The Ultimate Guide to Crypto Investing: Trump's Influence on Bitcoin Price Surge
In the world of cryptocurrency, Bitcoin has been on a rollercoaster ride, with its price rising on Wednesday amidst speculation surrounding a Donald Trump presidency. The potential for a friendlier regulatory environment under Trump's leadership has overshadowed concerns over selling pressure from Mt Gox.
Speculation over spot exchange-traded funds tracking Ether has also boosted sentiment towards crypto, as reports suggest that the Securities and Exchange Commission is close to approving applications from U.S. fund operators.
Bitcoin saw a 2% increase in the past 24 hours, reaching $65,803.3, as investors also anticipate a potential interest rate cut by the Federal Reserve in September.
Trump's support for cryptocurrency has been a major driving force behind Bitcoin's recent recovery, with the former president expressing pro-crypto views and planning to speak at the upcoming Bitcoin Conference in Nashville. His popularity surged following a failed assassination attempt, and he announced the release of a new collection of non-fungible tokens and acceptance of crypto donations for his campaign.
On the other hand, defunct exchange Mt Gox has been in the spotlight for mobilizing $2.8 billion worth of Bitcoin this week, likely as part of its planned distributions to creditors. This move had initially caused fears of an increase in the active supply of Bitcoin tokens, leading to a drop in the cryptocurrency's value. However, Bitcoin has since rebounded from its four-month lows.
In the broader crypto market, altcoins have also seen gains on the back of potential regulatory changes in the U.S. Ether rose by 3.6% to $3,503.20, while surged over 10% amid rumors of settling a case with the SEC. Other major altcoins like and also experienced positive movements.
Overall, the recent developments in the cryptocurrency market highlight the impact of regulatory news and political events on digital asset prices. Investors should stay informed and consider these factors when making investment decisions in the volatile world of crypto.