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Bitcoin Nears $70K, BCH and BRETT Lead Gains
#Bitcoin #Trump #Memecoin #CryptoMarket
Bitcoin approached the $70,000 mark for the first time since early June during Asian afternoon hours. This surge follows Republican candidate Donald Trump's announcement of plans to make Bitcoin a national strategic asset if elected in November.
BCH and BRETT Lead Market Gains
On Monday, Bitcoin Cash (BCH) and BRETT, a new memecoin on the Base blockchain, led the crypto market gains. Solana's SOL also jumped 6%, outperforming other major tokens. Meanwhile, BNB Chain's BNB, Ether (ETH), and XRP saw rises between 2-5%.
BCH Rises Despite Mt. Gox Payouts
BCH is up over 10% as Mt. Gox finishes distributing tokens to its creditors. Initially, analysts feared that BCH would suffer due to the Mt. Gox payouts, but those concerns proved unfounded.
Bitcoin and Ether See Price Increases
Bitcoin (BTC) is up 3%, trading above $69,500, while Ether (ETH) is up 4%, trading above $3300. This steady rise in BTC caused the liquidation of a $13.8 million short bet, with $11.4 million ETH shorts also wiped out, according to CoinGlass data.
Trump’s Strategic Bitcoin Plans
In a highly anticipated speech on Saturday, Trump announced plans to fire current SEC Chair Gensler, build a strategic bitcoin reserve, and prevent the U.S. from selling its bitcoin holdings if elected. He believes Bitcoin could one day compete with gold and likened it to the steel industry of 100 years ago.
BRETT and Other Memecoins See Gains
The market is reacting favorably to BRETT, a 'mascot' memecoin on the meme-heavy Base blockchain. BRETT, the roommate of Matt Furie's Pepe the Frog, is up 11% in the last 24 hours. Another memecoin, POPCAT, is up 7%.
Trump-Themed Tokens Struggle
Despite Trump’s recent address at the BTC 2024 conference in Nashville, Trump-themed tokens continue to struggle. The MAGA (TRUMP) token is down 6% on the day, according to CoinGecko data, and down 18% in the last week. TREMP is trading flat, down 0.3% in the last 24 hours.
