Markets
Bitcoin Hits Six-Week High After Trump’s Pro-Crypto Address
The price of bitcoin approached $70,000 after former US President and current Republican candidate Donald Trump took the stage at Bitcoin 2024.
Bitcoin hit a six-week high after Republican candidate Donald Trump delivered a speech at Bitcoin 2024.
Image by Shutterstock
Published on July 29, 2024 at 4:29 AM EST.
Former US President Donald Trump’s highly anticipated speech at the Bitcoin 2024 conference in Nashville has had a positive impact on the community of attendees and the price of the leading digital asset.
Trump’s pledge to end Joe Biden and Kamala Harris’ “anti-crypto crusade” and fire U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler the day he takes office has been greeted with applause among the crowd of Bitcoin supporters.
The price of bitcoin did not immediately rise after the speech, but instead fell before Trump finished speaking to the crowd.
According to cryptocurrency trader “@DefiSquared,” a number of speculative buy positions were closed before Trump’s speech ended, implying that the price of bitcoin may have been significantly higher if there were no short-term speculators.
At the time of writing, the leading digital asset has gained 3.3% in the past 24 hours, settling around the $69,700 mark, a level last seen in mid-June.
Overall, market sentiment towards bitcoin appears to have reversed in recent weeks.
“The ratio of positive to negative comments towards BTC has reached the highest level since March 2023, as an all-time high has returned to the radar,” says market intelligence platform Santiment noticed in a post on X.
Another factor that has tipped the scales in favor of bitcoin during this market cycle is U.S. spot bitcoin exchange-traded funds (ETFs), analysts at Coinbase Institutional and Glassnode said in their latest guide to the cryptocurrency markets.
“Spot ETFs have created a significant source of new demand for bitcoin, but new BTC supply is limited to miner rewards,” analysts said.
“In the five and a half months since spot ETFs began trading, demand for ETFs has significantly outpaced issuance.”