The market sentiment on Bitcoin has grown positive as traders have become more bullish. The BTC Fear and Greed Index has also clocked over 70. The BTC positive sentiment hit a 16-month high score, according to Santiment.
The crypto analytics company Santiment tweeted the insights on July 28. According to Santiment, the king coin’s 20%+ rally over the past three weeks increased traders’ bullish sentiment.
The analytics company reached this conclusion by monitoring positive vs. negative comments on social media about BTC. The positive sentiment is the highest it has been since March 2023. Santiment measured these comments using the Weighted Sentiment Index, which monitors Bitcoin mentions on X.
The Bitcoin price at the time of writing is $67,515, down by approximately 0.90% in the past 24 hours. The current price is approximately 0.70% up in the past 7 days. The trading volume is up by over 46% over the past 24 hours.
Trump’s speech at the Bitcoin Conference impacts market sentiment
#Bitcoin has hit a 16-month high in positive sentiment, with its price nearing $68,000. #Santiment data shows a surge in positive social media mentions, reaching levels not seen since March 2023. This boost in sentiment is partly driven by anticipation for former #US… pic.twitter.com/5taz8gYXkK
— TOBTC (@_TOBTC) July 28, 2024
Some attribute the current positive sentiment to how the crypto community anticipated Donald Trump’s speech at the Bitcoin Conference 2024. The Bitcoin Conference 2024 took place in Nashville, Tennessee, from July 25 to 27, attracting global key figures and crypto enthusiasts.
Former President Donald Trump was one of the key speakers during the Bitcoin Conference. Others included presidential candidate Robert F. Kennedy Jr., Microstrategy’s Michael Saylor, and ARK’s CEO Cathie Woods.
Trump’s continued support for BTC and his wish to make crypto a strategic reserve for the U.S. has been gaining attention from crypto enthusiasts. In his speech on July 27, Trump mentioned his plans to make the U.S. the capital of crypto on the planet.
Trump suggested that Bitcoin would eventually overthrow gold. The former president also presented BTC as a technological marvel and a ‘miracle of cooperation and human achievement.’ He criticized the government’s decision to sell its BTC. Trump then promised to fire the U.S. SEC chair, Gary Gensler, when re-elected.
Kennedy Jr. is skeptical about Trump’s support for BTC
Presidential candidate RFK Jr. expressed his doubt about Trump’s support for BTC. In his July 26th speech at the Bitcoin Conference, Kennedy Jr. mentioned Trump’s previous stance on Bitcoin. The former president has revealed several times his negative stance on BTC.
In 2019, he tweeted that he was not a fan of Bitcoin and other crypto that aren’t money and based on ‘thin air.’ Kennedy Jr.’s speech also highlighted the former president’s mention of BTC looking like a scam in 2021.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Kennedy Jr. appreciated Trump’s evolution into crypto and welcomed the former president’s enthusiasm for Bitcoin. The presidential candidate insisted that Trump should explain “how his personal values align with Bitcoiners.“
RFK Jr. notably had pledges similar to Trump’s on July 27. As key figures influencing crypto, Kennedy Jr. and Trump believed the country should HODL BTC.
Kennedy specifically mentioned transferring the 200,000+ BTC held by the U.S. DOJ to the Treasury on his first day if elected. Another plan Kennedy Jr. revealed was daily purchases of 550 BTC to increase the U.S. Treasury’s BTC holdings to 4 million.
