Trump administration officials drafted a proposal exploring how blockchain could be utilized in tracking foreign aids. The plan further aims to rename the U.S. Agency for International Development (USAID)the U.S. Agency for International Humanitarian Assistance and bring it directly under the purview of the Secretary of State’s authority.
Additionally, Donald Trump stated in a video appearance at the Digital Asset Summit in New York, “Together, we will make America the undisputed Bitcoin superpower and the crypto capital of the world”.
Following Trump’s appearance, the price of BTC retraced to $83,655 from an intraday high of $87,453. This price drop was against the ordinary since a coin surges when a prominent figure mentions it.
However, it was later revealed that during the build up to Trump’s appearance many rumors spread on X. Some rumors had it that Trump would announce zero capital gains taxes on certain cryptocurrencies or issue a favorable statement about the US strategic Bitcoin reserve.
However, against the whims and the fancies of many traders, Trump did not utter anything about taxes or the US strategic Bitcoin reserve. Instead, he doubled down on his promise not to sell BTC confiscated by the government, and he requested the Congress to frame stablecoin legislation as soon as possible.
Interestingly, this is not the first time that the high hopes of the crypto community have been deferred after waiting for Trump’s appearance. In January 2025 when Trump assumed duties as the president, his first speech which was supposed to contain a crypto friendly message did not touch on the topic crypto.
BTC/USD 1-Day Chart (Source: Tradingview)
Meanwhile, BTC has still not broken out of the falling wedge despite it trading inside it for almost three months. It still continues to make lower highs, since it has rebounded off of the lower trendline, there may be a new lower high established close to $87,300. However, if the bulls manage to push past this level, BTC could break out of the falling wedge and the downtrend could come to an end.
