Bitcoin surges to $67,000 under upcoming U.S. elections
Before Donald Trump's speech at the Nashville Bitcoin conference, the price of Bitcoin has gone up a lot, hitting $67,000. The quick rise is because investors are waiting to hear what the former US president might say about the future of crypto.
More than 4% growth in 24 hours has erased recent losses that caused a wave of liquidations. Traders are staying away from short contracts before the weekend, which led to the rebound.
"Nobody wants to short Bitcoin over the weekend," says Markus Thielen, CEO of 10x Research. The reason for this caution is that a lot of people are looking forward to Trump's speech.
There are, in fact, rumours going around that the former president might make an announcement about a strategic store of Bitcoin. Because of this possibility, a lot of investors have become bullish out of fear that they will miss a price rise.
CoinGlass says that if BTC goes back down to $65,000, it could risk $1.11 billion worth of long positions.
People think that Trump's speech in Nashville was a big turning point for Bitcoin. People in the market are paying close attention to what the former president said about how gold and Bitcoin should be balanced in the US reserves.
At the moment, the US Treasury has $600 billion worth of gold stockpiles, but the government has taken $15 billion worth of bitcoins. Thielen thinks Trump might say that he wants to raise Bitcoin's share to "about 10% of gold reserves, or even more."
Bryan Courchesne, an asset manager, thinks that using Bitcoin as a backup asset would be hard, but not impossible. He makes it more likely that seized bitcoins will be sent from the Justice Department to the Treasury. This will allow people to hold on to this valuable asset for a long time.
To sum up, Trump's speech in Nashville could be a major turning point in the future of Bitcoin, having a big effect on its price and how large investors see it. The markets are buzzing with excitement, but they are still waiting for the former president to say something.
You've got a free upvote from witness fuli.
Peace & Love!