- Donald Trump spoke at the 2024 Bitcoin conference early on July 27, promising that on day one he will fire SEC Chair Gensler.
- US government will be the crypto capital of the world, keeping 100% of the BTC it owns.
- Trump affirms the creation of a US government strategic national Bitcoin stockpile on his win in the November elections.
- Bitcoin extends gains to $69,399, early on Saturday, likely catalyzed by Trump’s pro crypto and pro-Bitcoin stance.
Bitcoin rally on Saturday was likely catalyzed by Donald Trump’s pro-crypto and pro-Bitcoin promises at the Nashville conference. The US Presidential candidate promised a strategic national stockpile of Bitcoin if elected.
Bitcoin trades at $67,383, on Sunday, sustaining above key support at $65,000.
Bitcoin extends gains in response to Trump’s speech
Donald Trump’s speech at The Bitcoin conference in Nashville touched on few major points:
- Trump said Securities & Exchange Commission Chair Gary Gensler will be fired a new Chair will replace him.
- US Government will create a strategic national Bitcoin stockpile.
- The US will keep 100% of the Bitcoin it owns.
- Bitcoin and cryptocurrencies will rally in response to his pro-crypto stance.
- Trump told the attendees to never sell their Bitcoin and it is likely that BTC market capitalization crosses Gold.
- Ross Ulbricht who is serving a life imprisonment for creating the darknet website Silk Road will be freed.
- US will emerge as the crypto capital of the world.
Trump promised voters that the anti-crypto stance of the Kamala-Biden government will end and the crusade on crypto will end.
Trump promises to "fire Gary Gensler" on day 1.
— Coin Bureau (@coinbureau) July 28, 2024
He was so surprised that everyone disliked the man so much. pic.twitter.com/ZiIXV1hxlk
Bitcoin rallied closer to $70,000 prior to a correction
Bitcoin is currently in an upward trend, forming higher highs and higher lows. The asset rallied closer to the $70,000 resistance level, on Saturday. Bitcoin hit a peak of $69,399 on Binance, likely catalyzed by the bullish stance of US Presidential candidate Donald Trump.
Bitcoin could extend gains by nearly 10% and hit its all-time high of $73,777. The asset would face resistance at the Fair Value Gap (FVG) that extends from $69,582 to $70,117, as seen in the BTC/USDT daily chart.
BTC/USDT daily chart
Bitcoin could find support at $63,631, the 50% Fibonacci retracement of the decline from the all-time high to July 5 low of $53,485.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.