Blockchain
Bitcoin Cash (BCH) and PEPE-affiliated Memecoin BRETT lead cryptocurrency market gains
Bitcoin touched the $70,000 mark for the first time since early June in Asia afternoon trading, days after Republican presidential candidate Donald Trump revealed plans to make the asset a national strategic asset if he comes to power in November.
Bitcoin Cash (BCH)and BRETT, a relatively new memecoin on the Base blockchain, led the cryptocurrency market gains on Monday. Meanwhile, Solana’s SOL jumped 6%, leading gains among major tokens, while BNB, ether (ETH), and BNB Chain’s XRP rose between 2 and 5%.
BCH Soars Over 10% as Mt. Gox Finishes Token Distribution to Its Creditors, beating CoinDesk 20a measure of the largest and most liquid digital assets, up 3.6%.
This steady increase in BTC price caused a $13.8 million short bet to be liquidated, while $11.4 million worth of ETH shorts were wiped out, according to CoinGlass data.
In a long-awaited speech On Saturday, Trump said that if elected in November, he would fire current SEC Chairman Gensler, create a bitcoin strategic reserve, and bar the U.S. from selling its bitcoin holdings. He believes the asset could one day rival gold and become “the steel industry of 100 years ago.”
Initially, some analysts believed that BCH would be the loser in the Mt. Gox trade, as the failed buybacks would result in a disproportionately larger percentage of BCH being released into the market than Bitcoin, but this fear appears to have been unfounded.
The market seems to be reacting favorably to BRETT, a “mascot” memecoin on the already meme-filled Base blockchain. BRETT is the roommate of Matt Furie’s Pepe the Frog, a slacker comic character from Boy’s Club.
BRETT is up 11% in the last 24 hours, while POPCAT, a cat-themed memecoin, is up 7%.
Meanwhile, Trump-themed tokens continue to be in the red, despite a recent speech from the former President at the BTC 2024 conference in Nashville.