Altcoins trade with gains as Bitcoin Cash surges. What Trump said about cryptocurrencies and why it excited the market.
Good start to the week for the cryptocurrencies. Bitcoin rises more than 2.4% to $69,400 and approaches $70,000. Meanwhile, Ethereum advances 2.5% to $3,300. The rest of the Altcoins are also trading with gains of up to 15.1%, with strong leadership of Bitcoin Cash, followed by Litecoin (6.3%) and Tonecoin (3.3%).
Donald Trump’s good signs
The big boost to the market has come from the hand of Donald Trump. The former US president and Democratic Party candidate for the November presidential election assured at the Bitcoin 2024 Conference in Nashville (Tennessee) that he is committed to create a “national strategic reserve” of Bitcoins and “never sell” digital assets seized by the Government if he is elected president.
“I want it minted and manufactured in the United States. If we don’t do it, China will.”Trump said in his speech, while comparing the cryptocurrency industry to “the steel industry of 100 years ago.” “They are just in their infancy (cryptocurrencies). One day they will probably surpass gold. There has never been anything like this.“the Republican candidate said.
Trump also warned that A new Democratic Party victory would be a disaster for cryptocurrenciesgoing so far as to say that, “If they win the election, all of you (crypto investors) will disappear”. “They will be ruthless. They will do things and you wouldn’t believe it,” he added. It should be noted that, despite Biden’s very critical stance, numerous analysts point out that Kamala Harris could have a much more constructive view on digital assets than its predecessor.
Likewise, Trump promised that, if he is finally elected, will remove the chairman of the Securities and Exchange Commission (SEC), Gary Genslerannouncing that he would appoint a “bitcoin and cryptocurrency advisory board.” Gensler has been one of the most reluctant figures to regulate cryptocurrencies, despite the fact that BTC and ETH spot exchange-traded funds (ETFs) have been approved during his tenure as SEC chairman. Many crypto-asset experts They have criticized the “regulation by sanction” approach Gensler’s approach to cryptoassets instead of seeking greater consensus between industry and regulator, as well as more adapted legislation.
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Other news acts as catalysts for the asset
At the same time, Bitcoin and other assets such as BCH are showing no signs of weakness despite the fact that Mt. Gox’s refund program continues as normalInitially, some analysts believed that BCH would be the loser in the Mt. Gox deal, as bankruptcy refunds would result in a disproportionately larger percentage of BCH on the market compared to BTC, but that fear appears to have been unfounded.
On the other hand, US PCE data (falls, but less than expected) seems to have given the market confidence that the Federal Reserve (Fed) will lower interest rates in the coming months, since Inflation continues to show signs of moderating towards the 2% target.
“While we do not expect the news to be as good in the coming months, we do believe that It would take a nasty upward surprise in inflation between now and September to derail the Fed from cutting rates. at that meeting (in September),” note the strategists at Oxford Economics.
Source: Ambito
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