- Trump could use Justice Department's 200,000 BTC as headstart for potential Bitcoin reserve, says analyst.
- Elon Musk hints at potential Bitcoin endorsement after US dollar value destruction post and laser eyes profile picture.
- The bearish crowd has remained silent since Bitcoin's two-week rebound.
Bitcoin (BTC) is up 1.2% on Monday, as discussions around Donald Trump making Bitcoin a reserve asset if elected president and Elon Musk's recent posts hint at a potential rally for the largest digital asset.
Elon Musk and Trump could stamp potential bullish month for Bitcoin
With the Nashville Bitcoin Conference set to begin on July 25, many investors expect the week to be bullish for Bitcoin.
Republican nominee Donald Trump is one of the key speakers at the conference and is expected to discuss a potential US Bitcoin strategy. Most crypto community members have speculated that Trump may consider making Bitcoin a US reserve asset if elected as president.
According to Bryan Courchesne, in a CNBC interview, such a move would be difficult to pull off but could catalyze an upsurge in Bitcoin's price. He noted how the Justice Department's about 200,000 BTC holdings could prove a crucial head start should Trump consider the Bitcoin reserve move if elected.
This coincides with President Joe Biden withdrawing from the upcoming US presidential election race and Tesla and X CEO Elon Musk changing his X profile picture to an image of him with laser eyes. Bitcoin proponents often use laser eyes to express their die-hard support for the largest digital asset.
Musk has also been posting about the destruction of the US dollar's value in the past few hours, a typical argument seen among Bitcoin investors.
Where are we with dollar value destruction, you might ask? pic.twitter.com/0LD8OggFqu
— Elon Musk (@elonmusk) July 22, 2024
Meanwhile, Santiment data shows that Bitcoin's rebound after the German government sale dried up has sent the crowd silent. Most investors were bearish in early July, sharing predictions of a potential large correction, especially since July has historically often been a bearish month for Bitcoin.
With the crowd going silent, Santiment said it indicates "bulls and bears are both afraid of 'getting it wrong,' often allowing prices to move any direction unimpeded until the crowd leans one direction again."
While the crypto crowd is silent, traditional investors have continued their buying spree as spot Bitcoin ETFs recorded a net inflow of $1.27 billion in the past week, according to CoinShares data. The inflows seen on Friday extended its run to 11 consecutive trading days of net inflows.
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.