The former United States president is intensifying his cryptocurrency advocacy as part of his 2024 presidential campaign. Former United States President Donald Trump is intensifying his cryptocurrency advocacy as part of his 2024 presidential campaign. Trump reportedly declared “he would be the crypto president” at a fundraising event in San Francisco hosted by Craft Ventures’ general partner, David Sacks and tech billionaire Chamath Palihapitiya. Trump also reiterated his support for crypto and his plans to push the industry forward, highlighting the Democratic Party’s intention to take the opposite approach with harsh regulations. However, some experts believe that a crypto shift is happening in Washington. Bitwise chief investment officer Matt Hougan thinks the U.S. is finally moving toward regulatory clarity, which could open it up to the country’s $20 trillion financial advisory industry. Meanwhile, the industry doesn’t just wait for things to change. Crypto exchange Coinbase donated $25 million to crypto-focused super political action committee (PAC) Fairshake as it ramps up lobbying ahead of the November U.S. elections. The latest donation brings the total amount raised by the PAC and its affiliates this election cycle to $160 million. This amount matches recent donations from Ripple and venture firm Andreessen Horowitz

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Cryptocurrencies tumbled deeper into correction on Tuesday with bitcoin (BTC) dipping to near $66,000 as traders brace for Wednesday's key U.S. inflation report and Federal Reserve meeting. Bitcoin (BTC) started the day trading near $70,000 before hitting a three-week low price at $66,170 during the U.S. session. It slightly rebounded to near $66,500, but was still down nearly 5% over the past 24 hours. Altcoins saw even deeper pullbacks during the same period, with the broad-market crypto market benchmark CoinDesk 20 Index declining over 6% with all twenty constituents being in the red. Ethereum's ether (ETH) broke below $3,500 and was down 6.5%, while solana (SOL), dogecoin (DOGE), Cardano's ADA and Chainlink's LINK endured 6%-9% losses. The sudden pullback incurred over $250 million in liquidations of leveraged derivatives trading positions across all crypto assets, CoinGlass data shows, marking the second significant leverage flush in a week after Friday's $400 million liquidations. Liquidations occur when an exchange closes a leveraged position due to a partial or total loss of the trader’s initial money down, or "margin," because the user fails to meet the margin requirements or doesn't have enough funds to keep the position open. One reason behind the pullback is investors “de-risking” from crypto assets ahead of tomorrow's May Consumer Price Index (CPI) report and Fed meeting, hedge fund QCP said in an update. Bitcoin could see a volatile session Wednesday as it has been "highly responsive" to economic data recently and its 30-day correlation with U.S. equities climbing to highest since 2022, K33 Research noted in a Tuesday market update. "The stage is set for a frantic macro-Wednesday, with both May CPI data and the FEDs interest rate decision poised to move the market," K33 analysts said. Investors will monitor the Federal Open Market Committee (FOMC) members' interest rate outlook – so-called "dot plot" – to see how many rate cuts policymakers are projecting for this year in light of recent sticky inflation readings and softer economic data.