Bitcoin Surges to Near $70,000 After Trump’s BTC 2024 Speech

This article was originally published in First come, first servedCoinDesk’s daily newsletter, putting the latest moves in crypto markets into context. Subscribe to receive it in your inbox every day.

Latest prices

(CoinDesk)

Best stories

Bitcoin {{BTC}} has climbed at nearly $70,000 early in the European morningits highest level since early June, as the cryptocurrency market rallied following Donald Trump’s appearance at BTC 2024 in Nashville on Saturday. The Republican presidential candidate has revealed his intention to build a strategic reserve of BTC if elected in November. Bitcoin is currently trading at around $69,650, up 2.5% in the last 24 hours. The broader digital asset market is up around 3%, as measured by the CoinDesk 20 Index, with bitcoin cash (BCH) leading the gains, adding more than 15% to $453.

Donald Trump has pledged to “never sell” bitcoins seized by the U.S. government, in addition to announcing his intention to maintain a “strategic national reserve of bitcoin,” in his speech at BTC 2024. “If we don’t do it, China will,” he said of digital asset adoption. Crypto is “the steel industry of 100 years ago, you’re just getting started,” he said. “One day it’ll probably surpass gold.” He added that keeping Democrats in the White House would be a disaster for crypto. “If they win this election, every single one of you is gone.” If elected, Trump said his plans for Day 1 included firing Gary Gensler, the influential SEC chairman who is widely reviled in the crypto industry. The promise drew huge applause from the crowd. “I didn’t know he was that “unpopular,” Trump said.

COMP, the native token of the Compound lending protocol, fell more than 6% as the decentralized autonomous organization (DAO) that runs the protocol suffered a possible “governance attack.” A governance attack occurs when an attacker gains enough voting power in a DAO to manipulate the protocol for personal gain, exploiting the permissionless and tradable nature of governance tokens. The attack on Compound involved a series of coordinated efforts to manipulate the platform’s decision-making process through large delegations of COMP tokens led by a whale named Humpy, who sought to allocate $24 million worth of COMP to a yield-generating protocol he controlled called goldCOMP and led by a group known as the Golden Boys. The group made multiple attempts, with the last attempt ultimately failing.

Map of the day

(TradingView)

• Bitcoin finally broke above the trendline resistance connecting the March and April highs.

• This breakout could attract momentum traders, paving the way for new all-time highs.

• Source: TradingView

The story continues

– Omkar God

Most viewed articles

Fuente