Bitcoin
Bitcoin surges on Trump as investors weigh Democratic ticket change
Last updated: July 20, 2024 at 5:58 AM ET
First published: July 19, 2024 at 5:31 PM ET
Bitcoin’s price surged on Friday as cryptocurrency investors continued to take heart from Republican presidential frontrunner Donald Trump’s embrace of digital assets and digested reports that President Joe Biden may drop out of the race for the White House.
Major cryptocurrency BTCUSD surged 6% on Friday to $67,235, its highest level since June 13, according to Dow Jones Market Data. Bitcoin is still more than 8% below its record high of $73,798 reached in March, while it has surged nearly 60% this year to date.
Bitcoin…
Bitcoin’s price surged on Friday as cryptocurrency investors continued to take heart from Republican presidential frontrunner Donald Trump’s embrace of digital assets and digested reports that President Joe Biden may drop out of the race for the White House.
The largest cryptocurrency
rose 6% on Friday to $67,235, its highest level since June 13, according to Dow Jones Market Data. Bitcoin is still more than 8% below its record high of $73,798 reached in March, while it is up nearly 60% this year to date.
Bitcoin surged as investors raised their expectations that the next US presidential administration will be more crypto-friendly, according to Peter Eberle, chief investment officer at Castle Funds.
Investors have been increasing their bets on Donald Trump winning the November presidential election. Trump is now seen as pro-cryptocurrencywith the former president having changed its position on digital assets after criticizing the industry in the past.
To read: Trump is winning votes by supporting cryptocurrencies, digital asset fans say at GOP convention
Meanwhile, if there is a new Democratic presidential candidate instead of Biden, he is likely to be more supportive of digital assets to gain an advantage in the election, Eberle said.
Industry participants will also be watching Trump speak at a bitcoin conference next week in Nashville, Tennessee. The Republican presidential candidate is scheduled to speak at the event at 3 p.m. Eastern time on July 27.
While bitcoin bulls hope the speech will give the cryptocurrency another leg up, the conference has failed to spark a significant price surge in the past based on historical data, noted Greg Cipolaro, global head of research at NYDIG.