Regulation
Dollar soars above $69,000 after Trump touts more favorable regulation
Investing.com– Bitcoin prices rose Monday, extending weekend gains after Republican presidential candidate Donald Trump raised the prospect of more favorable regulation during a speech at the Bitcoin Convention.
Although the token initially reacted somewhat negatively to Trump’s speech, particularly because he stopped short of explicitly promising a national reserve, buyers stepped in shortly after his speech.
rose 3.3% over the past 24 hours to $69,645.2 as of 01:39 ET (0539 GMT).
Trump promises more favorable regulation and a race against China
On Saturday, at the Bitcoin conference, Trump said the United States should become the world leader in crypto ahead of China, and that he would also implement more favorable regulations than Democratic presidential candidate Kamala Harris.
Trump said he would establish a cryptocurrency advisory board for the White House and would also create a national Bitcoin stockpile using current U.S. government holdings, most of which have been seized by law enforcement.
“Never sell your bitcoins… If elected, it will be the policy of my administration, the United States of America, to retain 100% of all bitcoins that the United States government now holds or acquires in the future,” Trump said.
Trump, who called cryptocurrencies a scam in 2021, has recently courted the sector with his campaign efforts. His campaign is accepting cryptocurrency donations, and the former president also released his own collection of non-fungible tokens.
Trump also vowed to fire Securities and Exchange Commission Chairman Gary Gensler, who has led a regulatory crusade against the crypto industry.
Recent polls show Trump in a tight race against Harris, who has so far not offered any plans to regulate cryptocurrencies. But given her background as a prosecutor and her experience dealing with financial fraud, it seems likely that Harris will continue the government’s crackdown on cryptocurrencies.
Bitcoin’s price has benefited from speculation about Trump’s presidency, rebounding strongly in the past two weeks after hitting a four-month low. But further gains for the token remain uncertain as defunct crypto exchange Mt Gox continues to mobilize its Bitcoin holdings for distribution.
Cryptocurrency Prices Today: Altcoins Advance With Rate Cuts Ahead
Cryptocurrency prices rose on the prospect of looser US regulation. Speculation about US interest rate cuts ahead of the Federal Reserve meeting this week also supported risk assets.
The world’s No. 2 token rose 4.8% to $3,375.63, seeing increased interest following the launch of spot exchange-traded funds tracking the token last week.
and increased between 0.8% and 6%, while among meme tokens they added 3.4% while they increased 2.1%.