Bitcoin climbs to almost $70,000 after Trump's speech at conference

By Daniel Fessahaye

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Bitcoin climbed to almost $70,000 today following a speech by Donald Trump at the Bitcoin 2024 conference. In his appearance, the former US president and Republican party nominee in the upcoming presidential race said the US should 'embrace crypto'.

Bitcoin climbed to almost $70,000 today following a speech by Donald Trump at the Bitcoin 2024 conference. In his appearance, the former US president and Republican party nominee in the upcoming presidential race said the US should 'embrace crypto'.

Investors are increasingly confident that Trump, who is viewed as a champion of crypto , will win the US Presidential Election in November. Bitcoin reached $69,956 at lunchtime UK time today, before retreating to $66,923 at 6pm.

Investors are increasingly confident that Trump, who is viewed as a champion of crypto , will win the US Presidential Election in November. Bitcoin reached $69,956 at lunchtime UK time today, before retreating to $66,923 at 6pm.

David Morrison, senior market analyst at Trade Nation, told This Is Money: 'Bitcoin has had an incredible month. As it began July, it was trading below $54,000 and at lows last seen in February. 'It was very close to breaking down through significant support. Now it is closing in on $70,000 again and approaching all-time highs.'

David Morrison, senior market analyst at Trade Nation, told This Is Money: 'Bitcoin has had an incredible month. As it began July, it was trading below $54,000 and at lows last seen in February. 'It was very close to breaking down through significant support. Now it is closing in on $70,000 again and approaching all-time highs.'

Trump, who spoke on Saturday at the conference in Nashville, Tennessee warned about China's growing influence in the digital coin market. The 78-year-old said: 'If we don't embrace crypto and bitcoin technology, China will, other countries will, they'll dominate, and we cannot let China dominate'.

Trump, who spoke on Saturday at the conference in Nashville, Tennessee warned about China's growing influence in the digital coin market. The 78-year-old said: 'If we don't embrace crypto and bitcoin technology, China will, other countries will, they'll dominate, and we cannot let China dominate'.

Trump also spoke about Vice President Kamala Harris, who is on course to replace President Joe Biden as the Democrat nominee for November's election, after the 81-year-old withdrew his presidential bid eight days ago. Speaking about Harris' supposed reluctance to embrace crypto, Trump added: 'I pledge to the bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris' anti-crypto crusade will be over.

'The moment I'm sworn in, the persecution stops and the weaponisation ends against your industry.' Following Bitcoin 2024, Simon Peters, market analyst at eToro, told This Is Money: 'The bitcoin price has responded well, moving higher over the weekend since the conference and is currently trading at $69,500, only 6 per cent away from the all-time high.

'The moment I'm sworn in, the persecution stops and the weaponisation ends against your industry.' Following Bitcoin 2024, Simon Peters, market analyst at eToro, told This Is Money: 'The bitcoin price has responded well, moving higher over the weekend since the conference and is currently trading at $69,500, only 6 per cent away from the all-time high.

'It seems Trump has got the crypto community's vote, and as we move closer to the presidential election, if his odds of becoming president increase, I suspect we'll see more positive movements in the bitcoin price.' The world's biggest cryptocurrency has regained significant ground since bitcoin fell to a low of $16,000 in the wake of the FTX collapse in 2022.

'It seems Trump has got the crypto community's vote, and as we move closer to the presidential election, if his odds of becoming president increase, I suspect we'll see more positive movements in the bitcoin price.' The world's biggest cryptocurrency has regained significant ground since bitcoin fell to a low of $16,000 in the wake of the FTX collapse in 2022.

In 2023, it languished between $20,000 and $30,000 for much of the year before reaching $43,000 by December in anticipation of the US regulator's approval of bitcoin spot ETFs. It neared the $48,000 mark for the first time in a year ahead of the decision before dropping to $38,000 following the decision and then soaring. In 2024, the price of bitcoin has risen by 53 per cent.

In 2023, it languished between $20,000 and $30,000 for much of the year before reaching $43,000 by December in anticipation of the US regulator's approval of bitcoin spot ETFs. It neared the $48,000 mark for the first time in a year ahead of the decision before dropping to $38,000 following the decision and then soaring. In 2024, the price of bitcoin has risen by 53 per cent.

Peters continued: 'Outside of the presidential election, it seems we are also starting to come out of this period of price choppiness that typically occurs post block reward halving. 'Miner capitulation seems to be slowing, meaning there will be less selling pressure from these entities potentially going forward. 'With interest rate cuts on the horizon too, which tend to cause asset prices to rise, bitcoin could see a really strong end to the year.'

Peters continued: 'Outside of the presidential election, it seems we are also starting to come out of this period of price choppiness that typically occurs post block reward halving. 'Miner capitulation seems to be slowing, meaning there will be less selling pressure from these entities potentially going forward. 'With interest rate cuts on the horizon too, which tend to cause asset prices to rise, bitcoin could see a really strong end to the year.'

Morrison added: 'In comments that his detractors will want to ignore or bury, he emphasised that bitcoin "stands for freedom, sovereignty and independence from government coercion and control". 'That's not the kind of statement one would expect from a future dictator determined to destroy democracy. In a similar way, Trump declared that he would push back against Central Bank Digital Currencies, which is exactly what proponents of cryptos want to hear. 'This is all something reminiscent of Ronald Reagan, and an important and timely intervention.'

Morrison added: 'In comments that his detractors will want to ignore or bury, he emphasised that bitcoin "stands for freedom, sovereignty and independence from government coercion and control". 'That's not the kind of statement one would expect from a future dictator determined to destroy democracy. In a similar way, Trump declared that he would push back against Central Bank Digital Currencies, which is exactly what proponents of cryptos want to hear. 'This is all something reminiscent of Ronald Reagan, and an important and timely intervention.'

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