Bitcoin Rises on Solid US Economic Data, Trump’s Nashville Speech Ahead

Bitcoin started the week on a positive note, trading around $68,000. Market participants were buoyed by optimism about Donald trumppotential election victory. Tuesday marked a significant milestone in the cryptocurrency market with the trading debut of Ether ETFs following the SEC’s approval. This development was highly anticipated, as it represents a significant step towards the widespread acceptance and institutional adoption of Etherealthe second largest cryptocurrency by market capitalization. The approval of Ether ETFs are seen as a validation of the Encrypt sector, further encouraging investment and interest. The middle of the week brought a decline, with Bitcoin falling back to the $64,000 level. This decline was partly driven by disappointing earnings reports from major tech companies such as Alphabet and Tesla. As technology stocks collapsed, the ripple effect was felt across the cryptocurrency space. Another contributing factor to the mid-week crash was continued selling pressure from Mt. Gox creditors. The combined effect of declines in tech stocks and Mt. Gox-related selling pushed Bitcoin to the $64,000 mark.

Friday brought some welcome relief, with Bitcoin bouncing back to the $67,000 level. This recovery was fueled by solid U.S. economic data for the second quarter, which indicated robust growth and resilience in the economy. In addition, bullish projections from the investment management firm Van Eck added to the positive sentiment. VanEck analysis suggested that Bitcoin’s price could potentially hit $2.9 million by 2050, a projection that captured the market’s imagination and sparked renewed buying interest.

Market participants are turning their attention to Donald Trump’s upcoming speech at the Bitcoin Conference in Nashville scheduled for today. Trump’s remarks could have significant implications for the cryptocurrency market, especially given his influence and potential for policy insights that could impact the regulatory environment for digital assets. Investors are closely watching for any clues about how a potential Trump administration might approach cryptocurrency regulation and policy.

Investors and traders should do their own research before making any investment decisions in the cryptocurrency market to ensure they understand the risks involved and make informed choices.

Moving on to price action, among the top 100 cryptocurrencies by market cap, here are the cryptocurrencies with the best and worst performances in the last week:

Based on Friday’s prices.

The 5 cryptocurrencies that saw the biggest gains during the week:

1. helium increased by 24%

2. To flow increased by 13%

3. Solana increased by 10%

4. Exchange rate risk increased by 10%

5. Dogecoin increased by 9%

Top 5 Cryptocurrencies That Lose This Week:

1. Lido DAO it dropped by 15%

2. Not money fell by 8%

3. Ronin fell by 8%

4. ChainVe fell by 7%

5. World currency fell by 7%

(The author is the CEO and co-founder of Mudrex, a global cryptocurrency investment platform)

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(Disclaimer: The opinions expressed in this column are those of the author. The facts and opinions expressed here do not reflect the opinions of www.economictimes.com)

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