Trump holds significant amount of Ethereum
Donald Trump holds between $1 million and $5 million in Ethereum (ETH), according to recent election disclosures. The detailed analysis of Trump’s cryptocurrency wallet estimates his holdings at $3.6 million in ETH. Additionally, Trump has reportedly earned a substantial income from non-fungible tokens (NFTs) through licensing fees.
Trump’s crypto engagements and NFT sales
Trump secured $7.15 million from a licensing deal with a firm named NFT INT, while Melania Trump reported $330,609 in income from NFT sales. The Trump Digital Trading Cards have also amassed over 15,808 ETH in trading volume since their launch, with plans for another NFT collection in the works.
Trump’s cryptocurrency endorsements and engagements
Despite his prior endorsements of cryptocurrency, Trump notably omitted any mention of his crypto engagements in a recent interview with Elon Musk and during a press conference addressing various campaign-related topics. This move disappointed many crypto fans, especially considering Trump’s recent engagement with the topic at the Bitcoin 2024 conference.
At the conference, Trump emphasized the potential negative impact of a Democratic victory on the cryptocurrency industry and vowed to dismantle the current regulatory framework overseen by SEC Chair Gary Gensler, whom he plans to dismiss immediately upon reelection.
Trump Organization’s interest in blockchain technology
Furthermore, the Trump Organization is set to launch a new cryptocurrency initiative, signaling a continuing interest in blockchain technology within Trump’s business ventures. Trump’s younger son, Eric Trump, hinted at this initiative early in August, stating his excitement for the new tech and urging followers to stay tuned for a special announcement.
Ethereum network sees drop in transaction fees
The Ethereum network has experienced a significant drop in transaction fees, reaching a five-year low. This decline in gas fees, now as low as 0.6 gwei for low-priority transactions, coincides with decreased demand for Ethereum block space and a migration to faster, cheaper blockchains like Solana and Layer 2 solutions. The Dencun upgrade improving network efficiency has also contributed to the reduced fees.
Chief analyst Ryan Lee from Bitget Research stated that the reduction in fees has led to an increase in ETH’s supply, with nearly 16,000 ETH added over the past week. This could impact ETH’s price dynamics moving forward, as historically, when ETH’s gas fees hit rock bottom, it signals a mid-term price floor, with the price tending to rebound strongly after this cycle.
Source : bravenewcoin.com