- Bitcoin price surges to $67,000 as market anticipates Trump’s keynote at Bitcoin 2024.
- Trump evolves from crypto skeptic to ‘crypto president’, signaling a potential policy shift.
- Market volatility spikes with over $200 million in crypto liquidations as Bitcoin rallies.
Bitcoin has surged past the $67,000 mark, a spike that aligns closely with the upcoming remarks address by Donald Trump at the Bitcoin 2024 Conference in Nashville. This event is particularly important, as it marks the first time a U.S. presidential candidate will address a major cryptocurrency event.
The recent price rise in Bitcoin, which saw an increase of over 5% in just 24 hours, led to a huge spike in market activity. According to recent data from Coinglass, short liquidations have risen past $34 million during this period.
The overall cryptocurrency market felt the ripple effects, with total liquidations going above $200 million. Analysts suggest that the anticipation of Trump’s address has played a critical role in this volatility.
Donald Trump’s involvement in the cryptocurrency conference is particularly given his previous doubts towards digital currencies. In 2019, Trump declared on Twitter his dislike of Bitcoin, criticizing it as “not money” and rejecting its value as “highly fluctuating and based on thin air.”
His stance appeared unchanged as recently as 2021 when he labeled Bitcoin a “scam” during an interview, expressing concerns over its potential to rival the U.S. dollar.
However, recent advances suggest a shift in Trump’s view towards cryptocurrencies. Declaring himself the “crypto president,” Trump has shown a more crypto-friendly stance in recent months. His selection of Senator JD Vance, a known Bitcoin investor, as his vice-presidential running mate further hints at a more supportive future policy towards cryptocurrencies should he win the presidency.
As the cryptocurrency community gets ready for Trump’s speech, market indicators reflect a cautious optimism. The Bitcoin strength index has slightly increased to 52.8%, while Ether’s share has seen a marginal decline to 15.5%.
The GM 30 Index, which tracks the top 30 cryptocurrencies, rose by 3.08% to a value of 133.99, indicating a positive market sentiment.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
