Trump puts crypto back in the frame
Was this the moment that swung the US election back in Trump’s favour? Bitcoin holders will certainly be hoping so, with the former/aspiring/potentially-returning President giving arguably the most bullish speech by a politician in living memory.
Speaking at the Bitcoin 2024 convention in Nashville, Tennessee, Trump told a packed audience: “Never sell your Bitcoin. If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future.”
Trump also added that he would fire current SEC Chair and long-time crypto critic Gary Gensler, as well as build a strategic Bitcoin reserve to stave off the threat that “if we don’t embrace crypto and bitcoin technology, China will, other countries will”. Music to the ears of crypto investors around the world.
And while polls may be narrowing between Trump and new candidate Kamala Harris, the markets responded rapidly to potential arrival of a bull into the White House, with the price of Bitcoin leaping 3% over the past 24 hours to just below $70k – its highest price in almost six weeks. Ethereum has also seen a swing of almost 5% since this time yesterday, while Bitcoin Cash is the standout performer – up almost 14%.
In the Markets
Total crypto market cap
$2.47 trillion (+2.94%)
What Bitcoin did yesterday
Daily high $68,301 | Daily low $67,085
Bitcoin market capitalisation
$1.37 trillion (+2.94%)
Bitcoin volume
$23.41 billion (-35.36%)
CoinDesk Large Cap Select Index
+3.5%
The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market.
SP500
+1.11%
Fear and Greed Index
74 (Greed)
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin’s market dominance
56.53
The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.
Bitcoin Relative Strength Index (RSI)
68.49
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
Post Script…
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
