnick. “The Biden administration treated it like a crime. You have it in the rearview mirror, and it will never return.”
Bitcoin supporter Lutnick explained his 2017 introduction to the cryptocurrency. He said Bitcoin's worth comes from its rarity—capped at 21 million coins.
“Just a rare entity. He claimed that uniqueness gives Bitcoin its worth, noting how he went from researching blockchain to going “all in” on Bitcoin by 2020.
Lutnick has contributed to the Trump administration's radical change in Bitcoin policy.
Lutnick and Bitcoin supporter David Sacks helped create a Bitcoin Strategic Reserve, a campaign promise President Trump soon fulfilled.
Trump's leadership and open media discussion fueled the administration's rapid success, according to the Commerce Secretary.
Lutnick's new Commerce Department 'Investment Accelerator' helps billion-dollar-plus ventures negotiate laws and permits.
He prioritized Bitcoin mining. Bitcoin miners may construct private power plants alongside their facilities under the initiative, minimizing their dependency on public grids and allowing cheaper, off-grid energy sources like hydroelectric power or flare gas collection.
“Miners will build data centers on gas fields,” Lutnick added. This will boost American Bitcoin mining.”
He rejected fears that a significant U.S. Bitcoin mining concentration would endanger the network's decentralization.
“America is the most extraordinary business place on Earth,” Lutnick added. "Figure out how to win in America, and you reach the highest highs."
Lutnick portrayed Bitcoin's future as related to American enterprise throughout the interview.
He said that a more business-friendly climate, especially one that favors Bitcoin mining and innovation, might raise the Bitcoin community and people feeling economically left behind.
2-Wall Street opens flat ahead of tech earnings and economic data
The Dow Jones Industrial Average rose 114 points, or 0.28%, while the S&P 500 and Nasdaq Composite were near flat.
As investors prepared for quarterly earnings, Amazon, Apple, Meta Platforms, and Microsoft shares momentarily fell.
Apple and Meta corrected, increasing 1% and 0.8%. Amazon fell 0.3%, while Microsoft rose 0.2%.
FactSet reports that 73% of firms outperformed analysts' predictions for the quarter. However, it is somewhat below the five-year average of 77%. Corporate guidance has raised worries about President Donald Trump's tariffs' economic effect, cutting analysts' second-quarter and full-year projections.
In Washington, Treasury Secretary Scott Bessent revealed no fresh information on trade discussions with China but urged Beijing to deescalate.
On CNBC's "Squawk Box," Bessent observed trade development and suggested India as an early success. "They sell five times more to us than we sell to them, so 120%, 145% tariffs are unsustainable," Bessent added.
Reports that Huawei Technologies would test a processor competing with Nvidia have also sparked market interest in tech breakthroughs.
Investors will track earnings, trade discussions, and economic data all week to assess the market.
3-Coinbase urges remaining US states to withdraw confused staking lawsuits.
Coinbase, a cryptocurrency exchange, has sent a warning to five states in the United States, demanding them to drop their litigation against the firm for its staking services. The company is stating that the legal efforts are causing damage to customers and creating confusion.
The publicly traded cryptocurrency exchange located in the United States issued a statement on its blog stating that while the majority of authorities have retreated, measures taken in the states of California, New Jersey, Maryland, Washington, and Wisconsin "continue to harm residents in those states." According to the figures provided by the exchange, residents of seven jurisdictions "have missed out on an estimated $90 million+ in staking rewards since June 2023" as a result of cease-and-desist orders that are still in effect.
References
https://crypto.news/howard-lutnick-bitcoin-is-americas-new-gold-under-trump/
https://crypto.news/wall-street-starts-the-week-flat-ahead-of-tech-earnings-and-economic-data/
https://crypto.news/coinbase-calls-on-remaining-us-states-to-drop-confusing-staking-lawsuits/
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