Texas Senator Ted Cruz Bought The Bitcoin Dip, Transaction Shows

The junior Republican Senator from Texas, Rafael Edward Cruz made a bitcoin purchase during the recent dip shows his new financial disclosures with the US Senate. The financial disclosures filed on Friday, February 4, depict that Cruz made a bitcoin purchase on January 25 valued between $15,001 and $50,000.

The purchase was made using the River brokerage. Indeed, Senator bought the dip as BTC’s price was hovering under the $37,000 at that time. However, on February 5, BTC’s price rallied above the $40,000 mark for the first time since January 20.

Assuming that Cruz is still holding his recent purchase, his current gain on the transaction will value around $2,000 – $6,850.

Cruz, the crypto advocate

In recent months, US Senator has become a crypto advocate as he introduced a resolution to accept cryptocurrency payment for merchants on Capitol Hill. Cruz also introduced an amendment to remove the language in the bill, which aims to tighten the reporting requirements for digital asset brokers.

However, none of the amendments were passed before the infrastructure bill was signed into law, and the task to clarify the ‘broker’ definition now holds with the Treasury.

Somehow, Texas has emerged as a Bitcoin mining hub under Cruz as miners seek to take benefit of China’s crypto mining crackdown.

Bitcoin rallies 10%

King of cryptocurrency, Bitcoin prices climbed around 10 percent to break the $40,000 mark for the first time since January 20. As a result, BTC’s market dominance rose marginally to 41.65 percent. The second-largest cryptocurrency, Etherium, also surged by more than 10 percent.

The Global cryptocurrency market capitalization surged over the $1.87 trillion mark over the last 24 hours, while trading volumes climbed to $90.36 billion.

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Ashish Kumar