Bitcoin’s price rose on Monday, building on gains from the weekend. This happened after Donald Trump, the Republican presidential nominee, suggested friendlier regulations for Bitcoin during a speech at a Bitcoin Convention. Initially, Bitcoin reacted poorly to Trump’s speech, especially because he didn’t explicitly promise to support it with national reserves. However, buyers started purchasing Bitcoin shortly after he spoke.
Bitcoin increased by 3.3% in the last 24 hours to reach $69,401.93
Also Read: Harris campaign team wishes to amend democratic party ties with the crypto sector
Trump made promises of more favorable regulations and a competition with China At the Bitcoin Conference on Saturday, Trump stated that the United States should lead the world in cryptocurrencies ahead of China. He also mentioned his intention to introduce more favorable regulations compared to Kamala Harris, who is leading in the Democratic presidential race.
Trump announced plans to establish a crypto advisory council at the White House. Additionally, he proposed creating a national reserve of Bitcoin using the current holdings of the U.S. government, much of which was acquired through law enforcement actions. Trump said;
“Never sell your bitcoin… If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,
Trump, who had previously labeled cryptocurrency a scam in 2021, has now embraced the sector during his recent campaign efforts. His campaign accepts donations in cryptocurrency, and he has even launched his series of non-fungible tokens (NFTs).
Additionally, Trump promised to dismiss Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), who has been actively pushing for stricter regulations on the crypto industry.
Recent polling data indicates that Trump faces close competition with Harris, who still needs to detail her plans for regulating cryptocurrency. Given her background as a former prosecutor specializing in financial fraud, it seems likely that Harris would continue the government’s scrutiny of crypto activities.
Bitcoin’s price has benefited from speculation about a potential Trump presidency, bouncing back strongly in the past two weeks after hitting four-month lows. However, the prospects for further gains in Bitcoin remain uncertain due to ongoing efforts by the defunct crypto exchange Mt. Gox to distribute its Bitcoin holdings.
In today’s crypto market, prices of alternative cryptocurrencies (altcoins) have risen amid expectations of more favorable regulations in the U.S. Additionally, speculation about potential interest rate cuts ahead of the Federal Reserve meeting this week has supported assets driven by risk appetite.
Ether, the second-largest cryptocurrency, increased by 4.8% to $3,375.63, receiving attention following the recent launch of exchange-traded funds (ETFs) tracking its value.
Other cryptocurrencies like XRP, ADA, and SOL saw gains ranging from 0.8% to 6%. Among meme tokens, DOGE rose by 3.4%, while SHIB increased by 2.1%.
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