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Trump effect on crypto undeniable, will lure investment, Coinbase CEO says at Davos

  • The CEO of Coinbase, Brian Armstrong, stated that the new Trump presidency could attract significant investment into the cryptocurrency market during a panel at the World Economic Forum in Davos, Switzerland.
  • Bitcoin reached an all-time high of over $109,000 coinciding with Trump's inauguration, but then fell nearly 3% to around $104,000 due to unmet expectations.
  • The resignation of Securities and Exchange Commission Chair Gary Gensler allows for Trump's pick, Paul Atkins, to potentially lead the agency, pending Senate confirmation.
  • Armstrong emphasized that the 'Trump effect cannot be denied' and suggested that a pro-crypto regulatory environment could enhance Bitcoin adoption.
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