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Jesse Powell’s $1 Million Trump Donation Explained
Kraken‘s co-founder Jesse Powell said he donated $1 million to Donald Trump’s presidential campaign.
While the 45th president of the US has campaigned with a crypto banner in the past few months, cryptocurrency failing to feature in the Thursday night debate has left many disappointed.
Jesse Powell’s Pro-Crypto Move: $1 Million to Trump
Powell said that most of his $1 million donation to Trump’s presidential bid was in Ethereum (ETH). His support for Trump comes as crypto proponents advocate for the end of an anti-crypto era. The Kraken executive cited attacks by Senator Elizabeth Warren and Gary Gensler, chair of the US Securities and Exchange Commission (SEC).
“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology,” Powell wrote.
According to the Kraken executive, President Joe Biden’s administration has done nothing to curb “a campaign of unchecked regulation by enforcement.” This negligence has shrunk the competitiveness of the US, Powell said, compared to other major economies in the world which continue to advance clear rules for digital assets regulation.
The announcement came hours after the Thursday night debate between President Biden and his opponent, Trump. To the surprise and disappointment of the crypto community, the debate only focused on the economy, abortion, immigration, and foreign policy, leaving out cryptocurrency and digital assets in general. A poll by MicroStrategy founder and chairman Michael Saylor ahead of the debate highlights the dismay.
Coinbase exchange decried this oversight, acknowledging the huge population of crypto owners in the country. Per the US-based trading platform, this qualifies digital assets to feature in the conversation.
“The first Presidential Debate has just ended and crypto was not mentioned. With 52 million Americans and 19% of Georgians owning crypto, it’s time to make sure it’s part of the conversation going forward,” Coinbase remarked.
Other community members on X shared Coinbase’s sentiment, with the oversight provoking a sell-off among PolitiFi token holders. TRUMP, MAGA, BODEN, TREMP, and STRUMP tokens plummeted, some to double-digit extremes.
Notably, this was the first debate between the two presidential aspirants. Another is slated for September before the November elections. The general sentiment is that Trump won the first round, clocking 67% against 33% for Biden, according to CNN flash polls.
Also Read: Crypto Regulation: What Are the Benefits and Drawbacks?
Donations Soar as Crypto Lobbists Speak Out
Besides Powell, the Winklevoss twins had donated $2 million worth of Bitcoin to Trump’s campaign. Quantitative trading firm Jump Crypto also donated $10 million to the crypto-focused Super Political Action Committee (PAC) Fairshake, joining Coinbase in the pro-crypto campaign. With such big bucks from crypto lobbyists, speculation is that cryptocurrency could sway round two of the debates.
Read More: Who Are Cameron and Tyler Winklevoss? A Profile on the Brothers
With crypto proving to be fundamental in US politics in 2024, Jay Jacobs, Head of Thematic and Active ETFs at BlackRock, declared BTC a hedge against geopolitical and monetary risks. Jacobs reinforced Bitcoin’s growing importance and demand in an ever-growing financial landscape.
“Bitcoin is a nascent asset. It’s only one-tenth of the size of the gold market. Therefore, it has high volatility and behaves a bit differently than stocks and bonds. A lot of investors look at it as a potential hedge against geopolitical and monetary risks. Other investors look at it as a way to play future adoption of blockchain technology. In either case, investors must take a measured approach to Bitcoin, considering both the risks and the potential returns of the asset,” Jacob said in the video.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price started a fresh increase above the $2.20 resistance. The price is now correcting gains and might find bids near the $2.050 zone.
- XRP price started a downside correction from the $2.250 resistance zone.
- The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $2.140 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if there is a close below the $2.050 support zone.
XRP Price Dips Again
XRP price started a fresh increase above the $1.980 resistance, like Bitcoin and Ethereum. The price climbed above the $2.020 and $2.050 resistance levels.
A high was formed at $2.244 and the price recently started a downside correction. There was a move below the $2.120 support zone. Besides, there was a break below a connecting bullish trend line with support at $2.140 on the hourly chart of the XRP/USD pair.
The price even spiked below the 50% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high. The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.120 level. The first major resistance is near the $2.180 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $2.50.
Another Decline?
If XRP fails to clear the $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.050 level and the 61.8% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high. The next major support is near the $2.00 level.
If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.920 support. The next major support sits near the $1.840 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.050 and $2.00.
Major Resistance Levels – $2.120 and $2.180.
In Q1 2025, Ethereum solidified its leading position in the decentralized application (DApp) platform sector, generating $1.021 billion in fee revenue.
Other networks such as Base (Coinbase’s Layer-2), BNB Chain, Arbitrum, and Avalanche C-Chain also recorded significant revenue but lagged far behind Ethereum.
Fee Revenue Landscape Among Blockchains
According to Token Terminal, Ethereum maintained its top position among DApp platforms, with DApp fee revenue reaching $1.021 billion in Q1 2025. This figure highlights Ethereum’s dominance and strong growth within the DApp ecosystem.
Base, a Coinbase Layer-2 network, ranked second with $193 million in DApp fee revenue, showing notable growth but still trailing Ethereum. BNB Chain followed in third with $170 million, Arbitrum with $73.8 million, and Avalanche C-Chain in fifth with $27.68 million.
DApp fee revenue is a key metric for measuring a blockchain’s activity and user value. On Ethereum, popular DApps include DeFi protocols like Uniswap and Aave, NFT platforms like OpenSea, blockchain games, and social applications. The growth in Ethereum’s DApp fee revenue indicates sustained high demand for these applications despite competition from other networks and often high transaction costs (gas fees) on the mainnet.
Why Ethereum Leads
Several factors explain Ethereum’s continued leadership in DApp fee revenue. Firstly, Ethereum was the first blockchain to support smart contracts, laying the foundation for its DApp ecosystem. According to DappRadar data, Ethereum remains the blockchain with the largest DApps, hosting over 4,983 active DApps, below the BNB Chain.
Second, Ethereum’s high security and reliability make it the preferred choice for developers and users. Despite high mainnet transaction costs, Ethereum has improved performance through upgrades like Dencun (implemented in 2024), which reduced costs on Layer-2 networks and enhanced scalability.
Third, Ethereum’s DeFi ecosystem remains a primary driver of fee revenue. According to DefiLlama, the Total Value Locked (TVL) in Ethereum’s DeFi protocols reached $46 billion, representing 51% of the total TVL in the DeFi market.
While Ethereum leads, other networks are also showing significant growth. According to Token Terminal, Base, Coinbase’s Layer-2, generated $193 million in DApp fee revenue, a 45% increase from Q4 2024.
BNB Chain, with $170 million, remains a strong competitor due to low costs and a diverse DApp ecosystem, including platforms like PancakeSwap. Arbitrum, another Ethereum Layer-2, recorded $73.8 million, driven by the expansion of DeFi and blockchain gaming DApps. With $27.68 million, Avalanche C-Chain excels in finance and NFTs but cannot match Ethereum’s scale.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Bitcoin price started a fresh decline from the $86,500 zone. BTC is now consolidating and might continue to decline below the $83,200 support.
- Bitcoin started a fresh decline from the $86,500 zone.
- The price is trading below $85,000 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support at $84,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $84,500 zone.
Bitcoin Price Faces Rejection
Bitcoin price started a fresh increase above the $83,500 zone. BTC formed a base and gained pace for a move above the $84,000 and $85,500 resistance levels.
The bulls pumped the price above the $86,000 resistance. A high was formed at $86,401 and the price recently corrected some gains. There was a move below the $85,000 support. Besides, there was a break below a connecting bullish trend line with support at $84,500 on the hourly chart of the BTC/USD pair.
The price tested the $83,200 support. Bitcoin price is now trading below $85,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $84,000 level and the 23.6% Fib retracement level of the downward move from the $86,401 swing high to the $83,171 low.
The first key resistance is near the $84,500 level. The next key resistance could be $84,750 and the 50% Fib retracement level of the downward move from the $86,401 swing high to the $83,171 low.
A close above the $84,750 resistance might send the price further higher. In the stated case, the price could rise and test the $85,500 resistance level. Any more gains might send the price toward the $86,400 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $85,000 resistance zone, it could start another decline. Immediate support on the downside is near the $83,500 level. The first major support is near the $83,200 level.
The next support is now near the $82,200 zone. Any more losses might send the price toward the $81,500 support in the near term. The main support sits at $80,800.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $83,200, followed by $82,200.
Major Resistance Levels – $84,750 and $85,500.
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