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Since Donald Trump’s victory, his move for the betterment of the crypto market has awaited; in the most recent development, it has been reported that three executives of Trump Media & Technology Group are running a company that could plan to buy a crypto or blockchain company based in the United States.
Additional information says that the group of three is targeting a $179 million public and private offering via a Cayman Island-based special purpose acquisition company.
Executives move to mirror Trump’s inclination toward crypto
The available set of information notes that the trio has helped Trump Media with the merger with Digital World Acquisition Corp. and has also backed the firm in severe matters.
It is worth noting that the launch of the special purpose acquisition company also aims at cryptocurrencies with blockchain and defense, and the company’s name is Renatus Tactical Acquisition Corporation.
The company’s company’s Chief Executive Officer will be Eric Swider, with Devin Nunes and Alexander Cano. It also reported that the funds gathered by the company will be used to acquire companies in crypto, blockchain, and defense with direct or regulatory-level involvement of the government.
Trump’s linked business to shape the blockchain and crypto?
Over the past few quarters, the involvement of the 47th president of the United States has grown towards cryptocurrencies, with launching his own memecoin at the beginning of this year.
And especially after his speech in July 2024 in the United States over Bitcoin and crypto has transformed his image as a pro-crypto leader; he said he will open a path for digital assets to make the nation the hub of digital currency.
The filing with the SEC of the newly debuted company says that “ Third parties may not want to engage with us to provide services due to the affiliation of our management team and our board of directors with TMTG and President Donald J. Trump.”
The Trump family also owns World Liberty Finance, which was launched when the market was at new heights because of the sudden growth that pushed Bitcoin above $100k.
To date, the Trump administration has signed several executive orders concerning the digital asset sectors, and an important regulator of the nation, the Securities and Exchange Commission of the United States, has changed its stance over crypto after the departure of Gary Gensler.
Why is the market green today?
When writing, the crypto market cap was $2.84 trillion with a growth of 2.84%; despite this growth, the cap is below 50 and 100 days exponential moving average.
In the past 24 hours, the fear and greed index has shown an incoming bullish momentum, with Bitcoin once again crossing $85k and, until publishing, was at $86,203. Similarly, a slight correction has been seen in the prices of Ethereum, with a surge of 3.84% intraday and currently trading at $2,012.
According to data from CoinMarketCap, the intraday gainer’s list is ruled by Sonic, Uniswap, XRP, Ethereum Name Service, Bonk, Worldcoin and Ethena.
