Bitcoin has surged 1,300% since the Federal Reserve’s announcement of ‘infinite cash.’ Former President Trump made history by addressing a crypto conference, pledging to support Bitcoin. Meanwhile, a notable trading incident, termed the Moby Degen, saw a trader profiting from a significant short position amidst market volatility.

The significant appreciation of Bitcoin, rising by 1,300% since the Federal Reserve announced its capability for “infinite cash,” exemplifies its contrasting value against the declining US dollar, which has lost 24% due to inflation. This statement was made by Minneapolis Fed President Neel Kashkari during a 60 Minutes interview amidst the pandemic’s onset, reassuring individuals about the stability of the banking system.

In a historic moment, former President Donald Trump became the first sitting U.S. president to address a Bitcoin and crypto conference, pledging to establish the U.S. as a leading force in the cryptocurrency landscape. In his recorded remarks at the Blockworks Digital Asset Summit, he criticized the Biden administration’s efforts against Bitcoin, characterizing it as government overreach through “lawfare.”

In a dramatic trading event dubbed the Moby Degen, a trader utilized 40x leverage to open a substantial short position worth up to $449 million on Hyperliquid. Despite an initial attempt by other traders to liquidate this whale, the trader successfully navigated the market, resulting in a profit of $9 million, showcasing the volatility and dynamic behavior within the cryptocurrency space.

The recent developments surrounding Bitcoin highlight its significant value increase and the unique market behaviors involved in trading. With Trump’s historic address signaling potential political support for cryptocurrency and Kashkari’s comments echoing the imperative for stability, Bitcoin’s journey continues to capture attention. The Moby Degen incident further showcases the complexities and risks of crypto trading, emphasizing the volatile yet strategic nature of the market.

Original Source: blockworks.co

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