Editor's note: In recent days, as Trump continues to stimulate the market, BTC prices have risen for a week and the market has entered the next stage. Donald Trump said in an exclusive interview with Bloomberg that the crypto industry is still a baby and does not want other countries such as China to take over this field. Analysis shows that Bitcoin's breakthrough of $65,000 means that the price will be ready to enter the range of $65,000-71,500. In addition, there was a sudden signal that China may "unblock" Bitcoin. After questioning this, American billionaire Mike Novogratz quietly deleted the relevant post.
On July 17, the price of Bitcoin has been rising for a week, and the current price is $65,450, successfully standing above the 120-day moving average. This key technical indicator shows that bulls are in the ascendant again, indicating that Bitcoin may usher in a second wave of major gains.
Next Tuesday, the Ethereum ETF will be officially launched, which is likely to have a positive impact on the market. It may attract more institutional investors to enter the market, thereby driving the overall market upward. For less aggressive investors, the editor recommends waiting for a pullback and looking for opportunities to get on board.
Analyst: Bitcoin is expected to rise to $70,000 in the near future
Bitcoin traders expect the price of Bitcoin to rise to $70,000 in the near term. As the US election approaches, sentiment around the crypto industry fluctuates and selling pressure from key wallets subsides, Bitcoin may have a new opportunity to rise. "The rebound in Bitcoin prices shows that the market is more optimistic about the outlook for the recent macro environment," said Lucy Hu, senior analyst at Metalpha. She pointed out that the market's optimism about Trump's vice presidential candidate is also a factor driving Bitcoin's rise, indicating that the government and policies are more friendly to cryptocurrencies.
Lucy Hu also emphasized that Bitcoin may hover around the 120-day moving average, and the price has the potential to rise to $68,000 or even $70,000. However, the impact of the Fed's policy and the Mt.Gox payout still needs to be closely watched. These factors may have an important impact on Bitcoin's short-term price trend.
In addition, according to an analyst at Rekt Capital, Bitcoin's breakout above $65,000 means the price will be ready to enter the $65,000-71,500 range. If BTC rises to $71,500, the next important stage will be the high of $73,649 reached on March 13 next year. However, a large number of short positions are at risk of being liquidated at $71,500, which means that many futures traders believe that the price will not reach this level at present. According to CoinGlass, at $71,500, about $1.47 billion of short positions will be liquidated.
Trump: The crypto industry is still a baby, and I don’t want China or other countries to take over this field
On July 17, according to an exclusive interview with Trump by Bloomberg Businessweek, Trump said that cryptocurrencies will not disappear, which is great. He believes that the US crypto industry has a good foundation and is still in its early stages of development, but he does not want China or other countries to take over this field. Trump said that during political fundraising activities, he met many top figures in the crypto industry.
Trump's attitude has changed from initially criticizing Bitcoin to now supporting the promotion of cryptocurrency production in the United States, showing his pragmatic stance. He believes that if the United States does not actively develop the cryptocurrency industry, China or other countries (especially China) will dominate this field. Trump emphasized that the United States must maintain its leading position in this field to prevent other countries from dominating.
According to new data from the Federal Election Commission (FEC), of the approximately $331 million raised by the Trump campaign last quarter, about $3 million came from cryptocurrencies, suggesting that Trump is actively courting support from the cryptocurrency industry and investors.
Overall, Trump's shift in attitude toward cryptocurrencies and the increase in cryptocurrency donations in his campaign reflect his emphasis on and strategic adjustments to this emerging industry. His supporters believe that this will help the United States remain competitive in the global cryptocurrency field and prevent other countries, especially China, from dominating the market.
Sudden signal: China may "unblock" Bitcoin?
According to FX168 Financial News Agency (Asia Pacific), reports have recently appeared on social media that China may lift its long-standing ban on Bitcoin, which has attracted great attention from mainstream currency media and the crypto community. Mike Novogratz, an American billionaire investor and CEO of Galaxy Digital, tweeted on July 14 that he had heard some reports that China "is likely to lift the ban" on Bitcoin by the end of 2024. He said that if the news is true, it would be a big deal. However, the tweet has been quietly deleted.
Mike's tweet sparked widespread discussion and questioning, with many netizens expressing doubts about the source of the information and pointing out that China has repeatedly imposed bans on Bitcoin with limited effect. Some posters believe that China has never completely banned Bitcoin, but has only restricted certain related activities.
At the end of June, Wang Yang, vice president of the Hong Kong University of Science and Technology, questioned the logic of China's ban on cryptocurrency mining, urging the government to embrace cryptocurrencies amid geopolitical risks. Wang Yang believes that a complete ban on cryptocurrency mining in China is "unwise" because it will push related business to the United States and increase U.S. tax revenue.
In response to the latest social media news, several industry insiders said that China will never allow its citizens to freely trade Bitcoin using local legal currency. Despite speculation about China's lifting of the ban on Bitcoin, industry insiders generally believe that the Chinese government's attitude towards cryptocurrencies will not undergo a fundamental change.
China has made several efforts to ban activities related to Bitcoin and other cryptocurrencies. In 2017, China banned the operation of cryptocurrency exchanges. In 2021, China further stepped up its crackdown on cryptocurrencies by banning cryptocurrency mining activities.
Although there are rumors that China may lift the ban on Bitcoin, there is no solid evidence to prove this. The crypto community is cautious about the news, believing that the Chinese government is unlikely to relax its strict regulation of Bitcoin in the short term. However, if China does lift the ban on Bitcoin, it will have a significant impact on the global cryptocurrency market and deserves continued attention.
