Forward of former US President and Republican nominee Donald Trump’s speech on the Bitcoin Convention in Nashville on Saturday, cryptocurrency markets had been buying and selling increased on Friday.At 12:30 am IST, Bitcoin (BTC) was buying and selling 4.3% increased at $67,060, whereas Ethereum surged over 3% to $3,265. In the meantime, the worldwide cryptocurrency market cap rallied by 3.53% to round $2.4 trillion within the final 24 hours.

Trump, who as soon as referred to as cryptocurrency a “scam” in 2021, is now headlining one of many business’s greatest conferences. He’ll converse on Saturday, the final day of the three-day Bitcoin 2024 conference in Nashville.

Trump’s look at Bitcoin 2024 marks his newest present of assist for the business. Final month, he met with bitcoin mining firms at his Mar-a-Lago resort and indicated he want to see extra bitcoin mining by US corporations.

In the meantime, the rally within the blue-chip crypto tokens additionally got here after the US financial knowledge from in a single day gave some trigger for optimism, with financial development sooner than anticipated within the second quarter and inflation cooling. That helped dispel worries that the enlargement was in peril of an abrupt finish, whereas additionally supporting wagers for a Federal Reserve rate of interest reduce in September.

“Bitcoin rebounded above $67,000 following strong U.S. economic data for the second quarter. Positive sentiment was further fueled by VanEck’s projection that BTC’s price could reach $2.9 million by 2050,” stated Edul Patel, CEO of Mudrex.

“Market participants are now eyeing Trump’s speech at the Bitcoin Conference in Nashville today. If Bitcoin can break through the $67,500 resistance, it might target the $68,500 level. Overall, the market sentiment remains positive,” Patel added.

Different widespread altcoins, resembling Solana (3.2%), Dogecoin (4.1%), Toncoin (1.9%), Cardano (4.6%), Avalanche (2.2%), Shiba Inu (3%), Polkadot (2.7%), and Chainlink (2.8%) additionally surged.

The quantity of all stablecoins is now $74.85 billion, which is 91.15% of the full crypto market 24-hour quantity, as per knowledge out there on CoinMarketCap. Bitcoin’s dominance is at present 55.24%. BTC quantity within the final 24 hours rose 4% to $35.3 billion.

“BTC is slightly above $67,000, looking bullish, and could test the range high at $70-71k,” stated CoinDCX Analysis Workforce.

(With inputs from companies)

(Disclaimer: Suggestions, recommendations, views, and opinions given by the specialists are their very own. These don’t symbolize the views of the Financial Instances)

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