- Bitcoin’s price surge and positive sentiment reached a 16-month high, driven by market optimism and Trump’s pro-crypto stance.
- Trump’s speech at Bitcoin 2024 boosts sentiment, with promises to make the US a “Bitcoin superpower” and create a Bitcoin reserve.
- Crypto Fear & Greed Index hits a “Greed” score of 71, reflecting increased investor confidence and market enthusiasm.
The surge in bitcoin’s price has changed traders’ attitudes, hitting heights not seen in sixteen months. Data tracking positive and negative social media comments about Bitcoin highlights this change.
Santiment, a blockchain analytics firm, noted this bullish shift in a July 27 X post. Bitcoin (BTC) currently trades at $67,410, down 1.09% within 24 hours, according to CoinMarketCap data.
Surge in Positive Sentiment
Besides the price surge, Santiment’s Weighted Sentiment Index, measuring Bitcoin mentions on X and comparing the ratio of positive to negative comments, is at a “16-month high positive sentiment.
” Santiment added, “The ratio of positive vs. negative comments toward BTC has launched to its highest level since March 2023 as an all-time high is back on radars.” Consequently, this optimism is fueled by anticipation for former US President Donald Trump’s speech at the Bitcoin 2024 Conference in Nashville on July 27.
Moreover, Trump declared his goal to make the US the “Crypto capital of the world.” He predicted that “one day” Bitcoin would overtake gold, stating, “Bitcoin is not just a marvel of technology; it’s a miracle of cooperation and human achievement.”
Following his speech, pro-crypto Senator Cynthia Lummis introduced a bill for a “strategic Bitcoin reserve,” proposing that the US government buy 5% of the world’s Bitcoin supply and hold it for at least 20 years.
Market Response and Future Prospects
The Crypto Fear & Greed Index showed a “Greed” score of 71, up 24 points since June 28. Additionally, Trump has promised to make the US a “Bitcoin superpower” if returned to the White House.
He vowed to appoint an advisory council to design transparent regulatory guidance for the industry. However, Trump stopped short of proposing a formal federal reserve of digital currency.
Besides his other commitments, Trump also pledged to fire Securities and Exchange Commission Chair Gary Gensler and create a “strategic national Bitcoin stockpile.” He stated, “I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world.”
Bitcoin’s performance and Trump’s pro-crypto stance have shifted market sentiment. The increase in positive sentiment and policy commitments suggests potential long-term benefits for Bitcoin and the broader cryptocurrency market.
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.
