Bitcoin Nears $70K on Back of Trump's Speech, Bitcoin Cash and Base Memecoins Lead Crypto Market Gains

Mt. Gox payouts seem to have not spooked BCH holders as the forked version of bitcoin outperformed the market in an otherwise slow trading day.

Bitcoin price rose on Monday as the asset approached the $70,000 mark for the first time since early June. This rise comes amid a day of otherwise slow trading in the crypto market.

However, Bitcoin Cash (BCH), and a recently launched memecoin dubbed BRETT, on the Base blockchain, led gains in the crypto market. But, some memecoins, such as those themed around Donald Trump, continued to trade in the red.

Bitcoin rose to a high of $69,880 on Monday afternoon in Asian hours, approaching the key $70,000 price level for the first time since June 5. From there, BTC last traded up 3% on the day at around $69,560, with the price now up over 100% year-to-date.

Monday’s price rise also saw the liquidation of a $13.8 million short bet, while $11.4 million ETH short were wiped out, according to CoinGlass data.

Meanwhile, BTC price initially rose sharply last week after Republican candidate Donald Trump revealed plans to make the asset a national strategic asset if brought to power in November.

In a highly anticipated speech on Saturday, Trump said that if elected in November, he would fire current SEC Chair Gensler, build a strategic bitcoin reserve, and prevent the U.S. from selling its bitcoin holdings. He believes that the asset could compete with gold one day and be “the steel industry of 100 years ago.”

Moreover, BCH price outperformed the market on Monday as the Mt. Gox exchange finished distributing tokens to its creditors. But, despite fears that a large amount of BCH would hit the market and drag the price down, that doesn’t appear to have happened.

BCH price rose over 10% on Monday, outperforming the CoinDesk 20, a measure of the largest and most liquid digital assets, which is up 3.6%. BCH price last changed hands at $484.

Mt. Gox bankruptcy trustee Nobuaki Kobayashi earlier this month announced the completion of bitcoin payouts to creditors who opted for cryptocurrencies over fiat currencies. But, the trustee later said that the remaining BCH and BTC payouts would be delayed.

After the bitcoin payouts were processed on March 31,の中から選択する残高を円で受け取る or 15 different cryptocurrencies, including bitcoin, ether (ETH), bitcoin cash (BCH), XRP, dogecoin (DOGE), and litecoin (LTC).

Initially, some analysts believed that BCH would be the loser in the Mt. Gox trade, as the bankruptcy redemptions would result in a disproportionately larger percentage of BCH coming into the market compared to Bitcoin, but that fear seems to have been unfounded.

In other news, the market appears to be reacting favorably to BRETT, a ‘mascot’ memecoin on the already meme-heavy Base blockchain.

BRETT is the roommate to Matt Furie’s Pepe the Frog, a comical slacker character from Boy’s Club. The character was later transformed into an internet meme and became a symbol of the alt-right movement. Pepe was later adopted by the crypto community, and now his roommate has a memecoin.

According to CoinGecko, BRETT is up 11% in the last 24 hours, while POPCAT, a cat-themed memecoin is up 7%.

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