July 26 2024: On Friday, Bitcoin’s price rose, recovering some of the week’s earlier losses as the crypto market anticipated a speech by Republican presidential nominee Donald Trump at the upcoming Bitcoin Conference.
The world’s largest cryptocurrency increased by 4.2% over the past 24 hours, reaching $67,006.2 by 02:07 ET (06:07 GMT), bouncing back from a low of around $63,000 earlier in the week.
Bitcoin had been affected by a wave of selling pressure across global financial markets, leading investors to shed risk-driven assets. This trend was especially detrimental to the crypto sector due to its speculative nature.
However, this risk-off trend seemed to ease somewhat on Friday.
Trump’s Keynote Address at Bitcoin Conference
Trump is scheduled to deliver a keynote address at the Bitcoin Conference in Nashville on Saturday. His appearance comes as the former president has recently adopted a pro-crypto stance in his campaign efforts.
Crypto traders are keen to see if he will continue this rhetoric during his speech and whether he will outline plans for more regulatory clarity in the U.S. crypto industry.
Speculation regarding a potential Trump presidency had bolstered Bitcoin last week, particularly as the Republican candidate gained approval following a failed assassination attempt.
However, Democratic frontrunner Kamala Harris, endorsed by President Joe Biden after he exited the election race, was seen narrowing the gap with Trump, according to recent polls.
A Harris presidency is expected to potentially continue the government’s regulatory crackdown on crypto, which has unsettled the industry over the past two years.
Marathon Digital Purchases $100 Million in Bitcoin
Marathon Digital Holdings Inc (NASDAQ
), one of the largest Bitcoin miners in the U.S., announced on Thursday that it had bought $100 million worth of Bitcoin from the open market, holding over 20,000 Bitcoin tokens on its balance sheet.
The miner also pledged to retain all of its mined Bitcoin and plans to buy more tokens from the open market.
Crypto Prices Today: Altcoins Rise, Awaiting More Macro Signals
In broader crypto markets, altcoin prices mirrored Bitcoin’s recovery, with traders also looking forward to key U.S. inflation data and a Federal Reserve meeting in the coming days.
Ethereum, the world’s second-largest cryptocurrency, rose 2.9% to $3,263.68, marking its first positive session since the launch of spot exchange-traded funds in U.S. markets this week.
ADA, XRP, and SOL saw increases ranging from 1% to 4.6%, while among meme tokens, DOGE added 4.7%.
