Bitcoin price is up over 6% today, marking a recovery after significant losses earlier this week.
These crypto market price surges come ahead of Republican presidential candidate Donald Trump’s expected speech at the Bitcoin conference this weekend.
Bitcoin price skyrockets
The Bitcoin price is currently trading at $67,930 at the time of writing, up 6.3% from 24 hours ago, when the price of 1 BTC was trading at around $63,500. This surge has pulled the entire crypto market higher, with the total market up 4.31% from yesterday.
Why is the Bitcoin price rising?
What’s striking is how well Bitcoin is performing today, especially compared to the stock market, which is still reeling from a massive drop in price earlier this week. BTC’s strength is being attributed in part to positive expectations surrounding a speech by Donald Trump at the Bitcoin Conference 2024.
Rumors are swirling that Trump will announce in this speech that he plans to include Bitcoin in America’s strategic reserves. Some speculation even goes as far as to say that Trump wants the US to eventually hold 1 million BTC.
If these rumors turn out to be true and Trump does indeed become president, it would be a huge boost for the Bitcoin price. Currently, the US government owns around 200,000 Bitcoin, so it would mean that the country would have to buy another 800,000 Bitcoin.
This could create a huge demand for Bitcoin, which could drive its price up significantly. Furthermore, there is a high chance that other countries would follow the US example, which could further increase its demand and price.
Trade €10,000 for free and get €10 bonus
Want to enter the crypto world and perhaps buy Bitcoin or another crypto? Now is your chance! Thanks to a special deal between Newsbit and Bitvavo, our readers get an exclusive offer.
Create an account at Bitvavo using the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you will also pay no trading fees on your first 10,000 euros in transactions for 7 days after registering your account.* Sign up now!
*Please note that terms and conditions apply to this promotion.
Source: https://newsbit.nl/bitcoin-koers-nadert-68k-voorafgaand-aan-trump-toespraak-op-bitcoin-conferentie/
