Bitcoin Rockets Back to $70,000 Amid Major Political and Financial Boosts

29. Jul 2024 Posted by Laurent C. on News

Following a weekend filled with significant developments, Bitcoin price has surged back to the $70,000 mark, a level it hadn't seen since early June. This latest rally has raised questions about what has driven BTC's explosive growth today. Notably, the leading cryptocurrency had reached an all-time high of $73,000 just three months ago. Over the past 30 days, Bitcoin has increased by more than 14%, and in the last 24 hours alone, it has risen nearly 3%, currently trading at $69,959.

Several key events over the weekend have contributed to this bullish momentum. Earlier this year, Bitcoin's adoption saw a significant boost with the approval of the first Spot Bitcoin ETFs in the United States, a pivotal development that allowed traditional finance giants like BlackRock and Fidelity to invest in BTC. This institutional participation has been crucial in driving Bitcoin's recent growth.

One of the most influential events was the appearance of former US President Donald Trump at the Bitcoin Conference 2024 in Nashville. Trump's speech electrified the crypto market as he promised to establish a “Strategic Bitcoin Reserve” if he wins the presidential election in November. Additionally, he vowed to replace SEC Chairman Gary Gensler, who has been a controversial figure in the crypto community due to his regulatory stance. Trump's call for regulatory reform is seen as a potential game-changer for the industry.

Moreover, US Senator Cynthia Lummis introduced a bill that could further integrate Bitcoin into the US financial system. The bill proposes that the US Treasury acquire 1 million BTC, worth nearly $68 billion, over the next five years. Lummis suggested that these tokens could be held for at least 20 years or sold to help reduce the national debt, which recently surpassed $35 trillion.

The combination of these positive developments has significantly boosted Bitcoin's price and market sentiment. As BTC hovers around the $70,000 mark, the outlook remains bullish, with no signs of slowing down.