Despite facing a wave of selling pressure in global financial markets, Bitcoin managed to rise by 4.2% in the past 24 hours, reaching $67,006.2. This recovery came after hitting lows of around $63,000 earlier in the week. The highly speculative nature of the crypto sector made it particularly vulnerable to the risk-off trend that dominated the markets.
All eyes are on Republican presidential nominee Donald Trump, who is set to speak at the Bitcoin Conference in Nashville. The former president has recently shown a pro-crypto stance in his campaigning efforts. Traders are eager to hear if he will maintain this rhetoric during his address and whether he will provide more regulatory clarity for the U.S. crypto industry. Speculation over a potential Trump presidency had previously boosted Bitcoin, but recent polls showing a narrowing gap with Democratic frontrunner Kamala Harris have reignited concerns about regulatory crackdowns.
Marathon Digital Holdings Inc, one of the largest Bitcoin miners in the U.S., announced on Thursday that it had bought $100 million worth of Bitcoin from the open market. The company now holds over 20,000 Bitcoin tokens on its balance sheet and has pledged to keep all of its mined Bitcoin. Additionally, they plan to acquire more tokens from the open market, showing confidence in the future of Bitcoin.
Following Bitcoin’s bounce back, altcoin prices also saw improvements. Ether, the world’s second-largest token, increased by 2.9% to $3,263.68, marking its first positive session since the launch of spot exchange-traded funds in U.S. markets. Other altcoins like ADA, XRP, SOL, and meme tokens like DOGE also experienced gains ranging from 1% to 4.7%. Traders are keeping an eye on upcoming key U.S. inflation data and the Federal Reserve meeting for further market cues.
Overall, the cryptocurrency market is cautiously optimistic as it awaits Trump’s address at the Bitcoin Conference and monitors the broader financial landscape for potential shifts. The recent volatility and regulatory concerns have added uncertainty to the market, but developments in the coming days could provide more clarity and direction for investors and traders alike.