Eyes on Trump's Mouth... Approaching $68,000 Again [Bitcoin Now]

Up 1.87% from a week ago
Repayment pressure from Mount Gox
Industry interest in Trump's speech content

On the 26th (local time), the 'Bitcoin 2024' event is being held at the Music City Center in Nashville, Tennessee, USA. [Image source=Getty Images Yonhap News]

The Bitcoin market in the fourth week of July experienced a volatile trading session. Amid the burden of repayment volumes from the Japanese virtual asset exchange Mt. Gox, the keynote speech by former U.S. President Donald Trump, who has proclaimed himself the 'President of Virtual Assets,' is raising expectations. The key point to watch is whether he will present the direction of U.S. virtual asset regulations and a concrete roadmap for them.

According to the global virtual asset market tracking site CoinMarketCap, as of 11:26 AM on the 27th (Korean time), the price of Bitcoin was $67,798.73, up 1.68% from the previous day. Compared to a week ago, it rose 1.87%, and compared to a month ago, it increased by 11.32%. The year-over-year increase stands at approximately 130.90%.

The price, which started in the $66,000 range on the 21st, surged to a high of the $68,000 range on the 22nd but then plunged sharply from the early hours of the 23rd. On the 25th, it dropped to a low of $63,600, breaking the $64,000 support level. Since then, it has reversed upward and is approaching the $68,000 level again.

Last week's sharp decline is believed to be due to the burden from repayments by Mt. Gox creditors. As initially announced, Mt. Gox began repaying 140,000 Bitcoins starting in July. Mt. Gox creditors began receiving Bitcoin and Bitcoin Cash repayments on the 23rd (local time) at the Kraken virtual asset exchange.

On the other hand, the recent rebound is interpreted as being due to the inflation indicators in the U.S. continuing to show a slowdown in June, increasing the possibility of a rate cut. The U.S. Department of Commerce announced that the June Personal Consumption Expenditures (PCE) price index rose 2.5% year-over-year, matching the expert forecasts compiled by Dow Jones. The PCE price index measures the prices paid by U.S. residents when purchasing goods and services.

The 'Bitcoin 2024 Conference,' which opened on the 25th (local time) in Nashville, Tennessee, also boosted prices. Former President Trump is scheduled to deliver the keynote speech on the last day of the three-day event, the 27th (local time).

The virtual asset specialized media CoinDesk noted that the industry is paying close attention to former President Trump's remarks. Fred Thiel, CEO of Bitcoin mining company Marathon Digital, stated, "If the U.S. holds Bitcoin as a strategic reserve, it could have an impact," adding, "The U.S. should be the largest holder of Bitcoin and the largest Bitcoin miner." He viewed Bitcoin as a strategic asset similar to the strategic petroleum reserves held by the U.S. for emergencies.

Former President Trump, who was once a Bitcoin skeptic, has reversed his stance 180 degrees this year. According to foreign media, in June, Trump invited executives from U.S. virtual asset mining companies CleanSpark and Riot Platforms to his Mar-a-Lago residence in Florida and expressed support for virtual assets. According to Matt Schultz, CEO of CleanSpark, who attended the meeting, Trump said, "Bitcoin mining helps stabilize energy supply, and if I enter the White House, I will support mining companies."

According to virtual asset data provider Alternative, the Fear & Greed Index, which indicates investor sentiment as of that day, was 72 points (Greed). This is the same rating as last week's 74 points (Greed). Alternative's Fear & Greed Index ranges from 0 points, indicating extreme fear and pessimism about investing, to near 100 points, indicating optimism.