Summary of the 2024 US Crypto Conference, Trump’s speech, and its impact on the market!
Tonight, Trump, the much-anticipated protagonist of this crypto conference, was late for the stage, arriving a full hour late.
Through the conversation with the host on the scene, we learned that Trump was actually already at the scene at 3 o'clock, but he was late to take the stage.
During the show, the host revealed that Trump was waiting for a "mysterious guest," which sparked a lot of discussion online. The most popular candidate was Musk, but unfortunately, at 3 a.m., only Trump took the stage.
Let's take a look at what Trump released at this crypto conference that is good for #BTC:
1. The first thing he did after taking office was to fire the current SEC Chairman Gary Gensler, believing that he was an enemy of encryption.
2. Announced the establishment of a#BTCCrypto Presidential Committee after taking office.
3. He will absolutely not support the emergence of central bank digital currency (CBDC), at least not during his term of office. CBDC will have a huge impact on stablecoins.
4. Trump does not think that BTC is the enemy of the US dollar, nor does he think that the emergence of BTC will threaten the US dollar. He believes that those who are hostile to BTC are regressing.
5. Believe that the United States is a BTC mining powerhouse and that everyone should hold BTC firmly, believing that this is the absolutely right thing to do.
6. Regarding BTC as a strategic asset of the United States, this is quite controversial. I don’t know if it is a translation problem. According to my understanding, Trump means to regard the existing BTC controlled by the United States as a reserve asset, not to make it clear that the US government directly buys BTC as a reserve. There is a big difference between the two.
7. After taking office, he will reduce the punishment for Ross, the founder of the former black market website Silk Road and was sentenced to life imprisonment in 2015.
Summarize:
Trump's speech tonight was surprisingly "conservative". The entire speech on encryption must have taken more than ten minutes, and most of the "promises" he made were superficial, with more emotional significance than practical significance. The overall evaluation of the speech is just a daily vote-seeking + encryption slogan. It can drive the market emotionally, but it lacks practical significance, and the market may not really buy it.
Personally, I think the most meaningful point is to do something about SEC Chairman Gary. As for the rest, I think they are just old-fashioned and meaningless.
Trump's speech at the crypto conference can be summarized as "nothing new" and no "big moves". It can also be seen from the#BTCmarket that he lacks interest. Trump was even one hour late, and most of what he said was "empty talk". It seems that his crypto support rate will drop next week.
Impact on the market: (emphasis added)
By observing the market in real time during the conference speech, the#BTC1-hour long-short game is very strong. The 1-minute K-line can even show that every time Trump mentions Bitcoin, it rises for an hour and then falls randomly. The short-term fluctuations are not small. Contract traders are in a bad situation tonight.
After all, the meeting is held in the early hours of the weekend, and the trading volume in the US trading area is very small during this period, so if you think that the news is sold, you should pay attention to the Asian market in the morning. And the excitement of this conference may continue until the early hours of the weekend or even next Monday. Contract traders should pay attention to the fluctuations in these time periods.
I have been talking about one issue since last week. It is very important whether Trump’s speech and next week’s interest rate meeting can make the BTC price break through the previous daily high of 72,000. Judging from the trend tonight, before next week’s interest rate meeting, the main thing is to defend the support level.
The key support is the weekly support mentioned many times, 65,700. The most optimistic scenario is that if this position is not broken before the Federal Reserve’s interest rate meeting next week, there is still a possibility of another wave of increases. If it is broken, even if the interest rate meeting announces a rate cut in September, it will be difficult for the BTC price to break through the 72,000 position.
Continuing with my view from last week to now, once Trump speaks and the BTC price fails to successfully break through and stabilize at 72,000 points at next week’s interest rate meeting, then BTC will begin to fluctuate and pull back next week (assuming there are no major positive events). As for whether it is a volatile pullback along the upper track of the daily line or an overall pullback of the daily line, we can only wait and see after the interest rate meeting next week.
The weekly support will be updated next week, and I will randomly update the key support points.
#BTC☀ #比特币大会 $BTC