{"id":249027,"date":"2024-07-29T22:41:02","date_gmt":"2024-07-29T22:41:02","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/29\/bitcoin-approaches-70000-in-six-week-high-amid-trump-support\/"},"modified":"2025-06-25T17:13:39","modified_gmt":"2025-06-25T17:13:39","slug":"bitcoin-approaches-70000-in-six-week-high-amid-trump-support","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/29\/bitcoin-approaches-70000-in-six-week-high-amid-trump-support\/","title":{"rendered":"Bitcoin approaches $70,000 in six-week high amid Trump support"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/readwrite.com\/wp-content\/uploads\/2024\/07\/32f89dce-300f-4e5c-af49-baf9c1219b2b-900x514.webp\" \/><\/p>\n<div>\n<p><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\">CoinMarketCap data shows<\/a> that Bitcoin\u2019s (BTC) price approached $70,000 on Monday, reaching a six-week high following former U.S. President Donald Trump\u2019s renewed support for cryptocurrency over the weekend.<\/p>\n<p>At the time of reporting, the leading cryptocurrency was trading around $69,800, showing a 3.32% increase in 24 hours. Ethereum (ETH) also saw gains, up 4.28% at $3,350, while Solana (SOL) rose 5.9% to approximately $193 over the same period.<\/p>\n<p>Justin d\u2019Anethan from Keyrock attributed the positive market sentiment to recent supportive statements from politicians and economic figures. He <a href=\"https:\/\/www.theblock.co\/post\/307952\/bitcoin-inches-toward-70000-following-trumps-heightened-crypto-endorsement\">told The Block<\/a>:<\/p>\n<blockquote>\n<p>The current positive statement regarding crypto from many politicians and economic stakeholders is bolstering investor sentiment. [\u2026] In Nashville, the Bitcoin conference has been a long stream of respected speakers talking about the importance of crypto and the potential for further allocations to BTC \u2014 which of course many traders want to believe in and front run.<\/p>\n<\/blockquote>\n<h2>Is the U.S. building a \u2018strategic Bitcoin reserve\u2019?<\/h2>\n<p>At the conference, Trump, the Republican presidential nominee, promised to establish a \u201cstrategic Bitcoin reserve\u201d if elected in November and to halt U.S. sales of existing holdings. Rumors about this announcement <a href=\"https:\/\/readwrite.com\/kamala-harris-considers-bitcoin-conference-blue-crypto-shift\/\">started spreading <\/a>just shy of a week ago. He also stated his intention to remove SEC Chair Gary Gensler from office.<\/p>\n<p>Senator Cynthia Lummis <a href=\"https:\/\/www.theblock.co\/post\/307914\/sen-cynthia-lummis-announces-bill-for-us-treasury-to-buy-1-million-bitcoin-worth-69-billion-bitcoin-2024\">recently revealed plans<\/a> to introduce legislation directing the U.S. Treasury to acquire 1 million BTC (worth approximately $68 billion) over five years. The proposed bill would have the Treasury self-custody these assets across various locations for at least two decades.<\/p>\n<p>D\u2019Anethan also suggested that expectations of a Republican victory in the upcoming elections are fueling beliefs in a more accommodative monetary policy and business-friendly administration. Peter Chung of Presto told The Block the increasing importance of following U.S. election developments until November. He added:<\/p>\n<blockquote>\n<p>Short-term speculators\u2019 position leading up to the Trump speech was liquidated when the market briefly tanked on \u2018sell-the-news\u2019 move during the speech, as evidenced in the large liquidation at futures markets. As a result, the short-term speculative positions are now swapped to long-term investors who understand the significance of the changes taking place in U.S. politics with regard to Bitcoin.<\/p>\n<\/blockquote><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/readwrite.com\/bitcoin-price-trump-cryptocurrency\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] CoinMarketCap data shows that Bitcoin\u2019s (BTC) price approached $70,000 on Monday, reaching a six-week high following former U.S. President Donald Trump\u2019s renewed support for<\/p>\n","protected":false},"author":1,"featured_media":249028,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[152],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/249027"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=249027"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/249027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/249028"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=249027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=249027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=249027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}