Thanks to Trump, Bitcoin is once again trading near $70,000

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Last Updated on 28 July 2024 by CryptoTips.eu

It’s been a bad week for tech stocks. The so-called ‘magnificent seven’ lost a trillion in stock market value in one day. A trillion. Truly incredible.

If you compare it to that, crypto is still doing quite well. Most digital coins in the top 10 of CoinMarketCap also had a bad week, but Bitcoin normally ekes out a small profit. At this point, a jump to $70,000 is even possible next week if we were to see a rebound in the stock markets.

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Trump

A tech correction was due, of course. Stocks like Nvidia, Microsoft and Apple had risen to incredible values and so it was only natural that investors took profits. But such a correction also means that the average American is slightly less optimistic about the stock markets, and that of course has its consequences. Normally you would expect Bitcoin to fall along with it, but that did not happen this week.

A lot has to do with the presence of Donald Trump as a keynote speaker at the major Bitcoin conference in Nashville this weekend. Crypto fans have embraced Trump, and the feeling is apparently mutual. Trump’s VP candidate, Ohio Senator JD Vance, owns about $250,000 worth of crypto himself.

Reserve

Trump vowed last night to create a strategic Bitcoin reserve, fire SEC chief Gary Gensler, and at the same time warned of what would happen if Democrats win the November election.

Democratic President Joe Biden was indeed quite negative towards crypto in recent years, especially after the FTX scandal. His Treasury Secretary Janet Yellen as well as Elizabeth Warren, the senator from Massachusetts, were the best-known critics.

It will be interesting to see how the upcoming election affects the Bitcoin price.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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