Singapore-based cryptocurrency trading firm QCP Capital released an analysis indicating that while Bitcoin exhibited volatility during Donald Trump’s highly anticipated speech at the Bitcoin 2024 Conference in Nashville on Saturday, the market did not see the dramatic movement expected by options traders. Bitcoin’s price stayed within the $67,000-$70,000 range, and volatility has decreased substantially.
The former United States president’s speech aligned with industry expectations, but the cryptocurrency market may need a more important catalyst for a major breakout. The firm suggests that such a catalyst might emerge closer to the United States elections when the candidates’ promises and policies are more clearly outlined.
Donald Trump Outlines Key Points He Intends To Implement If Elected
QCP Capital reports that Donald Trump highlighted several key points during his speech, emphasizing that if elected, the United States government would keep 100% of Bitcoin acquired from seized assets, current Securities and Exchange Commission (SEC) Chairman Gary Gensler would be removed from office, and domestic mining would be encouraged through reduced energy costs.
Additionally, the Republican presidential nominee promised that if elected in November, the right to self-custody of cryptocurrencies would be upheld, and the creation of Central Bank Digital Currencies (CBDCs) would be prohibited. Other proposals encompass the introduction of a framework for stablecoins and the commutation of the current sentence for Ross Ulbricht, founder of the anonymous internet marketplace Silk Road.
QCP Asia Colour – July 29, 2024
1/ Key Highlights from Tump’s Bitcoin Conference Speech
If elected:
* The U.S. government will retain 100% of Bitcoin acquired from seized assets.
* Gary Gensler will be removed from office on day one.
— QCP Capital (@qcpcapital) July 29, 2024
At the time of writing, Bitcoin is trading at $67,609, reflecting a more than 2.75% increase over the past 24 hours. The cryptocurrency’s lows and highs during this period were $67,085.83 and $69,916, respectively.
Meanwhile, Bitcoin’s dominance experienced a minor increase of 0.03%, reaching 55.48%, suggesting notable gains in the altcoin sector. Additionally, the cryptocurrency’s market cap stood at $1.37 trillion today, according to data from ConMarketCap.
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