BTC Sees a Rollercoaster of Emotions as Trump Promises to Make Cryptocurrency 'Very Big'

All eyes in the crypto community yesterday were on the Bitcoin Conference in Nashville as Donald Trump was scheduled to appear and talk about BTC

The price of bitcoin (BTC) went on a wild rollercoaster ride on Monday as all eyes in the crypto community were on the Bitcoin Conference in Nashville, Tennessee. Former President Donald Trump was scheduled to appear at the event and talk about BTC, which eventually led to some serious price volatility for the asset.

After a week of anticipation and a weekend of interesting price action, bitcoin started to lose value rapidly on Monday. In a matter of minutes, the asset's price dropped by $2,000 as news broke that President Joe Biden would not be seeking re-election in 2024. However, the price of BTC quickly recovered from this initial decline and began to pump. In total, BTC surged by more than $3,000. At one point on Monday, the asset topped out at $68,400 for the first time in over 6 weeks.

But BTC couldn't maintain its momentum and started to lose value again gradually. A more substantial price decline occurred on Thursday when BTC plummeted from $67,200 to $63,400. Despite this move, the bulls managed to intercept the price drop and initiated a leg up on Friday and Saturday that drove bitcoin back up to $68,000.

Anticipation for Trump's speech at the Bitcoin Conference began to build on Monday, and BTC spiked to a 7-week high of over $69,300. The rollercoaster came when he took to the stage and made several big promises. In a matter of a few hours, bitcoin dumped to $66,500, recovered to $69,000 and fell back down to its current position of $67,500.

BTC's price volatility on Monday led to a mixed performance by other cryptocurrencies. Most alts charted slight losses, but some managed to eke out small gains. Overall, the total crypto market cap slipped from a 7-day high of over $2.540 trillion to $2.520 trillion.

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