July 29 2024: Bitcoin’s price climbed on Monday, continuing its weekend gains after Republican presidential nominee Donald Trump hinted at more favorable regulations during his speech at the Bitcoin Convention.
Initially, Bitcoin’s price reacted negatively to Trump’s address, particularly as he avoided explicitly promising a national reserve. However, buyers quickly stepped in following his remarks.
In the last 24 hours, Bitcoin increased by 3.3%, reaching $69,645.2 by 01:39 ET (05:39 GMT).
Trump Promises Favorable Regulations, Seeks to Outpace China During the Bitcoin Conference on Saturday, Trump asserted that the U.S. should become the world’s leader in cryptocurrency ahead of China. He also pledged to implement regulations more favorable than those proposed by Democratic presidential frontrunner Kamala Harris.
Trump announced plans to establish a crypto advisory council for the White House and to create a national stockpile of Bitcoin using the U.S. government’s current holdings, most of which were seized through law enforcement activities.
“Never sell your bitcoin… If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” Trump declared.
Trump, who previously labeled cryptocurrency a scam in 2021, has recently courted the sector through his campaign efforts. His campaign accepts crypto donations, and he has released his own collection of non-fungible tokens.
Trump also promised to dismiss Securities and Exchange Commission Chair Gary Gensler, who has maintained a stringent regulatory stance against the crypto industry. Recent polls indicate a close race between Trump and Harris, who has not yet detailed her crypto regulation plans. However, given her background as a prosecutor with experience in financial fraud, it is likely that Harris will continue the government’s crackdown on crypto.
Bitcoin’s price has benefited from speculation over a Trump presidency, rebounding sharply over the past two weeks from four-month lows. However, further gains remain uncertain as the defunct crypto exchange Mt Gox continues to mobilize its Bitcoin holdings for distribution.
Crypto Prices Today: Altcoins Rise with Rate Cuts in Focus Broader cryptocurrency prices advanced amid prospects of more favorable U.S. regulations. Speculation about potential interest rate cuts in the U.S. ahead of a Federal Reserve meeting this week also supported risk-driven assets.
Ethereum, the world’s second-largest cryptocurrency, rose by 4.8% to $3,375.63, gaining interest following the launch of spot exchange-traded funds tracking the token last week.
XRP, ADA, and SOL saw increases ranging from 0.8% to 6%, while among meme tokens, DOGE added 3.4%, and SHIB rose by 2.1%.
