“Despite the initial shock, the administration’s pro-crypto stance is still clear.” – 01:08
Ray Salmond, Head of Markets at Cointelegraph, joins Remy Blaire to discuss the current state of the cryptocurrency market, focusing on Bitcoin and Ethereum.
The discussion begins by addressing Bitcoin’s recent performance, which saw it reach an all-time high of over $124,000 before experiencing a pullback. This fluctuation was influenced by unexpected Producer Price Index (PPI) numbers and comments from Treasury Secretary Scott Bessent regarding the U.S. government’s plans for Bitcoin acquisitions. Initially, Bessent indicated that there would be no further purchases for the strategic reserve, but he later clarified that the administration remains committed to exploring budget-neutral pathways for acquiring more Bitcoin. Ray elaborates on the various funding options being considered, including the use of seized Bitcoin, tariff revenues, and even the potential for Bitcoin mining at federal levels.
Ray explains the ongoing debate between “alt season” and “ETH season,” highlighting the significant growth in the market cap of altcoins, which has risen from $700 billion to nearly $1.1 trillion. He attributes this growth to favorable regulatory developments, including the Genius Act and SEC clarity on decentralized finance (DeFi) and stablecoins. Ray emphasizes the positive impact these developments have had on DeFi tokens and the overall decentralized finance landscape.