Trump’s crypto push: Bitcoin, Ethereum prices retract after week-long rally

Trump on Crypto: Republican presidential candidate Donald Trump dressed a Bitcoin conference on July 27, asserting that US must dominate cryptocurrency sector to prevent China from taking le. After this statement from Trump, Bitcoin prices soared close to key 70,000 mark.

However, in past 24 hours, Bitcoin has dropped by 4.3 per cent in market value, while Ereum (ETH), second-largest cryptocurrency by market capitalisation, has fallen by 1.35 per cent. Over past week, ETH has decreased by 5 per cent in market value. At time of this report, Bitcoin was tring at $66,622.65, and ETH was priced at approximately $3,338.73.

Will make USA crypto leer of world: Trump

Speaking at Bitcoin 2024 convention in Nashville, Trump positioned himself as pro-cryptocurrency candidate ahe of November 5 presidential election. Trump promised to make US world's cryptocurrency leer with more favourable regulations than those proposed by likely Democratic nominee Vice President Kamala Harris.

This marks a major shift for Trump, who previously dismissed cryptocurrency as a “scam.”

Bitcoin’s weekly chart | Image credit: Coinmarketcap

Bitcoin rally was followed by strong gains in cryptocurrencies including Ereum, Solana, XRP, and Dogecoin.

Gary Gensler, Chair of Securities and Exchange Commission and Biden ministration’s chief regulator for cryptocurrency has warned investors about extreme volatility and speculative risks associated with tokens such as Bitcoin. Whereas, Trump in his statement warned that he would fire Gensler ‘One day one.’

Industry optimistic about Trump’s return

Talking about reasons behind slump in Bitcoin prices, Edul, CEO of Mudrex said, “Bitcoin's price reached a six-week high following Donald Trump's speech in Nashville last week. However, it subsequently fell below $67,000 mark after US government transferred $2 billion worth of Silk Ro tokens yesterday. Currently, BTC is stabilising around $66,500. next support level is at $65,500, while resistance is anticipated at $67,200.”

Bitcoin also surged to two-week highs right after assassination attempt of Donald Trump which has increased odds of former president winning upcoming election. Trump has positioned himself as a champion of cryptocurrency, ding to market's optimism.
Whereas BuyUCoin’s Shivam Thakral believes that Trump’s return to power will be a positive move for broer crypto industry. Thakral said, “With US presidential debate showing that pro-crypto Trump has a better chance of winning upcoming elections, investors are optimistic about future of world’s largest digital asset.”