Bitcoin News: Trump Declares Strong Support for Bitcoin in Private Call

In a recent private phone conversation with David Bailey, CEO of BTC Inc., former US President Donald Trump expressed strong support for Bitcoin, stating he is 'with us 100%' and aims to 'send Bitcoin to much greater heights.' Trump also emphasized the importance of outcompeting countries like China in the digital asset space.

Trump Declares Support for Bitcoin in Private Call

David Bailey, CEO of BTC Inc., revealed on X that he recently had a private phone conversation with former US President Donald Trump regarding Bitcoin. During the call, Trump expressed strong support for Bitcoin, stating that he is 'with us 100%' and aims to 'send Bitcoin to much greater heights.' He also emphasized the importance of outcompeting countries like China in the digital asset space. This conversation comes shortly after Trump's decision to pardon Ross Ulbricht, which has sparked discussions within the cryptocurrency community about his evolving stance on digital assets.

Elon Musk Withdraws Support for Roger Ver’s Pardon Amidst Extradition Proceedings

Elon Musk has withdrawn his support for Roger Ver, known as 'Bitcoin Jesus,' amidst Ver's extradition proceedings from Spain to the US. Ver, accused of evading $48 million in taxes by hiding $240 million from Bitcoin sales in 2017, claims the US government is targeting him for promoting Bitcoin. In a video shared on X, Ver appealed to former President Trump for help, stating he could face life imprisonment. Ver's case highlights the ongoing tension between cryptocurrency advocates and regulatory authorities.

Bitcoin Price Crashes to $100,000 Following Long-Term Holders’ Sell Off

The Bitcoin market experienced a significant downturn as long-term holders (LTHs) began liquidating their positions, exacerbating the selling pressure and driving the price down. Data shows a notable increase in Bitcoin’s Liveliness, indicating heightened activity among LTHs, with a corresponding rise in Coin Days Destroyed, which points to substantial movement of previously inactive BTC. This trend has historically led to bearish outcomes, as LTHs are considered crucial for the stability of Bitcoin. The sell-off has continued over the weekend, contributing to the ongoing decline in Bitcoin's price.

5 US Economic Events Driving Bitcoin Sentiment This Week

The influence of US macro data on Bitcoin continues to remain apparent after a period of dissipated or dried-up effect in 2023. The first US economic event with crypto implications this week is the consumer confidence survey on Tuesday, January 28. This survey reflects likely spending trends, showcasing consumer attitudes, buying intentions, and vacation plans, among other things. There is a median forecast of 106.3 after the previous 104.7. Enhanced consumer confidence would suggest that people are open to spending more money, hence increasing economic activity. This would potentially drive more investments into cryptocurrencies like Bitcoin. Conversely, a pullback in consumer confidence could lead to decreased spending and investment. It would support a more dovish path for the Federal Reserve (Fed), leading to potential impacts on Bitcoin sentiment.

Top 3 Cryptocurrencies To Watch This Week

The cryptocurrency market has lost considerable steam over the last few months, failing to move despite bullish developments in the US. Bitcoin (BTC) fell below $99,000 early on Monday, Jan. 27, 2025. The current market dip is likely due to larger macroeconomic trends, including a strengthening US dollar and investors moving to safer assets. Inflation in the US rose to 2.7%, and the Federal Reserve has taken a hawkish stance.