Bitcoin, the world’s largest cryptocurrency, fell to around $90,285 in anticipation of a $100 billion investment from Taiwan Semiconductor Manufacturer (TSMC), the largest contracted chip manufacturer in US semiconductor chip plants.
“We look forward to having the opportunity to meet with the President and discussing a common vision for innovation and growth in the semiconductor industry, and we look forward to working with our customers to explore ways to strengthen the technology sector,” TSMC announced ahead of its official announcement.
To discourage businesses from building chips overseas, Trump pondered a 25% import tax on semiconductor chips manufactured overseas last month. “We have to make chips in this country,” Trump said. “Now, everything is made in Taiwan. In fact, almost everything, almost everything, a little in Korea, but everything is made in Taiwan. And we want it to be made – we want those companies to come to our country.”
Meanwhile, the price of ether, the world’s second-largest cryptocurrency, fell 8% to $2,286 on Monday, according to Coinmarketcap.
Over the weekend, Trump rekindled interest in the collapse of the crypto market by unveiling US crypto sanctuaries that include Bitcoin, Ethereum, XRP, SOL and ADA. Trump also worked on a true social media platform to contrast his support for the digital assets industry with his support from his predecessor, President Joe Biden.
The voices of the Crypto industry are as follows: “This statement promotes bullish sentiment and drives significant price increases across the crypto market,” said James Toledano, COO of Unity Wallet.
“Specific assets mentioned in the two Trump posts (BTC, ETH, XRP, SOL and ADA-led surges) highlight the dominant role of sentiment towards traditional economic factors in crypto price movements,” added Toledano.
“The announcement of the strategic cryptocurrency reserve is a catalyst waiting for the crypto market to kickstart the next leg of the Bull Rally,” said Chris Chung, founder of Solanas swap platform Titan. “What’s clear is that the US President is now the driving force behind the movement of the crypto market, and he certainly plays his favorite with crypto tokens.”