July 17, 2024 Grandpa checks in
Trump has confirmed that he will attend the Bitcoin Conference and will participate in the roundtable meeting on the last day of the conference, which is the 27th. It is reported that the current seat fee for the roundtable meeting is 844,600 US dollars, which is a bit unexpected. If the table is full, it will be comparable to Buffett's sky-high lunch. However, for crypto people, this price may not be surprising. As Trump said, he knows many top people from the crypto industry in political donation activities. In recent years, crypto people have also frequently approached politicians. After all, with more money comes more voice.
The recent market is stable and rising. The biggest potential positive is the Bitcoin Global Conference in a week. In the past, the conference was just about showing off luxury cars and beauties. This time, with Trump's participation, it will definitely be more exciting. Data shows that the net inflow of spot Bitcoin ETFs in the past three days has reached 1 billion US dollars. There is no doubt that this is directly related to Trump's upcoming victory in the presidential election. In addition to institutions betting on the market in advance, there should be many BTC or Trump supporters who cast their own votes.
The only unstable factor in the current market is that Mentougou is about to pay compensation. We can already see that the big cake is being transferred on the chain, which is the final step before transferring the currency to creditors. Objectively speaking, Mentougou's big cake will definitely cause selling pressure on the market, but the real impact is difficult to assess. On the one hand, many people have already transferred their debts, and on the other hand, the current market environment may make most of these early players choose to continue holding.
As for the market, Bitcoin is a bit blocked at 65,000, which is also my judgment on the rebound pressure point. For specific operations, you can choose to stop profit at this position to hedge against the Mentougou compensation. For those that can be used as long-term chips, continue to hold them, because if Trump is really elected and introduces crypto-friendly bills in the short term, it will be difficult to have a sharp drop before the big bull market next year. At present, I think it still needs to be polished at the pressure point.
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