Tech
Bitcoin Soars on Trump as Investors Weigh Democratic Ticket Switch
Last updated: July 20, 2024 at 5:58 AM ET
First Published: July 19, 2024 at 5:31 PM ET
Bitcoin price surged on Friday as cryptocurrency investors continued to be buoyed by Republican frontrunner Donald Trump’s adoption of the digital asset and speculation that President Joe Biden may withdraw from the race for the White House.
The largest cryptocurrency BTCUSD rose 6% on Friday to $67,235, its highest level since June 13, according to Dow Jones Market Data. Bitcoin is still more than 8% below its all-time high of $73,798 reached in March, while it has risen nearly 60% this year so far.
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Bitcoin price surged on Friday as cryptocurrency investors continued to be buoyed by Republican frontrunner Donald Trump’s adoption of the digital asset and speculation that President Joe Biden may withdraw from the race for the White House.
The largest cryptocurrency
rose 6% on Friday to $67,235, its highest level since June 13, according to Dow Jones Market Data. Bitcoin is still more than 8% below its all-time high of $73,798 reached in March, while it has risen nearly 60% this year so far.
According to Peter Eberle, chief investment officer at Castle Funds, Bitcoin has rallied as investors expect the next U.S. presidential administration to be more crypto-friendly.
Investors have increased their bets on Donald Trump’s victory in November’s presidential election. Trump is now seen as pro-cryptowith the former president who has has changed its position on digital assets after harshly criticizing the industry in the past.
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Meanwhile, if Biden were to replace himself with a new Democratic presidential candidate, he or she would likely be more open to digital assets to gain an edge in the election, Eberle said.
Industry attendees will also be watching Trump speak at a bitcoin conference next week in Nashville, Tenn. The Republican presidential candidate is scheduled to speak at the event at 3 p.m. Eastern time on July 27.
While bitcoin proponents expect the speech to provide further momentum for the cryptocurrency, the conference has previously failed to trigger significant price increases based on historical data, noted Greg Cipolaro, global head of research at NYDIG.