According to The Block: At the time of writing, Bitcoin jumped 3.3% and was trading at around $69,800. Former US President Donald Trump further expressed support for cryptocurrency at the Bitcoin 2024 conference in Nashville on Saturday.
Bitcoin traded near the $70,000 mark on Monday, a six-week high, after Trump reiterated his support for cryptocurrencies over the weekend.
According to The Block’s price page, the world’s largest cryptocurrency is currently trading at around $69,800, up 3.32% from the previous 24 hours. Ethereum is up 4.28% to $3,350, while Solana is up 5.9% to around $193.
Justin d'Anethan, head of Asia Pacific business development at crypto market maker Keyrock, told The Block: "Positive rhetoric from a wide range of political figures and economic stakeholders is bolstering investor sentiment. In Nashville, the Bitcoin Conference has been featuring well-respected speakers talking about the importance of cryptocurrencies, and the potential for further investment in Bitcoin - which is certainly something many traders want to believe and position themselves for."
At the Bitcoin 2024 conference in Nashville on Saturday, Republican presidential candidate Trump pledged that if elected in November, he would create a "strategic bitcoin reserve" and prevent the United States from selling its existing bitcoin holdings. Trump also claimed that he would fire current Securities and Exchange Commission Chairman Gary Gensler.
Meanwhile, in an interview published over the weekend, Senator Cynthia Lummis said she intends to introduce a bill next week that would require the U.S. Treasury to purchase 1 million bitcoins, or about $68 billion, over five years.
Such legislation would require the U.S. Treasury to hold custody of the bitcoins in “multiple geographic locations,” Lamis said, adding that the government would hold the coins for at least 20 years unless used for “debt relief.”
"The widespread belief that Republicans are more likely to win this year's election than Democrats is leading to belief in easier monetary conditions and a more business-focused government," DeAntehan said. "Lower tax rates and potential rate cuts support all risk assets."
Peter Chung, head of research at Presto, said tracking how the US election progresses in November has become "more important than ever".
Chung said: “Before Trump’s speech, short-term speculators’ positions were liquidated as the market experienced a brief dip on ‘sell the news’ during the speech, which was reflected in large liquidations in the futures market. As a result, short-term speculative positions have now been transferred to long-term investors who understand what the ongoing changes in US politics mean for Bitcoin.”
Chung added: “With this concern removed, the market is now free from any constraints and can reflect the impact of not only Trump’s speech, but also the Lummis ‘Bitcoin Strategic Reserve’ bill.”
Nick Ruck, head of growth at BitU Protocol, said traders are waiting to see how interest rates might change and who Trump would appoint to key positions, particularly the Federal Reserve and the SEC, if elected.
