Bitcoin price rises to $63k on speculation of friendlier regulations under potential Trump presidency

From Investing.com

July 16, 2024 01:46 AM:

Bitcoin price surged on Tuesday due to expectations of friendlier crypto regulations in the U.S., as traders speculated about a potential second term for Donald Trump in 2024. Reports indicated that the SEC was close to approving ETFs tracking Ether, boosting optimism. Bitcoin rose 2.3% to $64,073.6, rebounding from recent lows of $54,000 in July.

The price increase was partly fueled by a failed assassination attempt on Trump, enhancing his popularity and potential as a candidate in the 2024 presidential race. Trump, now officially nominated as the Republican candidate, has been supportive of the crypto industry, emphasizing the importance of building its future in the U.S. He is set to speak at the Bitcoin Conference in Nashville later this month, suggesting a positive regulatory outlook under his presidency.

Altcoins followed Bitcoin’s gains, with Ether rising 2.6% to $3,420.75. The SEC’s preliminary approval of spot ETFs for asset managers could attract institutional investors, similar to Bitcoin’s rise after the launch of spot ETFs earlier this year. Other altcoins, such as Bitcoin Cash and Litecoin, saw increases, while Dogecoin traded sideways. Meme tokens like Shiba Inu and Dogelon Mars also recorded gains.

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