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Trump Appoints Bo Hines to Lead Digital Assets Advisory Council

Donald Trump has appointed 29-year-old Bo Hines as Executive Director of the Presidential Council of Advisers for Digital Assets , marking a strategic step in expanding his economic advisory team. Hines will collaborate with David Sacks, who oversees both crypto and AI policy, signaling a structured approach to digital asset strategy. Trump’s announcement on Truth Social emphasized the need for innovation while providing the crypto industry with essential institutional support. Hines, a former congressional candidate from North Carolina, brings political experience and connections to the role. He previously secured the Republican nomination in 2022 but lost the general election to Democrat Wiley Nickel. In 2024, he attempted another primary run in North Carolina`s 6th district but finished fourth with 14.4% of the vote. Despite these setbacks, Hines maintained visibility in conservative circles, partly due to his ties to pro-crypto funding sources during his campaigns. Hines’ appointment highlights his past financial backing from crypto-affiliated Political Action Committees (PACs) , including contributions linked to former FTX executive Ryan Salame, who is currently serving a prison sentence for campaign finance violations. These connections have sparked discussions about Hines` role in shaping future crypto policy. In his statement, Hines expressed enthusiasm for his new position, saying he looks forward to working with David Sacks to foster innovation in the digital assets industry. He emphasized the importance of ensuring the sector thrives as a key driver of the nation`s technological progress. While Hines lacks a detailed public record on crypto policy, his appointment alongside an established figure like David Sacks suggests a shift toward a more structured and integrated approach to digital asset regulation. The creation of a dedicated "Crypto Council" under Trump`s advisory framework signals a heightened focus on balancing innovation with regulatory oversight . This move comes at a critical time for the crypto industry, which faces ongoing regulatory challenges and increasing pressure for institutional adoption. The effectiveness of this advisory council will depend on how well it manages to address industry concerns while promoting sustainable growth. Trump’s decision to bring Hines and Sacks together reflects a broader strategy aimed at strengthening the role of digital assets in the U.S. economy. Observers will be watching closely to see if this team can deliver meaningful policy outcomes in an industry often marked by volatility and uncertainty. AMB Crypto

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Bitcoin Correction Deepens, Sees Worst Week Since Trump Win

BTC prices are currently down 12% from their all-time high of just above $108,000 on Dec. 17, and the correction appears to be deepening. The asset hit an intraday low of $93,810 during trading in Asia on Monday morning but recovered quickly to tap $96,000 before another slip. Those losses have resulted in a “bearish engulfing” weekly candle, as reported by crypto analyst “Rekt Capital.” All of the gains over the past month have now been wiped out in the correction. “Bitcoin is showing increasing signs of transitioning into a multi-week correction,” he said. #BTC Bitcoin has confirmed a Bearish Engulfing candlestick formation $BTC #Crypto #Bitcoin https://t.co/KnIptVe958 pic.twitter.com/XwUWCkjTvM — Rekt Capital (@rektcapital) December 23, 2024 Bitcoin Corrections Are Normal “Historically, week eight in Bitcoin price discovery tends to be a corrective week,” the analyst added while providing a comparison with previous market cycles. In 2017, week nine was also corrective, but to a much lesser extent than week eight, he observed, before adding : “Generally, once BTC clears the typically corrective weeks 7 and 8 – the retrace gets close to a bottom.” It is also the worst week for the asset since Donald Trump won the US presidential election in early November. Additionally, the Federal Reserve’s cautious policy outlook has tempered optimism over Trump’s embrace of the crypto sector. Nevertheless, BTC remains up more than 40% since Trump’s victory. “We should hold the $90,000 level for Bitcoin into the year-end, but if we break below that could trigger further liquidations,” Sean McNulty, director of trading at liquidity provider Arbelos Markets, told Bloomberg. Meanwhile, David Lawant, head of research at crypto prime broker FalconX, said the “low-liquidity environment may bring more volatility as we enter into the final days of the year.” He pointed out that Dec. 27 will also likely see the biggest crypto options expiry event of its history, with almost $18 billion in notional value BTC and ETH contracts expiring. Additionally, spot Bitcoin ETFs shed almost $950 million on Thursday and Friday as investors were rattled by the market pullback. Some Altcoins Showing Recovery There are a handful of altcoins showing minor bounces from their correction dips this Monday morning. Solana (SOL) made 2.2% on the day to reach $186, Chainlink (LINK) was up 5.1%, topping $23, Toncoin (TON) made 3.5% to reach $5.50, and Stellar (XLM) was up 3%, trading at $0.363 at the time of writing. The post Bitcoin Correction Deepens, Sees Worst Week Since Trump Win appeared first on CryptoPotato . AMB Crypto