The price of Bitcoin surged on Monday, extending gains made over the weekend after Republican presidential candidate Donald Trump raised the likelihood of more favorable regulation during his speech at the Bitcoin Convention.
Although the cryptocurrency initially reacted somewhat negatively to Trump’s speech, mainly because he stopped short of specifically promising a national reserve, buyers stepped in shortly afterward.
Bitcoin rose 3.3% in the last 24 hours to around $69,645.20.
Trump Promises Looser Regulations, Race with China
Trump mentioned on Saturday during the Bitcoin Conference that the United States should become the world leader in cryptocurrencies ahead of China and that he would implement looser regulations than Democratic presidential candidate Kamala Harris.
Trump signaled that he would create a cryptocurrency advisory council for the White House and establish a national Bitcoin reserve using the US government’s current holdings, most of which were seized for law enforcement activities.
“Never sell your Bitcoin. If elected, it will be the policy of my administration, the United States of America, to hold 100% of all Bitcoin that the United States government currently owns or acquires in the future,” Trump stated.
Trump, who in 2021 called cryptocurrency a scam, has courted the sector in his recent election campaign. His campaign accepts donations in cryptocurrencies, and the former president has also launched his own collection of non-fungible tokens.
Trump also vowed to fire Securities and Exchange Commission Chairman Gary Gensler, who has been on a regulatory crusade against the cryptocurrency industry.
Recent polling data indicated that Trump is poised for a close race with Harris, who so far has not outlined any plans for regulating additional crypto assets such as Ethereum. Given her past as a prosecutor with expertise in financial fraud, it seems possible that Harris will follow through on the government’s strong crackdown on cryptocurrencies.
Bitcoin’s price benefited from speculation about a Trump presidency, bouncing sharply in the past two weeks from four-month lows. However, further gains in the token remain doubtful, as the defunct Mt. Gox cryptocurrency exchange continues to mobilize its Bitcoin holdings for distribution.
Cryptocurrency Prices Today: Altcoins Advance with Rate Cuts in Focus
Cryptocurrency prices generally advanced on expectations of more favorable US regulations. Speculation about US interest rate cuts ahead of this week’s Federal Reserve meeting also supported risk assets.
The second-ranked token in the cryptocurrency market, Ether, rose about 4.8% to approximately $3,375.63, on increased interest following last week’s launch of spot exchange-traded funds that track the token.
