Bitcoin Rises Above $67,000 Ahead of Trump's Bitcoin 2024 Speech

07/26/2024

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The cryptocurrency community is expecting US presidential candidate Donald Trump to speak soon at the Bitcoin 2024 conference in Nashville.

Bitcoin significantly reduced its weekly losses on the last trading day as the market awaits Trump's speech at the Bitcoin 2024 conference. He is expected to announce the establishment of strategic reserves in Bitcoin. Earlier, Senator Cynthia Lummis hinted that she would introduce the bill in hopes of gaining Trump's support.

At the time of writing, Bitcoin has risen by almost 5% in the last 24 hours to the mark of $67,400. Experts emphasize that at the moment none of the traders dare to short, as they are confident that after Trump's speech, Bitcoin will continue to grow.

Another reason for the growth was the expectation of the publication of fresh inflation data. The core PCE price index is expected to grow by 0.1% month-over-month in June. The PCE Price Index is projected to grow at an annualized rate of 2.5%, slightly below the previous 2.6%, but still above the Fed's 2% target.

Returning to the Bitcoin 2024 conference theme, independent U.S. presidential candidate Robert F. Kennedy, Jr. once again voiced his support for Bitcoin.

🚨RFK JR: "I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin. I am fully committed." pic.twitter.com/GrDB8nSirI
— Autism Capital 🧩 (@AutismCapital) July 26, 2024

Meanwhile, Kamala Harris, the Democratic candidate, believes Bitcoin is being used for “criminal” activities.

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