In the altcoin space, the market is also showing positive behavior: Solana (SOL), Dogecoin (DOGE) and Cardano (ADA) are up 4.5%, with other tokens such as Avalanche (AVAX) and Tron (TRX) seeing smaller gains. XRP is the only major cryptocurrency that has dropped, albeit moderately.
The rally follows a recovery in digital assets after a sharp drop in technology stocks on Wall Street on Wednesday.
Although the sector was weak on Thursday, due to poor results from Alphabet (Google’s parent company) and Tesla, as well as a surprising second-quarter GDP figure, cryptocurrencies have managed to stabilize. The US economy grew at a rate of 2.8% between April and June, exceeding expectations and doubling the growth of the previous quarter. This data suggests that the debate on a possible interest rate cut by the Federal Reserve (Fed) could be over, with a meeting scheduled for the end of July.
The personal consumption deflator (PCE), a key indicator for the Fed’s monetary policy, is due to be released on Friday. Ipek Ozkardeskaya, senior analyst at Swissquote Bank, says that a decline in the PCE could lead the Fed to consider a rate cut in September.
Donald Trump in Nashville
Investors are also keeping an eye on the Bitcoin Conference 2024, which is taking place in Nashville, Tennessee, from July 25 to 27 and will feature a prominent appearance by former President Donald Trump. The event has generated a lot of excitement, given that Trump, known for his criticism of Bitcoin during his presidency, has recently adopted a more favorable stance towards cryptocurrencies, even allowing crypto donations for his election campaign.
Trump plans to use his speech to emphasize his support for the growth of the Bitcoin industry in the United States, promoting financial freedom and suggesting that more Bitcoin mining should take place on American soil. This change of stance is in line with the Republican Party’s platform, which seeks to protect the right to personal custody of digital assets and oppose what they see as a crackdown on the sector by the Biden administration.
Leif Ferreira, CEO and co-founder of Bit2Mehighlights that Trump’s stance may be a strategic move to appeal to the more than 75 million Americans who own Bitcoin. Ferreira also notes that a Trump victory in the upcoming election could further boost the price of Bitcoin, given his public support for the cryptocurrency, his advocacy of self-custody, and his support for cryptocurrencies.ia, his opposition to CBDCs and his intention to implement significant changes to the SEC and the Federal Reserve.
The conference will also feature other political figures such as Robert F. Kennedy Jr. and Vivek Ramaswamy, as well as prominent Bitcoin industry leaders such as Michael Saylor and Edward Snowden.
Without a doubt, Trump’s presence at the Bitcoin Conference 2024, which is an event that could influence both the Bitcoin industry and the American political landscape in the coming months, is the news of the day for the crypto industry.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
