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Thursday, December 1, 2022

This Republican Senator And Former Presidential Candidate Bought The Late January Dip In Bitcoin

Bitcoin (CRYPTO: BTC) is staging a recovery after hitting a near-term bottom of $33,184.06 on Jan. 24, and one U.S. Senator has capitalized on the opportunity.

Texas Republican Senator Ted Cruz bought between $15,001 and $50,000 worth of Bitcoin on Jan. 25, a periodic transaction report filed with the Senate on Friday showed.

The senator made the purchases through the brokerage River Financial.

Bitcoin traded in a range of $35,779.43-$37,247.52 on Jan. 25, having recovered from the previous session’s low. This trading range was way below the all-time high of $68,789.63 the apex crypto hit on Nov. 10, 2021.

Cruz, according to Cointelegraph, has lately become a proponent of cryptocurrencies and the Blockchain industry. His allegiance to Bitcoin does not come as a surprise, as his state Texas has emerged as a bitcoin mining hub.

The senator has in the past voiced his support for the acceptance of crypto payments at gift shops and vending machines in the U.S. Capitol complex. He has also opposed the provisions in a bipartisan Senate bill that called for new tax rules for crypto-trading firms and brokers.

Related Link: Bitcoin Reigns Supreme, Still Accounts For 46% of the Total Value of Crypto Markets: Survey

Photo: Courtesy of Matt Johnson on Flickr

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