Donald Trump’s media enterprise is reportedly gearing up to amass $3 billion geared towards cryptocurrency ventures. Meanwhile, the creditor restitution process from FTX is on track to return over $5 billion by month’s end. Despite expectations for a May market downturn, trading activities are expected to largely conclude by July, instilling a sense of optimism among market participants. But what are the market outlooks for digital currencies like Solana and Chiliz?
What Impact Did Trump’s Tariff Proposal Have?
Last Friday, Trump suggested a 50% tariff on the EU slated for June. Despite the official July deadline, Trump’s initial suggestions about abandoning deals saw markets tumble. With Monday’s U.S. markets closed for a holiday, the tariff proposal was interpreted as a negotiating tactic.
Shortly after Trump’s reassuring “no panic” comments, he opted to postpone the tariff enactment to the planned date of July 9th, leading to a reversal in cryptocurrency declines. This decision nudged the EU towards more urgent negotiations, with a transatlantic pact likely to precede July. The EU, willing to ramp up U.S. imports by $100 billion, views the agreement positively. U.S. Secretary Bessent alluded to the possibility of a deal around the corner.
How Will Solana and Chiliz React?
Trump’s penchant for unpredictability may lead to notable volatility in cryptocurrency markets. Investors in Solana could experience wide price swings. Stable around $170, Solana’s goals now rest at $188 and $203. However, unexpected market shifts could see prices retrace to around $158 or $136.
Excessive selling pressures on Solana, possibly if negotiations stall, may result in declines to $121 by mid-June. Conversely, advantageous developments could bolster Solana, enabling a close above $203 with eyes on a $244-$272 range.
Chiliz, meanwhile, appeared to have lost momentum post-league finales. Absent substantial market highs, Chiliz’s ceiling is around $0.06. A prolonged negative environment might see prices slide to $0.037, with rapid recoveries to $0.1 unlikely without increased enthusiasm.
Key Takeaways:
- Trump’s media venture targets $3 billion in crypto investments.
- FTX aims to resolve over $5 billion debts by month’s end.
- Solana maintains a support level around $170 with an upside potential.
- Chiliz faces a ceiling of $0.06 with risks of dropping to $0.037.
As these financial maneuvers unfold, market watchers keep a close eye on potential developments, especially in light of Trump’s strategic moves and their ripple effects across the cryptocurrency landscape. With significant transactions and policy adjustments underway, stakeholders remain alert to the implications for digital coin valuations in the foreseeable future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/trump-pushes-for-3-billion-in-crypto-funds