Bitcoin Could Break $70,000 Thanks to Trump
Bitcoin could hit $70,000 very soon thanks to recent strong support form Donald Trump and other politicians.
Newly reiterated support from former US president Donald Trump could help push Bitcoin (BTC) past $70,000 later today. The coin is currently at $69,615 (BTC/USD).
The cryptocurrency token has been below $70K since early in June, so this would be a major break for it to clear $70,000. For the coin to then stay above that level would be momentous as well, helping to improve Bitcoin’s public standing.
BTC was poised to set a new record high back in June, which is where most analysts thought it would go, but that did not happen. Inflation reared its head, and the crypto market dipped precipitously.
Donald Trump recently reinforced his support for cryptocurrency at the 2024 Bitcoin Conference, which took place in Nashville on Saturday. A “strategic bitcoin reserve” has been promised by Trump if he is elected, and that is the strongest backing that Bitcoin has received from a presidential candidate so far. It is no wonder that many people are calling Trump the Bitcoin candidate.
Rising Crypto Values
As a result of Saturday’s Bitcoin Conference, the crypto market began to improve. Bitcoin rose by 3.32%, while Ethereum (ETH) climbed 4.28% (backed partly by newly released spot ether ETFs). Solana (SOL) gained even more, with an increase of 5.9% over a period of just 24 hours.
The support from politicians at the Bitcoin Conference was significant, and it could drastically improve the public profile of Bitcoin and other cryptos so that investors feel much more confident in its long-term potential.
Further support came from Senator Cynthia Lummis, who said that she wants to have the US Treasury buy $68 billion worth of Bitcoin in the next five years, starting with a bill she plans to introduce.
The struggling crypto market does not look like it is struggling quite as much anymore, but we will see if this strong support translates into long-term strength for the market.
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