The price of Bitcoin saw a 4.2% increase in the past 24 hours, reaching $67,006.2 by 02:07 ET (06:07 GMT). This rebound comes after hitting lows of around $63,000 earlier in the week. The cryptocurrency was affected by selling pressure in global financial markets, leading to a risk-off trend that particularly impacted the highly speculative nature of the crypto sector. However, Friday showed signs of this risk-off trend easing.
Republican presidential nominee Donald Trump is scheduled to speak at the Bitcoin Conference in Nashville on Saturday. His appearance comes amidst a pro-crypto stance in recent campaigning efforts. Traders are eager to see if he maintains this rhetoric during his address, as well as whether he will outline plans for regulatory clarity in the U.S. crypto industry. Speculation surrounding a potential Trump presidency had previously boosted Bitcoin, but with polls showing Democratic frontrunner Kamala Harris narrowing the gap, concerns of a regulatory crackdown on crypto under Harris’s administration have emerged.
Marathon Digital Holdings Inc, a major Bitcoin miner in the U.S., announced the acquisition of $100 million worth of Bitcoin from the open market. The company now holds over 20,000 Bitcoin tokens on its balance sheet and intends to retain all mined Bitcoin, while also planning to purchase more tokens from the open market.
Other cryptocurrencies also experienced a positive trend, with Ether rising by 2.9% to $3,263.68. This increase marked Ether’s first positive session since the launch of spot exchange-traded funds in U.S. markets. Altcoins like ADA, XRP, SOL, and meme tokens like DOGE also saw gains ranging from 1% to 4.7%, tracking Bitcoin’s recovery.
The rise in Bitcoin price ahead of Trump’s speech at the Bitcoin Conference reflects a combination of market dynamics, political speculation, and regulatory concerns. Investors will be closely monitoring Trump’s address and its implications for the crypto industry, as well as keeping an eye on broader cryptocurrency market trends.