Bitcoin Price Surge Raises Investor Sentiment to 16-Month High Amid Trump’s Crypto Advocacy

The recent surge in #Bitcoin prices has boosted investor confidence, sending the cryptocurrency to a 16-month high. Social media analytics show a massive increase in positive comments about the cryptocurrency, reinforcing the bullish trend. The massive 20% increase in three weeks reflects the growing optimism, and Bitcoin is currently trading at $67,708—a significant 6.22% gain since July 25.

According to data from Santiment, Bitcoin’s Weighted Sentiment Index—which measures positive and negative comments—has risen to its highest level since March 2023. This positive sentiment shift coincides with talk that Bitcoin could reach a new all-time high. Former US President Donald Trump’s expected speech at the Bitcoin 2024 Conference has also added to the bullish expectations; Trump has proposed ambitious goals aimed at making the US a leader in cryptocurrency. Comparing #Bitcoin to gold, this digital asset has had a tangible impact on market sentiment.

Following Trump’s speech, well-known crypto advocate Senator Cynthia Lummis introduced a bill that aims to create a strategic #Bitcoin reserve. The bill proposes that the US government purchase and hold 5% of the global Bitcoin supply for at least twenty years. This move has also created additional bullish sentiment in the market.

The Crypto Fear and Greed Index has increased by 24 points to 71 since June 28, indicating that the prevailing mood among market participants is greed. This is a significant change from the downtrend when Bitcoin was trading around $65,000 on June 21. The weighted sentiment has shifted from negative to positive, in line with the recent price increase.