The leading crypto, Bitcoin, spiked during the weekend and overflown into the week. Over the weekend, Donald J. Trump spoke at the 2024 Bitcoin Conference in Nashville, Tennessee, saying BTC is going to the moon.
Political Impacts on Bitcoin
According to on-chain data from CoinMarketCap, BTC currently trades between $69,400 and $69,650 across different exchanges. The crypto Fear and Greed index stands at 74, signifying greed. It’s up three mics from yesterday’s reading of 71.
According to CoinGecko, the global crypto market cap is $2.59 Trillion, up +2.9 % in the last 24 hours. Today’s BTC price nears a seven-week high, falling short of its all-time high by around 6%.
Former U.S. President Donald Trump reiterated his support for crypto, saying that BTC will one day probably surpass Gold’s market cap. He also said that if elected, he would fire SEC Chair Gary Gensler, build a strategic BTC reserve, and prevent the U.S. from selling its BTC holdings.
According to Lookonchain data, at Friday’s Wall Street close, 9 bitcoin ETFs added 630 BTC worth 42.56M. BlackRock’s iShares saw 1,093 BTC inflows worth $73.8M).
As July comes to a close, the economic calendar is busy this week. The Kobeissi Letter posted on X, “Volatility is back with a huge week ahead. […] We have economic data, earnings, and the July Fed meeting all at the same time this week.”
Crypto and traditional finance investors look forward to Wednesday’s Federal Reserve policymakers meeting to discuss possible interest rate decreases. The Fed is likely to give a clear signal for a rate cut at its next meeting in September.
Also Read: Ethereum Projection for Next Week; Pull Back to a New High?
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