Price movements of Bitcoin ($BTC) are currently linked to what Donald Trump says at the upcoming Bitcoin 2024 Conference. The event is scheduled to happen on July 27, 2024, in Nashville, Tennessee. It is probable that he will deliver yet another speech in support of the existence of cryptocurrencies like BTC, ETH, and others. In the past, he announced that he would accept campaign donations in crypto while hosting the holders of his NFTs for a dinner.
Additionally, people view Donald Trump as a pro-crypto figure, or at the very least, as someone who would not destroy the industry for its own sake.
The recent assassination attempt on the former US President provides evidence to support this association. Trump narrowly escaped the horrifying assassination attempt while interacting with his supporters. His survival sparked upswings in the crypto market. Many believe that the attempt to eliminate Donald from the race for the US presidential election was a sign that he was indeed gaining momentum among the citizens.
BTC surged over $64,000, and ETH breached the mark of $3,400. Other digital assets, including meme coins, followed the trend. The upcoming final approval of the Spot Ether ETF also backs ETH; whereas the respective ETFs do not back other tokens. Hence, the association has taken center stage.
Donald Trump’s previous announcement about accepting donations in cryptos sparked a bull run, as many members rushed to make contributions using their digital holdings. He also expressed his dedication to strengthening the market and criticized the current Biden administration for its lack of understanding of cryptocurrencies and relevant technologies like blockchain.
What he says at the Bitcoin Conference will significantly shape the near-term predictions for every cryptocurrency. This includes both the flagship tokens, BTC and ETH.
Bitcoin could further ride a bull run amid the anticipation that Bitcoin halving is beginning to yield results. Ophelia Snyder, the co-founder of 21Shares, said that Bitcoin Halving was taking time to manifest. For reference, Bitcoin halving reduces the supply of Bitcoin tokens and slashes rewards for miners. It then leads to a surge in the token value. Previous halving events have fueled a growing trajectory, and we expect the recently concluded Bitcoin halving event to do the same, even if it occurs by the end of this year.
Other factors that could hamper the Bitcoin price are concerns about inflation and market trends.
The Federal Reserve may announce its decision to cut rates in September, but the probability is lower. Only later could a favorable decision emerge. This would facilitate global liquidity supply, as well as an increase in investor risk appetite.
Meanwhile, the upcoming Bitcoin Conference on July 27, 2024, in Tennessee is getting a lot of attention. Donald Trump will deliver a speech at that event. It is election time, and the crypto community expects him to support the market further and clarify his position in the future. For now, his stand has been a welcome move among crypto enthusiasts.