Leading cryptocurrency Bitcoin surged over the weekend and continued to rise this week. Over the weekend, Donald J. Trump spoke at the Bitcoin 2024 conference in Nashville, Tennessee, saying BTC will go to the moon.
The impact of politics on Bitcoin
According to on-chain data, BTC is currently trading between $69,400 and $69,650 on different exchanges. The Crypto Fear and Greed Index is 74, representing greed. Compared to yesterday's 71, the index has risen by 3 points.
The global cryptocurrency market cap is $2.59 trillion, up 2.9% in the past 24 hours, according to CoinGecko. Today’s BTC price is near a seven-week high and about 6% below its all-time high.
Former U.S. President Donald Trump reiterated his support for cryptocurrency, saying BTC could one day surpass the market value of gold. He also said that if elected, he would fire SEC Chairman Gary Gensler, establish a strategic BTC reserve, and prevent the United States from selling its BTC holdings.
According to Lookonchain data, as of Friday's Wall Street close, nine Bitcoin ETFs added 630 BTC worth $42.56 million. BlackRock's iShares saw an inflow of 1,093 BTC worth $73.8 million.
The economic calendar gets busy this week as July draws to a close. Kobeissi Letter on X: “Volatility is back and this week is going to be a huge one. [...] This week we have economic data, earnings and the July Fed meeting all released at the same time.”
Crypto and traditional financial investors are looking forward to Wednesday’s meeting of Federal Reserve policymakers to discuss a possible rate cut. The Fed is likely to send a clear signal of a rate cut at its next meeting in September.
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