Bitcoin Futures Prices Rise, Trump-Backed Cryptocurrency Issuer Misses Funding Target
Bitcoin Futures Prices Rise, Trump-Backed Cryptocurrency Issuer Misses Funding TargetCME Bitcoin Futures BTC front-month contract closed at $67,870.00 in New York on Wednesday, up 0
Bitcoin Futures Prices Rise, Trump-Backed Cryptocurrency Issuer Misses Funding Target
CME Bitcoin Futures BTC front-month contract closed at $67,870.00 in New York on Wednesday, up 0.97% from the previous day's close. The contract traded in a range of $66,665.00 to $68,695.00. However, WorldLibertyFinancial (WLF), a cryptocurrency issuer backed by former US President Donald Trump, missed its funding target.
WLF launched its Trump-endorsed digital currency "WLFI" on October 15th. Co-founder Zachary Folkman claimed on October 14th that "well over 100,000 people" were eligible to invest. However, the final fundraising results fell far short of expectations, raising only less than $12 million, significantly lower than the $30 million sales target.
This outcome has raised questions about the WLF project. While Trump's support brought considerable attention to the project, its ultimate fundraising performance was disappointing. This may also reflect investors' cautious stance toward the cryptocurrency market's future and concerns about cryptocurrency projects associated with Trump.
It's noteworthy that Bitcoin futures prices rose on the same day. This suggests that the market's interest in digital assets remains, but investors may be leaning towards investing in more established cryptocurrency projects rather than projects associated with political figures.
The future of the WLF project will depend on whether it can overcome its current challenges and attract more investors. It remains to be seen whether Trump-backed cryptocurrency projects can gain a foothold in the market.
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