Bitcoin prices jump over 3 percent after Trump’s speech
Date
7/30/2024 5:40:32 AM
(MENAFN) Following a "historic" keynote speech by US Republican presidential candidate Donald Trump at the Bitcoin Conference on Sunday, Bitcoin's price experienced a notable increase, jumping by over 3 percent within the last 24 hours. In his address in Nashville, Trump proclaimed that the United States is set to become the global leader in cryptocurrency, asserting that if cryptocurrency is destined to shape the future, it should be "mined, minted, and made in the USA" rather than elsewhere. His statements emphasized a strong nationalistic approach to cryptocurrency production and innovation.
The speech was anticipated to have a significant impact, with event organizer Brandon Green describing it as "historic" prior to the conference. The market reaction to Trump's remarks was swift and positive, with Bitcoin's market capitalization climbing to USD1.37 trillion according to CoinMarketCap data. The cryptocurrency's trading volume for the past 24 hours was recorded at USD23.8 billion, and the price of Bitcoin reached approximately USD69,600 as of GMT 11:00.
This recent surge follows a period of volatility earlier in the month when Bitcoin’s price had fallen below USD52,000, marking its lowest level since February 2024. The current positive market sentiment has been bolstered by a combination of factors, including anticipation that Trump may win the presidential election and speculation that the Federal Reserve could implement two interest rate cuts later this year. These elements have collectively contributed to the rebound in Bitcoin’s value and heightened investor optimism in the cryptocurrency markets.
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