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Bitcoin Soars 4% to Over $67,000 Ahead of Trump’s Speech at Bitcoin Conference in Nashville
In view of the former US president and Republican candidate Donald Trumpspeech at the Bitcoin Conference Nashville Crypto markets surged on Friday on Saturday. As of 12:30 pm IST, Bitcoin (BTC) was up 4.3% at $67,060, while Ethereum was up over 3% at $3,265. Meanwhile, the global cryptocurrency market cap increased 3.53% to around $2.4 trillion in the past 24 hours.
Trump, who called cryptocurrency a “scam” in 2021, is now headlining one of the industry’s biggest conferences. He’ll speak Saturday, the final day of the three-day Bitcoin 2024 convention in Nashville.
Trump’s appearance at Bitcoin 2024 marks his latest show of support for the industry. Last month, he met with bitcoin mining companies at his Mar-a-Lago resort and said he would like to see more bitcoin mining by U.S. firms.
Meanwhile, the rally in blue-chip cryptocurrencies also came after U.S. economic data overnight gave some cause for optimism, with faster-than-expected economic growth in the second quarter and inflation cooling. That helped allay concerns that the expansion was at risk of an abrupt end, while also supporting bets that the Federal Reserve will cut interest rates in September.
“Bitcoin bounced above $67,000 following solid Q2 U.S. economic data. Positive sentiment was further fueled by VanEck’s projection that BTC could hit $2.9 million by 2050,” said Edul Patel, CEO of Mudrex.
“Market participants are now keeping a close eye on Trump’s speech at the Bitcoin Conference in Nashville today. If Bitcoin can break above the $67,500 resistance, it could target the $68,500 level. Overall, market sentiment remains positive,” Patel added.
Other popular altcoins, such as Solana (3.2%), Dogecoin (4.1%), Toncoin (1.9%), Cardano (4.6%), Avalanche (2.2%), Shiba Inu (3%), Polkadot (2.7%), and Chainlink (2.8%) also saw a surge.
The volume of all stablecoins is now $74.85 billion, which is 91.15% of the total cryptocurrency market volume in 24 hours, according to data available on CoinMarketCap. Bitcoin’s dominance is currently 55.24%. BTC volume in the last 24 hours increased by 4% to $35.3 billion.
“BTC is slightly above $67,000, which looks bullish and could test the top of the $70,000–$71,000 range,” the CoinDCX research team said.
(With contributions from agencies)
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