Donald Trump Is Doubling Down on His Support for Cryptocurrency

Speaking recently on NBC's Meet the Press, Trump emphasized crypto's resilience and importance. "Crypto is too important to ignore," Trump said

Former President Donald Trump is sticking by cryptocurrency despite the recent downturn, urging the U.S. to maintain its leadership in digital asset innovation or risk being overtaken by global competitors like China.

During a recent interview on NBC’s Meet the Press, Trump highlighted the resilience and importance of crypto, a topic he frequently touched upon during his 2024 presidential campaign.

“I think crypto is too critical to ignore,” Trump said, noting the Biden administration’s shifting stance on crypto.

“They keep changing their minds. I’m surprised, personally, that they went against it so strongly at first, and now they seem to be coming around to it.”

When asked if he would be contributing his crypto-related earnings to his campaign, Trump added: “I haven’t even looked. I’m not sure what they’re doing.”

The former president appeared to be referring to the Official TRUMP token, which experienced a brutal crash. The token dropped more than 85% from its all-time high of $75.35 to trade just above the $11 mark on Monday morning.

At present, TRUMP has a market cap of $2.2 billion, a significant reduction from its peak valuation of nearly $15 billion.

Technical Analysis: TRUMP Token at Key Support

On the 4-hour chart, TRUMP is currently trading at $11.13, closing in on a crucial support zone. The Relative Strength Index (RSI) stands at approximately 33, approaching the oversold region. This indicates potential for some short-term bounce, although sustained bullish momentum has yet to return.

Moreover, the MACD (Moving Average Convergence Divergence) indicator shows that the MACD Line (blue) remains below the Signal Line, suggesting ongoing bearish pressure. The histogram is still in negative territory, but the bears are gradually decreasing, hinting at a potential reversal if volume supports it.

Recently, TRUMP pulled back from its local high of $16.43. Key Fib levels include 0.382 Fib at $13.60, 0.618 Fib at $12.09, and 0.786 Fib at $11.69. On the downside, $10.32 represents a crucial support level; a breach below could open the door for further downside potential, potentially pushing the token toward single-digit prices.

Dinner Event Sparks ‘Pay-to-Play’ Concerns

The short-term rally in TRUMP, sparked by former President Donald Trump’s “Dinner with the President” campaign for the top 220 TRUMP holders, has elicited mixed reactions.

Announced last week, the event was designed to provide an exclusive opportunity for the largest TRUMP token holders to dine with the former president at his Mar-a-Lago estate in Palm Beach, Florida.

The announcement sent the TRUMP token on a steep ascent, with the token price surging 70% after the initiative was unveiled. However, the rapid rally was followed closely by an equally swift dump, fueling speculation of “pump-and-dump” tactics.

The initiative also drew criticism from both sides of the political spectrum, with Democratic Senators Elizabeth Warren and Franko objected to the initiative. Both senators, known for their outspoken stance against Trump, penned a letter to the Office of Government Ethics.

In their letter, the senators expressed concerns over the former president monetizing his presidential access. They argued that the move, which allows for donations to be made in cryptocurrency, creates an impression of “pay-to-play.”

“We are writing to express our deep concern that former President Trump is arranging an event that appears to violate federal ethics rules by offering the opportunity for paid access in cryptocurrency to former President Trump in exchange for a photo and dinner,” the senators wrote in their letter.

The move also drew criticism from Republican Senator Cynthia Lummis, a known supporter of Bitcoin.

“That part of it gives me a little bit of pause,” Lummis said.

The senator, known for her efforts in shaping cryptocurrency legislation, added that she has no plans to contribute any Bitcoin to the former president’s campaign.

News data source: kdj.com

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