Marathon CEO says Bitcoin facing massive supply from Mt.Gox and German authorities. The executive believes Trump supports Bitcoin but advocates for a bipartisan approach to cryptocurrency issues.
Former US President Donald Trump continues to garner support from the cryptocurrency community. Therefore, Marathon Digital CEO Fred Thiel becomes the latest executive to support Trump.
Thiel said in a recent interview with Yahoo Finance, “Former President Trump positioned himself as a pro-Bitcoin candidate. He believes all Bitcoin should be mined in the US and open to Bitcoin miners and astronauts.”
In contrast, Thiel pointed out that the Biden administration is very “hostile” towards Bitcoin through various agencies like the SEC.
55 million BTC voters at risk
However, Thiel added that the Biden administration has been backing off hostility after realizing a huge voting bloc at risk. The executive stated, “I feel the frost of the Biden administration thawing as they realize 55 million voters in this country care about cryptocurrency.”
The executive further urged both sides to address issues related to Bitcoin and cryptocurrencies.
Some cryptocurrency figures support Trump. Last week, Katie Wood, CEO of Ark Investment Management, backed Trump’s pro-business stance.
“When it comes to the economy, I am a voter. On that basis, Trump.”
When asked about the current price trend of Bitcoin after dropping below $60,000, Thiel mentioned many factors affecting the top digital asset.
Thiel added that from macro expectations to German authorities, BTC miners, and the sell-off of Mt.Gox repayments, “What we’re seeing now is a significant supply in the market, with ETF outflows of $1.2 billion.”
The executive noted that $57,000 is a key support level, with $68,000 and $69,000 being key hurdles for BTC to overcome. During Monday’s trading session, BTC fell to $58,400 and then recovered to $60,000.
Despite concerns about Mt.Gox repayments looming, analysts at QCP Capital stated that the impact might be relatively minor based on options market data.
“We see very little activity in the July options market, indicating that the market expects the distribution itself not to cause much volatility.”
Furthermore, most market liquidity is on an upward trend on the weekly chart, especially around $6,400, highlighting a possible move towards the cluster (orange).