Donald Trump Unveils Pro-Bitcoin Strategy As BTC Hovers Around $68K

Bitcoin (BTC) responded positively to the mid-week dip below $63,500, rallying to exceed $68,000. While most altcoins are experiencing slight gains, XMR and MKR have both dropped by around 3-4% daily. More importantly, former United States President Donald Trump spoke at the Bitcoin Conference 2024 and announced big plans to promote crypto in the country if re-elected.

BTC Reaches $68K

Last Friday proved eventful for the top digital asset, which surged to $67,000 within hours. Over the weekend, volatility increased following an announcement by the current US President, Joe Biden, that he would not seek re-election despite his ongoing campaign.

Bitcoin fell by $2,000 immediately but regained momentum on Sunday evening and Monday. This led to a peak of over $68,400, marking a six-week high. However, bears quickly curtailed further gains, causing the asset to decline sharply on Thursday to a weekly low of $63,400.

Despite this, bulls intervened and drove the price up on Friday, reaching above $68,000 again earlier today, despite increasing inflows to exchanges. Although Bitcoin has recently reverted to around that level without making decisive gains, its market cap has risen to $1.340 trillion, with its dominance over altcoins nearing 53%.

Trump Speaks

During the aforementioned conference, Donald Trump emphasized his belief that the US will become the global crypto capital and a Bitcoin superpower. Trump also suggested that Bitcoin could surpass gold and predicted its remarkable ascent. Furthermore, he announced his intentions of making the flagship crypto a strategic reserve asset for the country upon re-election.

According to the former president, Bitcoin symbolizes freedom and independence from governmental control. He also announced that if re-elected, he will fire SEC Chairman Gary Gensler immediately, as Trump believes Gensler has done significantly more harm than good for the US economy during his anti-crypto regime.

Other Markets

Over the past year, the US economy has felt the impact of the Federal Reserve deciding to keep borrowing costs at their highest level in more than two decades. The consequences of this prolonged period of high rates have been both surprising and significant. Investors have been on edge, particularly following a sudden market drop that, while alarming, was anticipated by many as a long-overdue correction. As job growth shows signs of moderation, the Fed is expected to signal a forthcoming rate cut.

Meanwhile, San Francisco is grappling with an unprecedented office vacancy rate, and the pain associated with US office loans is only beginning to intensify. In the world of cryptocurrencies, activity is heating up as Bitcoin approaches a record high, prompting Cantor Fitzgerald to launch a new Bitcoin financing venture. Despite this, stock markets have experienced a rebound in the latter part of a strong quarter, though the rally has been tempered by growing doubts about AI and consumer spending.

Amidst these developments, short seller Andrew Left is reportedly living in fear due to federal scrutiny, with short sellers feeling the heat after US charges of fraud were leveled against him. On a different note, an interview with Hiromi Yamaji, head of the Japan Exchange Group, highlights the transformative impact he has had on the Japanese equity market. The former banker credited with a $1.7 trillion rally in Japan believes this is just the beginning, as Tokyo continues to emerge as one of the top-performing equity markets worldwide.