A buy bitcoin sign is seen in a Coinstar ATM in the exhibition hall during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 8, 2022 in Miami, Florida. The worlds largest bitcoin conference runs from April 6-9, expecting over 30,000 people in attendance and over 7 million live stream viewers worldwide.Marco Bello/Getty Images
Bitcoin has surged to its highest level since mid-June as it nears $70,000, following a boost from former President Donald Trump's pro-cryptocurrency speech and growing expectations of US Federal Reserve interest-rate cuts.
According to Bloomberg, the cryptocurrency was trading at $69,645 as of early Monday morning, marking a 2.7% increase in just one day. Alongside Bitcoin, other digital assets, including Ether, Solana, and Dogecoin, have also seen notable gains.
In his speech at a Bitcoin conference over the weekend, VCPost shared that Trump pledged to transform the United States into the "crypto capital of the planet" if he wins the upcoming presidential election.
He further announced plans to prevent the US government from selling cryptocurrency seized in criminal cases, proposing instead to use these assets to build a strategic Bitcoin reserve.
This strong endorsement of cryptocurrencies has intensified investor interest and enthusiasm, gaining Trump an ally from the likes of Elon Musk.
At the same time, the rally in Bitcoin prices has been buoyed not only by Trump's remarks but also by anticipation of the Federal Reserve's upcoming policy meeting. Market participants are hopeful that the Fed will signal the start of a rate-cutting cycle, which would likely benefit high-risk assets like cryptocurrencies.
Despite this recent rise, Bitcoin remains approximately $4,400 below its all-time high of nearly $74,000 reached in March. The cryptocurrency's value has been supported throughout the year by substantial inflows into US exchange-traded funds dedicated to digital assets. These inflows, combined with heightened investor optimism, have played a key role in propelling Bitcoin towards its recent peak.
Join the Conversation