Bitcoin Nears $70K – What’s Driving This Sudden Surge?

Bitcoin Is Nearing $70,000 – What’s Triggering This Spike?

Bitcoin is making big moves once again, skyrocketing to $69,588 on July 29, 2024. The cryptocurrency is currently just 6% away from its all-time high set in March.

This rise comes after surprising political developments and changing economic indicators.

Politicians Embrace Bitcoin at Bitcoin 2024 Conference

Speaking at the Bitcoin 2024 conference in Nashville, former US President Donald Trump vowed to create a “strategic Bitcoin reserve” if he is re-elected. He also promised to keep all Bitcoin held by the government in the reserve.

Trump’s support is not a one-off. Senator Cynthia Lummis suggested that the US Treasury Department buy 1 million Bitcoins, a sign that mainstream political support is growing.

Not to be outdone, independent candidate Robert F. Kennedy Jr. said at the same conference, “I’m a big supporter of Bitcoin. Most of my wealth is in Bitcoin. I’m totally invested.”

Kennedy’s support for Bitcoin aligns with his libertarian-leaning views, as he has criticized the Federal Reserve, arguing that it serves the interests of bankers rather than the general public.

Economic Factors

Economic factors also play a role. June inflation figures showed signs of cooling, with the PCE index rising just 0.1%.

This has fueled speculation about possible cuts in interest rates.

The upcoming US presidential election is adding another layer of excitement to the market, with some analysts predicting that Bitcoin’s performance will be closely tied to Trump’s election prospects.

As Bitcoin approaches $70,000, investors are watching closely. The combination of political support, declining inflation, and institutional backing has created a powerful mix of bullish factors.