Trump Touts Crypto as 'Big Deal', Warns of China Threat Amid Bitcoin Surge
Bitcoin's price surged past $65,000 on Friday as President Donald Trump touted cryptocurrency as a 'big deal' and warned of China's growing influence in the space. The market advance came despite legislative uncertainty surrounding the crypto sector, with lawmakers unable to reach a consensus on the CLARITY Act before the Senate's August recess.
The president weighed in on a separate debate over ethics rules governing crypto holdings by federal officials, indicating a willingness to place his own assets in a blind trust but cautioning that overly restrictive regulations could hamper American participation in the market.
The price action above $65,000 marks a significant test of a trading range established since early July, with technical analysts identifying $66,900 as the immediate resistance level. On-chain data suggests a shift in ownership structure, with larger wallets accumulating while smaller investors reduce exposure.