Bitcoin soaring towards $70,000 amid Trump’s remarks boost crypto
Bitcoin Price Surges to $69,745
On Monday, the price of Bitcoin increased by over 3%, reaching a peak of about $69,745, the highest level since June 12 when the currency was trading at over $69,800.
Smaller tokens like Ether, Solana, and the meme favorite Dogecoin have also experienced gains.
Bitcoin is now approximately $4,400 below the record of nearly $74,000 reached in March.
Inflows into dedicated exchange-traded funds in the United States have supported the token this year.
Trump’s Influence on Bitcoin
Further boosting the queen of crypto at the beginning of this week were remarks made by Trump.
The Republican candidate talked about Bitcoin and promised a more favorable regulation for the sector, aiming to turn the United States into the “world capital of cryptocurrencies and the Bitcoin superpower” if he returns to the White House after the November elections.
Bitcoin on the Rise
Bitcoin making significant strides not only this Monday but also in late July.
Shares of cryptocurrency companies listed in New York saw an increase before the market opening.
The sector is benefiting from Trump’s speech on Saturday.
At the Bitcoin 2024 convention in Nashville, Tennessee, the tycoon stated his intentions to make the United States a global leader in cryptocurrencies, taking a more favorable stance towards Bitcoin compared to his rival, Kamala Harris.
Trump’s Plans for Crypto
Trump also added, “I promise you, the day I will take office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over…
If we don’t embrace digital currency and Bitcoin, China will, other countries will.
They will dominate, and we cannot let China dominate.
They are making too much progress.”
He also mentioned that he would have fired the head of the U.S.
financial regulatory agency, the Securities and Exchange Commission (SEC), on his first day in office if he had won the elections.
Gensler, known for his skepticism towards cryptocurrencies, despite approving exchange-traded funds, which follow Bitcoin’s price.
Trump’s Impact on the Sector
Analysts believe that a Trump victory could further boost the sector.
His administration would have set up a national Bitcoin reserve using the cryptocurrency currently held by the U.S.
government, the tycoon speculated.
The Republican candidate also previously stated that he would want all remaining Bitcoins to be mined in the United States.
Analysts at Bernstein wrote, “The market interprets a Trump victory scenario as more positive for cryptocurrencies, given the tight regulatory grip of the Biden administration and Trump’s pro-bitcoin statements.”
Relevance of Candidates’ Positions
Digital currencies have quickly moved from the fringes to the mainstream financial world, supported by institutional investors and the approval of ETFs linked to Bitcoin and Ether’s spot prices.
This is why the U.S.
candidates’ position towards the sector is crucial.
