Bitcoin price rose to $66,680 after falling to $65,620 earlier this morning. Despite this, BTC is still trading 1% lower compared to yesterday. In the past day, $28 billion worth of Bitcoin was traded.
The broader market is also showing a slowdown, with the global cryptocurrency market cap falling 1% to $2.53 trillion. In March, when Bitcoin hit a new all-time high above $73,000, the global market capitalization reached its closest level since November 2021, surpassing $3 trillion.
Since this morning, Mt.Gox has transferred 42.6 BTC worth approximately $2.8 billion. The largest transfer, worth $2.1 billion, went to a new wallet. But the most recent transfers were to central cryptocurrency exchange Bitstamp, one of the five companies helping to redistribute Bitcoin and Bitcoin Cash to Mt.Gox creditors. the trustee sent the exchange two smaller test transactions before sending $25 million. Another wallet also sent $105 million to the exchange, meaning Bitstamp now has $130 million worth of Mt.Gox creditors’ money. Earlier this month, Bitstamp told Decrypt that payment would be sent to creditors “as soon as possible.”
However, analysts believe that there is a high probability that Bitcoin will return to the range of all-time highs before the end of the year. Bitcoin has returned to its comfort zone between $60,000 and $70,000, a multi-month consolidation range where the cryptocurrency has spent nearly half of the year. He added: “This year, BTC has reached the $71,000-$72,000 area four times over Lower, suggesting we may see this price level again soon.”
Investors are awaiting Trump’s speech and its impact on Bitcoin’s rise
Currently, investors appear to be a bit hesitant, as Bitcoin ETFs saw the end of their 12-day net inflow streak yesterday. However, there is nothing preventing traders from reallocating their investments into new Ethereum funds.
Investors are also awaiting important price factors this week, including Trump’s speech at the Bitcoin 2024 conference, as well as US GDP and personal consumption expenditures data from the Bureau of Economic Analysis, which will be released later this week. These factors could be a catalyst to push Bitcoin to new highs, especially if rumors that Trump will make Bitcoin a strategic reserve asset are confirmed.
After surging nearly $15,000 in less than three weeks, Bitcoin bulls are anticipating that final push that will take Bitcoin back to its historic highs and beyond. It seems that Bitcoin’s time has come, as the current bull market is poised to propel Bitcoin into becoming the world’s most important currency.
The Bears gave it their all. When Bitcoin reached historic highs last March, the bears were able to rein in the rally and push the price to move sideways and sometimes even lower all the way to the $53,500 level.
However, a significant rise from this level brought Bitcoin back to the top of its bullish pattern. After this huge rally, it was expected that Bitcoin price would be rejected from the top of this pattern again. But this brief gap in the upward movement has allowed the bulls to rally back for a final push that could push Bitcoin past its historic highs once again.
This election year, the topic of cryptocurrencies has become a major political focus. Trump’s stance on cryptocurrencies represents a major shift in his stance. Previously, he called Bitcoin a “scam against the US dollar” and considered central bank digital currencies “extremely dangerous”.
Trump at Bitcoin conference: strong support for cryptocurrencies
Donald Trump, who has called himself the “cryptocurrency candidate,” will give a speech at the Bitcoin conference in Nashville, Tennessee tomorrow. This will be the first time a presidential candidate has attended this conference — the world’s largest annual Bitcoin event — raising questions about how much support the cryptocurrency community will have for him in the upcoming election.
But now, Trump says he is “optimistic” about cryptocurrencies. Additionally, his campaign is accepting donations in Bitcoin, Ether, Dogecoin, Solana and others. His potential running mate, Senator J.D. Vance of Ohio, is considered a big supporter of cryptocurrencies and owns bitcoin holdings valued at between $100,001 and $250,000 via Coinbase.
The cryptocurrency community is looking forward to seeing what Trump has to say about the future of these currencies. Although he has not yet announced his plans to support the growth of cryptocurrencies and blockchain through policies, he recently met with cryptocurrency miners and indicated that all remaining bitcoins should be created within the United States.
Mo Vela, a cryptocurrency expert and former adviser to Joe Biden, told Quartz that Trump’s speech at the Bitcoin conference is a smart move, but he may be “simply saying what his audience wants to hear.”
The Bitcoin conference in Nashville has turned into a political arena, as independent presidential candidate Robert F. Kennedy Jr. will also discuss cryptocurrencies during the conference.
Vivek Ramaswamy, the former Republican presidential candidate who has been a prominent supporter of cryptocurrencies, will also speak at the conference. Ramaswamy, who received significant support from the cryptocurrency community before withdrawing from the presidential race, aimed to end Biden’s “war on cryptocurrencies” and ensure that bitcoin and cryptocurrencies are manufactured in America.
Attendees at the conference will also include leading cryptocurrency advocates such as Cathie Wood from ARK Investment, Michael Saylor from MicroStrategy.
