What’s Trending in the Crypto World?
Bitcoin recently approached its all-time high but faced rejection before reaching it. Many factors have contributed to the surge in the price of the leading cryptocurrency.
Bitcoin exceeded the average realized price for short-term investors after crossing $63,500, indicating a resurgence in market strength.
According to the most recent findings by CryptoQuant, the market capitalizations of USDT and USDC have increased, impacting bitcoin’s price trajectory significantly.
Miners, who were previously underpaid, are now receiving fair compensation, leading to improved market stability. Moreover, significant inflows into spot Bitcoin ETF funds over the past two weeks have demonstrated increased investor confidence.
Furthermore, the repayment of creditors by Mt. Gox through crypto exchanges like Bitstamp and Kraken has not caused any market panic or supply shocks.
While the introduction of spot Ethereum ETFs did not receive much attention, there was a positive sentiment observed throughout the market.
One of the most notable events was the Bitcoin conference in Nashville, where former US President Donald Trump delivered a keynote speech supporting crypto, which has inspired bullish sentiment in the market.
Trump’s Impact on Crypto at Nashville
During the conference, Trump presented bold policies aimed at reshaping the US crypto landscape. If elected, he promised that the US government would retain 100% of seized Bitcoin from various cases.
Trump also pledged to remove SEC Chairman Gary Gensler on his first day in office to address concerns regarding regulatory oversight. He proposed reducing energy costs to boost domestic mining and affirmed the right to self-custody of cryptocurrencies.
Additionally, Trump vowed to prohibit the creation of Central Bank Digital Currencies (CBDCs), establish a regulatory framework for stablecoins, and end Operation Chokepoint 2.0 targeting financial institutions involved with crypto.
Another significant commitment was to commute Ross Ulbricht’s sentence, with a broader vision for the US to become the global crypto capital.
What Lies Ahead for Bitcoin?
Despite Trump’s positive statements at the conference, bitcoin has faced challenges in surpassing its all-time high, indicating that the asset might continue trading within a range, according to the latest update by QCP Capital.
“With Bitcoin’s failure to reach its ATH despite Trump’s optimism, it is likely that Bitcoin will continue trading within a range.”
The recent surge in bitcoin’s price is also linked to the optimism surrounding Vice President Kamala Harris, who is perceived as potentially more crypto-friendly than Biden. While Harris has not addressed the asset class publicly, her team has reportedly reached out to major crypto firms like Coinbase, Circle, and Ripple Labs to enhance relationships.
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