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The Trump family and its allies are interested in the crypto industry’s excitement in the Bitcoin Gulf rally

NEW YORK, Several key players in President-elect Donald Trump’s new cryptocurrency venture will head to Abu Dhabi on Monday for the largest bitcoin gathering in the Gulf region as the digital currency sets record highs.
Speakers include the president-elect’s son Eric and billionaire Steve Witkoff, the new White House envoy for the Middle East and co-founder of World Liberty Financial, a crypto platform launched in September that Donald Trump and his family helped form.
Eric Trump will deliver Tuesday’s keynote address at the Bitcoin MENA conference, which is projected to draw more than 6,000 people, and will then hold a “whale-only” chat in the conference’s VIP lounge, according to the event’s agenda.
Witkoff will also speak separately to that more exclusive crowd, which requires a $9,999 “whale” pass, a nickname for large players who have the potential to move a market.
The president-elect is World Liberty Financial’s chief crypto advocate, and sons Eric, Don Jr., and Barron are ambassadors, according to the WLF website. Company filings show Donald Trump is entitled to 22.5 billion WLF tokens and a share of its revenues.
“The Bitcoin conference carries a lot of significance for crypto as it’s one of the longest-running conferences focused on bringing our industry together,” said Marshall Beard, chief operating officer of Gemini, the crypto exchange founded by Trump backers Cameron and Tyler Winklevoss.
“It’s been incredible to see the rise of bitcoin alongside the growth of the conference … and crypto became a major campaign issue in this year’s presidential election.”
Other speakers also have close ties to World Liberty Financial, including Justin Sun, the 32-year-old Chinese founder of the blockchain platform Tron.
Three weeks after Trump won the Nov. 5 election, Sun posted on X that he bought $30 million worth of WLF tokens, making him the venture’s largest investor. Sun was charged with crypto-related fraud and securities violations under the Biden administration.
The Gulf gathering is occurring at an inflection point for the industry as Trump, once a crypto skeptic, has vowed he will be the “crypto president” and make America the new “crypto capital of the planet.”
Buoyed by these promises, bitcoin smashed records last week when it hit $100,000.
Trump also named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
Musk, whose companies include X, SpaceX, and Tesla, spent more than a quarter of a billion dollars to help elect Trump in 2024, records show. According to analytics firm Breadcrumbs, other technology and digital asset veterans also gave millions to candidates who were friendly to the industry.
Trump’s 2016 campaign manager, Paul Manafort, will address the conference on “A Life of Politics with the Man Closest to Donald Trump.”
Binance founder Changpeng Zhao, who served a four-month U.S. prison sentence this year for crypto-tied money-laundering law violations, will also hold a whale session at the conference.
Trump, his family members, other speakers, and their firms did not respond to requests for comment.
 
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Cryptocurrency News

BTC, ETH Trade(cryptocurrencies) Lowly With Losses, Stablecoins Record Profits Close to November End

More cryptocurrencies saw losses than gains as the turbulent month of November 2022 drew to a close. Bitcoin opened with a loss of 2.37 percent on Monday, November 28. BTC is trading at $16,111 (roughly Rs. 13K) at the time of writing. This is the second week in a row that the oldest cryptocurrency has failed to break this price point. On international exchanges such as Binance and Coinbase, BTC faced small losses and traded at a similar price.

Ether followed Bitcoin on a losing streak. ETH is trading at $1,163 (roughly Rs. 95,150), according to cryptocurrency price tracker Gadgets 360, after recording a loss of four percent.

Binance Coin, Cardano, Polygon, Polkadot, and Litecoin also saw losses.

Interestingly, the competing meme coins Shiba Inu and Dogecoin found themselves on different sides of the crypto charts today.

While Shiba Inu posted a 2.22 percent loss to trade at $0.0000089 (roughly Rs.0.000730), dogecoin gained 5.56 percent to hover around the $0.095 (roughly Rs.7.78) price point.

US dollar-pegged stablecoins including Tether, USD Coin, and Binance USD joined DOGE in tracking gains.

SushiSwap, Braintrust, Dogefi, and Bitcoin Hedge also saw price increases.

“The rise in demand may help the bulls gain more strength to break the current level. The broader crypto market came under intense selling pressure last week as Genesis struggled with liquidity,” Edul Patel, CEO, and co-founder of Mudrex told Gadgets 360.

The global crypto market’s valuation has fallen by 2.47 percent in the last 24 hours and currently stands at $819.58 billion (roughly Rs. 67,02,464 crore), according to CoinMarketCap.

The month of November was full of ups and downs for the crypto market. Crypto exchange FTX collapsed due to a lack of liquidity and filed for bankruptcy earlier this month.

In the market moves that followed, over $200 billion (roughly Rs. 16,30,024 crore) was wiped off the market.

Amid the ongoing market slump, the list of crypto firms resorting to downsizing their workforce is getting longer.

Just last week, Lemon Cash, an Argentinian crypto exchange, laid off 38 percent of the crypto exchange’s workforce, employing about a hundred workers in an effort to keep its business afloat.

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Follow Startupcolleges on FacebookInstagram, and Twitter, for the latest updates from the startup ecosystem. Subscribe to our YouTube Channel for more entrepreneurship, business, and corporate solution video.