Bitcoin’s price took a sharp drop of $2.5K recently, following the much-anticipated speech by former US President and current Presidential Candidate Donald Trump at Bitcoin 2024 in Nashville. The price plummeted from an intraday high above $69K to below $67K before Trump took the stage.
However, as Trump’s speech concluded, the price began to climb back up. This recovery was attributed to some key statements made by Trump during his address. He promised to end the “war” on crypto started by the Biden administration if he were to be elected. Additionally, he vowed to dismiss Gary Gensler, the Chairman of the United States Securities and Exchange Commission, on his first day in office. These declarations were met with enthusiastic cheers from the audience.
Trump also emphasized his intention to ensure that crypto regulations in the US are developed by individuals who have a deep understanding of the industry. He also expressed his commitment to ensuring that the US retains all the bitcoins it acquires, reinforcing the message to “Never sell your Bitcoin.” Furthermore, he announced his ambition to transform the USA into the global capital of cryptocurrency.
In light of these developments, the market responded positively, signaling a hopeful outlook for Bitcoin and the crypto industry as a whole.
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