Bitcoin MENA 2024: Donald Trump’s Son Eric Says Bitcoin Price Will Hit $1 Million

Eric Trump at Bitcoin MENA 2024: Pushing for a Crypto Future with Donald Trump’s Vision for America as the Global Crypto Hub
Bitcoin Hits $100k: Eric Trump Embraces Crypto at Bitcoin MENA 2024, Supporting His Father’s Plan to Make America a Crypto Powerhouse
Eric Trump took the stage at the Bitcoin MENA conference, showcasing the Trump family’s growing involvement in the cryptocurrency space.
This marks a key moment, as it aligns with his father, Donald Trump’s, shifting stance on digital currencies—from initial skepticism to a more supportive position, particularly following his 2024 election victory.
At the conference, he said,
“I absolutely love Bitcoin. It has got a very special place in our heart. I truly believe this is the future. I think Bitcoin is the fundamental shift.
A lot of eyes were open when Bitcoin hit $100k and alot of eyes will be open when Bitcoin hits $1 Million and i’m confident it will hit $1 million.”
“Our concrete came from Chicago to build Burj Khalifa. Our family build real estate. But for the 1st time there is an asset that is revolutionary. It has the potential to be more powerful than anything we have seen before,”
He added: Eric Trump expressed confidence in his father, Donald Trump, becoming a “crypto president” and making America the global hub for cryptocurrency.
He said that while Gary Gensler and others have waged war against the crypto industry, Trump is committed to supporting it.
“I really believe this is the future of finance,” Eric said, adding that under Trump, America will lead in the crypto space.
He also said that Donald Trump would be the first president to speak at a crypto conference, showing his embrace of the industry. “We are going to make America great again,”
Eric concluded:Bitcoin Hits $100k
Bitcoin recently reached a historic milestone, hitting $100,000, fueled by expectations of a friendlier U.S. regulatory approach under President-elect Donald Trump.
Investors are optimistic that his administration will trigger a boom for cryptocurrencies. This price surge caps a year where Bitcoin’s value more than doubled.
Trump has been vocal about his support for digital assets, pledging to make the U.S. the “crypto capital of the planet.”
He has promised to accumulate a national Bitcoin stockpile and create a crypto advisory council. In September, he and his sons launched a new crypto business, World Liberty Financial.
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According to Santiment data, social media mentions of “Bitcoin” are currently more positive than they have been in the past 16 months. This positive shift in sentiment aligns with Bitcoin’s recent price rebound, which has improved traders’ feelings to levels not observed in over a year.
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This trend is based on the tracking of positive and negative comments about Bitcoin across social media platforms.
Bitcoin’s Price Rally Boosts Social Media Sentiment to 16-Month High
Santiment reported on July 27 that Bitcoin’s recent 20% price rally over the past three weeks has significantly increased traders’ bullish sentiment. Currently, Bitcoin (BTC) is trading at $67,708, up 6.22% since July 25, according to CoinMarketCap data.

Source: X/Santiment

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The firm highlighted that its Weighted Sentiment Index, which measures Bitcoin mentions on X and compares positive to negative comments, has reached a 16-month high in positive sentiment. The ratio of positive versus negative comments about BTC has surged to its highest level since March 2023, as Bitcoin’s all-time high comes back into focus.
Surge in Bitcoin Sentiment Following Trump’s Speech and New Legislation
The recent spike in positive sentiment around Bitcoin has been fueled by anticipation leading up to former US President Donald Trump’s speech at the Bitcoin 2024 Conference in Nashville on July 27. Trump outlined his vision to transform the US into the “Crypto capital of the world” and predicted that Bitcoin might one day surpass gold in value. He praised Bitcoin as “not just a marvel of technology, but a miracle of cooperation and human achievement.”

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In the wake of Trump’s speech, pro-crypto Senator Cynthia Lummis introduced a bill proposing a “strategic Bitcoin reserve.” This bill suggests that the US government should acquire 5% of the world’s Bitcoin supply and hold it for at least 20 years.
Additionally, the Crypto Fear and Greed Index has reflected this growing optimism, showing a “Greed” score of 71, which is up 24 points since June 28.
Bitcoin Sentiment Shift: From Fear to Greed in Just One Month
Just a month ago, the Weighted Sentiment Index revealed a surge in negative comments about Bitcoin, coinciding with its price being 4% lower at around $65,000 on June 21. Santiment noted on June 20 that this extended period of fear, uncertainty, and doubt (FUD) was unusual, with traders showing signs of capitulation.

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The prevailing sentiment at that time was one of fear or disinterest, as Bitcoin’s price fluctuated between $65,000 and $66,000. This shift contrasts sharply with the current positive sentiment and price surge, highlighting a significant change in market perception over the past few weeks.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Bitcoin has bounced back strongly after dipping below $63,500 earlier in the week, reaching over $68,000 today.
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While altcoins have had mixed performance, with most showing slight gains except for XMR and MKR, Bitcoin’s recent surge stands out. Market analysts highlighted that BTC hit a 6-week peak of over $68,400, demonstrating significant recovery strength.
Bitcoin Demonstrates Resilience with Strong Rebound to 6-Week High
Over the past week, Bitcoin has shown impressive resilience despite facing significant price fluctuations. Last Friday, the cryptocurrency experienced a sharp increase, rising from below $63,500 to $67,000 within a matter of hours. The weekend brought further volatility, influenced by geopolitical events such as President Joe Biden’s announcement regarding his re-election campaign. Despite these challenges, Bitcoin made a strong recovery, reaching a 6-week high of $68,400 earlier today.

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Bitcoin’s recent price movements have attracted significant attention, especially in light of recent regulatory updates. The initial drop to a weekly low of $63,400 on Thursday triggered renewed buying interest. By Friday, the price had surged back above $68,000, reflecting growing market confidence. This upward movement was accompanied by increased trading volumes on exchanges, suggesting that both institutional and retail investors are regaining interest in Bitcoin.
Altcoins Show Mixed Performance with Notable Highlights
While Bitcoin has been a standout performer recently, altcoins have shown varied results. Ethereum managed to recover to around $3,300 after a dip to $3,000, despite facing significant outflows from spot ETFs. Other notable altcoins, including Binance Coin (BNB), Cardano (ADA), Avalanche (AVAX), TRON (TRX), Shiba Inu (SHIB), and Chainlink (LINK), recorded modest gains.

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Among the top-performing altcoins are Solana (SOL) and Dogecoin (DOGE). Solana reached a monthly peak of over $185, driven by strong developer activity and increased adoption for decentralized applications (dApps) on its blockchain. Dogecoin also saw a gain of 3.5%, boosted by renewed social media interest and potential use cases being explored by developers.
Cryptocurrency Market Sees $30 Billion Surge with Bitcoin Leading
The total cryptocurrency market capitalization has experienced a significant increase, gaining $30 billion overnight to approach $2.55 trillion. This rise has been largely driven by Bitcoin’s resurgence, which has also boosted its market dominance to around 53%. This shift suggests a growing preference for Bitcoin over altcoins among investors during uncertain periods.

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In summary, the cryptocurrency market continues to exhibit substantial volatility, with Bitcoin leading the recent price swings. While some altcoins, such as Solana and Dogecoin, have achieved notable gains, overall altcoin performance remains mixed. Investors should remain vigilant and cautious, considering the ever-changing market dynamics and potential regulatory developments. Recent trends point to a cautiously optimistic outlook for Bitcoin, with altcoin performance varying based on individual factors

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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The crypto market is eagerly awaiting important events this week that could affect the Fed’s plans for interest rate cuts. Key events include the FOMC’s interest-rate decision, Fed Chair Jerome Powell’s press conference, and US job data.
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These events are expected to provide crucial insights into the US Federal Reserve’s policy plans, making this week significant for both the crypto market and the broader financial sector.
Crypto Market Eyes FOMC Meeting and Powell’s Speech for Rate Cut Cues
The crypto market is keenly awaiting the upcoming FOMC event, where it anticipates signals about the Federal Reserve’s potential rate cut plans. While the market expects the central bank to hold its policy rates steady at the next meeting, there is growing speculation about three rate cuts in 2024.

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According to the CME FedWatch Tool, there is an 89% chance that the Fed will announce a 25 basis points rate cut in September. Additionally, expectations for further cuts in November and December have increased, fueled by recent cooling inflation data.
Federal Reserve Chair Jerome Powell’s upcoming speech will also be crucial. Dovish comments from Powell could trigger a market rally, while hawkish remarks might dampen market sentiment. Both crypto market enthusiasts and the broader financial sector will be closely watching Powell’s insights, as they could significantly impact market dynamics.
US Unemployment Data to Impact Markets
Another important event for the market is the release of US unemployment data for July, scheduled for August 2. This data will offer investors crucial insights into the health of the labor market.

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The US Federal Reserve closely monitors this data as it plays a significant role in shaping policy rate decisions. Higher unemployment rates and lower non-farm payroll data often enhance sentiment in both the crypto market and the broader financial sector.
Market estimates forecast that the US unemployment rate will decrease to 190,000 in July, down from 206,000 in June, with the unemployment rate expected to remain steady at 4.1%. This information will be vital for assessing the labor market’s direction and its potential impact on the Fed’s policy decisions.
What’s Next for the Crypto Market and What to Expect
As the cryptocurrency market anticipates significant upcoming events, speculation is running high. The potential rate cuts, combined with Federal Reserve Chair Jerome Powell’s remarks and the upcoming job data, could lead to major market shifts. Investors are keenly awaiting how these factors will influence the broader financial landscape.

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The market’s reaction to these events will offer valuable insights into its resilience and adaptability. This week could prove pivotal, illustrating the close relationship between traditional financial policies and the emerging digital asset market.
Last week was particularly positive for the crypto market, with the SEC approving the US Spot Ethereum ETF and the Bitcoin Conference 2024 taking place in Nashville. The conference featured several speakers offering a bullish outlook on Bitcoin and highlighting the US’s growing focus on the crypto sector.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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