Bitcoin Nears All-Time High as Donald Trump Delivers Pro-Crypto Keynote Speech

Bitcoin neared its all-time high earlier today before it was rejected there. There are several factors at play that have supported the price surge of the flagship crypto asset.

Bitcoin (BTC) price encountered a strong resistance level at its all-time high earlier today, preventing it from continuing its upward trajectory. However, the flagship crypto asset has enjoyed a sustained price surge in recent months, thanks to several converging factors.

One significant factor is bitcoin’s price surpassing the average realized price for short-term investors. As BTC soared past $63,500, it marked a crucial point in the market cycle, indicating renewed strength.

Furthermore, on-chain data from CryptoQuant reveals a positive correlation between the market capitalizations of USDT and USDC and bitcoin’s price movements.

Another key factor contributing to bitcoin’s price stability is the fair compensation now being earned by miners after enduring a phase of being underpaid.

Moreover, substantial inflows have been observed in spot Bitcoin ETF funds over the past two weeks, indicating increasing investor confidence in the asset.

Additionally, Mt. Gox has commenced repaying creditors through crypto exchanges Bitstamp and Kraken, which has occurred without causing market panic or supply shocks.

While the launch of spot Ethereum ETFs did not generate much excitement, the positive sentiment was evident throughout the market.

However, the most significant event that influenced bitcoin’s price was the recent Bitcoin conference in Nashville, where former US President Donald Trump delivered a pro-crypto keynote speech.

Trump's Pro-Crypto Stance at Nashville Conference

At the conference, Trump unveiled a bold set of policies designed to reshape the US crypto landscape. If re-elected, he promised that the US government would keep all bitcoin seized in various cases.

To address concerns regarding regulatory overreach, Trump pledged to fire SEC Chairman Gary Gensler on his first day in office. He also proposed cutting energy costs to boost domestic mining and asserted the right to self-custody cryptocurrencies.

In addition, Trump vowed to ban the creation of Central Bank Digital Currencies (CBDCs), introduce a regulatory framework for stablecoins, and end Operation Chokepoint 2.0, which targets financial institutions engaging with crypto.

Another notable commitment was commuting Ross Ulbricht's sentence, as part of his broader vision for the US to become the global crypto capital.

Bitcoin's Next Move After Trump's Appearance

Despite Trump's optimistic remarks at the conference, bitcoin has faced resistance at its all-time high, suggesting that the asset might continue trading within a range, according to the latest update from QCP Capital.

“With Bitcoin failing to breach its ATH despite Trump’s optimistic remarks, it is plausible that Bitcoin will continue trading in a range.”

Bitcoin's recent surge is also attributed to positive sentiment surrounding Vice President Kamala Harris, who is perceived to be more crypto-friendly than Biden. While Harris hasn't directly commented on the asset class, her team has reportedly reached out to major crypto firms like Coinbase, Circle, and Ripple Labs to foster relationships.

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