Trump is making waves and Bitcoin is surging. Welcome to Coin Us Daily. I’m your host, Christine Lee from World Liberty Financial. A DeFi protocol backed by Donald Trump and his family is scheduled to launch token sales for a prediction market this Tuesday. Bettors on Polymarket are viewing Trump as the frontrunner in the upcoming US election in three weeks. Trump is promoting the project on social media, calling himself the chief crypto advocate. His sons, Eric and Donald Jr., are acting as web three ambassadors, while his youngest son, Barron Trump, is recognized as a DeFi visionary. The initiative is led by Zachary Folkman and Chase Hero, who previously worked on the DeFi platform Do Finance, which suffered a $2 million loss in crypto assets during an exploit in July. World Liberty Financial aims to provide liquidity for Ether, Bitcoin, and stablecoins, with a goal of raising $3 million from the token sales at a $1.5 billion valuation.
Bitcoin is off to a strong start this week, surpassing $65,000, fueled by renewed optimism regarding a China stimulus and growing demand for certain Bitcoin-based assets. This surge is positively impacting other major cryptocurrencies like Ether and Solana, with over $100 million in short positions liquidated due to the price increase. Market sentiment is leaning towards buying, supported by favorable economic indicators from both China and the US, as US equities hit new highs. Bloomberg reports that China’s Finance Minister has promised new measures to bolster the property sector and hinted at increased government borrowing during a briefing on Saturday. However, the announcement was deemed insufficient and indicated a low likelihood of sustained investments in China-linked assets.
In a separate story, a British man is pursuing legal action against a local council to recover a hard drive containing 8,000 Bitcoins that he accidentally discarded in 2013. James Howells has organized a team to conduct a £13 million excavation of the landfill, which could take up to 36 months, followed by an additional year for remediation work. Unfortunately, the council has denied his request due to environmental concerns. Today, the buried Bitcoin fortune is valued at over $500 million. That wraps up this edition of Coin Us Daily. Don’t forget to visit coins.com for more updates.
