Bitcoin Rises to Nearly $70K After Trump’s BTC 2024 Speech

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Bitcoin {{BTC}} climbed to nearly $70,000, its highest level since early June, at the start of the European morning as the crypto market rebounded from Donald Trump’s appearance at BTC 2024 in Nashville on Saturday. The Republican presidential candidate announced plans to create a strategic BTC reserve if elected in November. Bitcoin is currently trading at around $69,650, up 2.5% in the past 24 hours. The broader digital asset market is up nearly 3% as measured by the CoinDesk 20 Index, with bitcoin cash (BCH) leading the gains, up more than 15% to $453.

Donald Trump, in his speech at BTC 2024, announced his intention to hold a “strategic national bitcoin reserve,” while also pledging to “never sell” bitcoin seized by the U.S. government. “If we don’t do it, China will,” he said of embracing digital assets. Crypto is “the steel industry of 100 years ago, you’re still in your infancy,” he said. “It’s probably going to overtake gold one day.” He added that Democrats holding the White House would be a disaster for crypto. “If they win this election, you’re all gone.” Trump said his day one plans, if elected, include firing Gary Gensler, the influential chairman of the SEC, who is widely hated in the crypto industry. The pledge was met with thunderous applause from the crowd. “I didn’t know you were so unpopular,” Trump said.

COMP, the native token of credit protocol Compound, has fallen by more than 6% after the decentralized autonomous organization (DAO) that runs the protocol was hit by a potential “governance attack.” A governance attack occurs when an attacker has enough voting power in a DAO to manipulate the protocol for personal gain, exploiting the permissionless and tradable nature of governance tokens. The attack on Compound involved a series of coordinated efforts to manipulate the platform’s decision-making process via significant COMP token delegations led by a whale named Humpy. The whale was attempting to allocate $24 million worth of COMP to a yield-generating protocol called goldCOMP, which is managed and controlled by a group known as the Golden Boys. The group made multiple attempts, with the latest attempt ultimately being successful.

Chart of the Day

(Trade Outlook)

Bitcoin has finally broken through the resistance of the trendline connecting the March and April peaks.

This breakout could attract momentum traders and open the door to new highs.

Source: TradingView

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– Omkar Godbole

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