Foreign crypto firms might be the only losers under a second Trump presidency: Bloomberg
The post Foreign crypto firms might be the only losers under a second Trump presidency: Bloomberg appeared on BitcoinEthereumNews.com.
The crypto industry is holding its breath for a second Donald Trump presidency since the former president has vowed to end President Joe Biden’s ‘crusade against crypto.’ Trump’s odds of winning the U.S. elections in November have been on the rise since his failed assassination attempt last week. According to a poll released by CBS News this week, 52% of voters are likely to favor Trump for a second presidency. However, while the crypto industry waits with bated breath, it may not be good news for overseas crypto firms. Foreign crypto exchanges like Binance, OKX, and Deribit may feel a pinch in their market shares as their U.S. peers thrive under a Trump tenure, Bloomberg reported on Sunday. These overseas exchanges had seen their market shares rise as their U.S. rivals had to shutter or forego the launch of some of the most popular crypto services. With more crypto-friendly regulation, as Trump has promised, U.S. exchanges could launch trading services with more leverage or crypto futures and options contracts with more expiration dates. Bitmain, the largest manufacturer of Bitcoin mining machines, could also face challenges under a potential Trump presidency. Most U.S.-listed Bitcoin miners currently use mining rigs from the Chinese conglomerate. U.S. rivals like Block and Auradine selling new chips and machines to Bitcoin mining companies will further add to the challenges in store for Bitmain. Nearly every U.S crypto firm will benefit from a Trump presidency Market participants and observers believe that nearly every U.S. crypto firm is set to benefit from a second Trump presidency. Earlier this week, Jefferies analysts stated that Trump’s “overt support” for Bitcoin and crypto could benefit crypto stocks. Christian Catalini, founder of MIT Cryptoeconomics Lab, told Bloomberg: “Almost everyone in the US would be a winner if they are willing to operate…
Filed under: News - @ July 21, 2024 9:12 pm