Bitcoin's price rose nearly 4% last week, following a recovery the prior week. Trump's VP pick, JD Vance, is a crypto bull. In 2022, Vance reported holding Bitcoin valued between $100,000 and $250,000.

He has emerged as a prominent advocate for the cryptocurrency industry in the Senate, recently circulating a draft bill that aims to establish regulations favorable to the industry, according to Politico.

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Similarly, Trump has shown support for cryptocurrency by accepting donations in Bitcoin and planning to speak at a Bitcoin-themed fundraising event July 27th, which appears alongside a Bitcoin conference. It should provide another boost for the asset.

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Shares of Coinbase (COIN), largely tied to the price of Bitcoin given it earns commissions from trades of it, also rose over +12% last week.

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