Finance

Bitcoin and Crypto Stocks Surge After Trump's Endorsement

Jul 29, 2024 1 min read

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Bitcoin has reached its highest level in over six weeks, hitting approximately $69,745, following remarks by Donald Trump at the Bitcoin 2024 convention in Nashville, Tennessee. Trump pledged to end what he described as the "persecution" of the cryptocurrency sector if elected U.S. President, vowing to position the U.S. as the global leader in cryptocurrency. He also promised to adopt a more pro-bitcoin stance than his competitor, Kamala Harris, and proposed removing Gary Gensler, the current chair of the Securities and Exchange Commission (SEC), on his first day in office. Additionally, Trump suggested creating a presidential advisory council on cryptocurrency and establishing a national Bitcoin reserve using seized cryptocurrency.

Following Trump's remarks, shares of US-listed cryptocurrency firms saw a notable increase. Crypto exchange Coinbase's shares rose by 3.7%, while miners Bitfarms, Riot Platforms, and CleanSpark experienced gains ranging from 3.4% to 4.5%. Analysts believe a Trump victory could be more favorable for the cryptocurrency sector, contrasting with the Biden administration's stringent regulatory measures. Despite the criticism, SEC Chair Gary Gensler has defended his regulatory stance, highlighting the volatility and speculative nature of cryptocurrencies like bitcoin.

#politics #cryptocurrency #bitcoin #blockchain #markets #business #tech

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