Markets
Bitcoin jumps 4% to over $67,000 ahead of Trump’s speech at Bitcoin conference in Nashville
In front of the former American president and Republican candidate Donald TrumpSpeech at the Bitcoin Conference in Nashville Cryptocurrency markets were up on Saturday compared to Friday. At 00:30 IST, Bitcoin (BTC) was trading 4.3% higher at $67,060, while Ethereum jumped over 3% to $3,265. Meanwhile, the global cryptocurrency market capitalization increased by 3.53% to around $2.4 trillion in the last 24 hours.
Trump, who previously called cryptocurrencies a “scam” in 2021, is now headlining one of the industry’s biggest conferences. He will speak on Saturday, the final day of the three-day Bitcoin 2024 convention in Nashville.
Trump’s presence at Bitcoin 2024 marks his latest show of support for the industry. Last month, he met with bitcoin mining companies at his Mar-a-Lago resort and indicated he would like to see more American companies mining bitcoin.
Meanwhile, the rise in blue-chip cryptocurrencies also came after U.S. economic data last night provided reasons for optimism, with the economy growing faster than expected in the second quarter and inflation slowing. That helped allay concerns that the expansion was at risk of coming to an abrupt halt, while supporting bets that the Federal Reserve will cut interest rates in September.
“Bitcoin rebounded above $67,000 following strong US economic data in the second quarter. The positive sentiment was further fueled by VanEck’s projection that BTC price could reach $2.9 million by 2050,” said Edul Patel, CEO of Mudrex.
“Market participants now have their eyes glued to Trump’s speech at the Bitcoin conference in Nashville today. If Bitcoin manages to break above the $67,500 resistance, it could target the $68,500 level. Overall, market sentiment remains positive,” Patel added.
Other popular altcoins, such as Solana (3.2%), Dogecoin (4.1%), Toncoin (1.9%), Cardano (4.6%), Avalanche (2.2%), Shiba Inu (3%), Polkadot (2.7%), and Chainlink (2.8%) also surged.
The volume of all stablecoins is now $74.85 billion, which represents 91.15% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap. Bitcoin dominance is currently at 55.24%. BTC volume over the last 24 hours increased by 4% to $35.3 billion.
“BTC is slightly above $67,000, looks bullish, and could test the range high at $70-71,000,” the CoinDCX research team said.
(With contributions from agencies)
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp Channel)