Bitcoin rose 3.3% after US presidential candidate Donald Trump continued to express his support for the cryptocurrency in a speech at the Bitcoin 2024 conference in Nashville.
Bitcoin is trading near the $70,000 mark on Monday to hit a six-week high after former US President Donald Trump reiterated his support for the cryptocurrency over the weekend.
Justin d'Anethan, head of APAC business development at market maker Keyrock, said: “The current positive rhetoric about cryptocurrencies from many politicians and economic stakeholders is reinforcing. investor psychology". “In Nashville, the Bitcoin conference attracted a lot of esteemed speakers talking about the importance of cryptocurrency and the potential for BTC – which of course many traders want to believe.”
At the Bitcoin 2024 conference in Nashville last week, Republican presidential candidate Donald Trump pledged that if elected in November, he would create a “strategic bitcoin reserve” and prevent the United States from selling Number of Bitcoins currently held. Trump also announced that he would fire current Securities and Exchange Commission Chairman Gary Gensler.
Meanwhile, Senator Cynthia Lummis said that she plans to introduce a bill next week to direct the US Treasury to purchase 1 million Bitcoin, or about $68 billion, over a five-year period. Such a law would require the U.S. Treasury to self-custody bitcoin on “various locations,” Lummis said, adding that the government would hold those coins for at least 20 years unless they are sold to “reduce in debt".
Along with that, the Bitcoin spot ETF Cash Flow also recorded a total inflow last week of +535.3 million USD, although down by half compared to the inflow levels of more than 1 billion USD in the previous two weeks, it was enough to show the improvement. changes in investor psychology.
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