U.S. Reclaims Crypto Crown With Bitcoin ETF
The U.S. is reclaiming its leading position in the cryptocurrency market. Recent trends suggest that the U.S. crypto industry is recovering, from a record batch of Bitcoin ETFs to a more accommodating regulatory environment to rising political donations and the rise of crypto supporter Donald Trump.
The best example of this: The U.S. dollar lost its position as the most traded currency in crypto assets to the Korean won in the first quarter, but by early May, it had returned strongly, accounting for more than 50% of global trading volume, according to a report by research firm Kaiko. This is in stark contrast to last year, when trading volume shifted to Asia due to a series of enforcement actions by U.S. regulators. The U.S. Securities and Exchange Commission (SEC) went after companies such as Binance and Coinbase Global Inc. in 2023, but in late May, unexpectedly approved the application for an Ethereum ETF.
In addition, Trump has a narrow lead over President Joe Biden in the polls, a trend supported by data tracked by Morning Consult. On the legislative front, Bloomberg Intelligence analysts said the chances of the 21st Century Financial Innovation and Technology Act being passed into law in 2025 are rising. The bill would establish a new regulatory framework for cryptocurrencies in the United States, something the industry has long called for.
Galaxy Digital's billionaire founder and CEO Mike Novogratz said on Tuesday that a more positive U.S. political environment could push the price of Bitcoin above $100,000 by the end of the year.
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