Bitcoin inches closer to $70,000 as Donald Trump says SEC Chair Gary Gensler will be fired
- Donald Trump spoke at the 2024 Bitcoin conference early on July 27, promising that on day one he will fire SEC Chair Gensler.
- US government will be the crypto capital of the world, keeping 100% of the BTC it owns.
- Trump affirms the creation of a US government strategic national Bitcoin stockpile on his win in the November elections.
- Bitcoin extends gains to $69,399, early on Saturday, likely catalyzed by Trump’s pro crypto and pro-Bitcoin stance.
Bitcoin rally on Saturday was likely catalyzed by Donald Trump’s pro-crypto and pro-Bitcoin promises at the Nashville conference. The US Presidential candidate promised a strategic national stockpile of Bitcoin if elected.
Bitcoin trades at $67,383, on Sunday, sustaining above key support at $65,000.
Bitcoin extends gains in response to Trump’s speech
Donald Trump’s speech at The Bitcoin conference in Nashville touched on few major points:
- Trump said Securities & Exchange Commission Chair Gary Gensler will be fired a new Chair will replace him.
- US Government will create a strategic national Bitcoin stockpile.
- The US will keep 100% of the Bitcoin it owns.
- Bitcoin and cryptocurrencies will rally in response to his pro-crypto stance.
- Trump told the attendees to never sell their Bitcoin and it is likely that BTC market capitalization crosses Gold.
- Ross Ulbricht who is serving a life imprisonment for creating the darknet website Silk Road will be freed.
- US will emerge as the crypto capital of the world.
Trump promised voters that the anti-crypto stance of the Kamala-Biden government will end and the crusade on crypto will end.
Trump promises to "fire Gary Gensler" on day 1.
— Coin Bureau (@coinbureau) July 28, 2024
He was so surprised that everyone disliked the man so much. pic.twitter.com/ZiIXV1hxlk
Bitcoin rallied closer to $70,000 prior to a correction
Bitcoin is currently in an upward trend, forming higher highs and higher lows. The asset rallied closer to the $70,000 resistance level, on Saturday. Bitcoin hit a peak of $69,399 on Binance, likely catalyzed by the bullish stance of US Presidential candidate Donald Trump.
Bitcoin could extend gains by nearly 10% and hit its all-time high of $73,777. The asset would face resistance at the Fair Value Gap (FVG) that extends from $69,582 to $70,117, as seen in the BTC/USDT daily chart.
BTC/USDT daily chart
Bitcoin could find support at $63,631, the 50% Fibonacci retracement of the decline from the all-time high to July 5 low of $53,485.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
