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Cryptocurrencies started to gain ground in the last week of July as traders digested a series of political developments over the weekend and looked ahead to central bank meetings this week.
Bitcoin It was last up 2% at $69,640.00, according to Coin Metrics. ether Up 3% to $3,382.15.
Investors are returning to the market after Bitcoin gained 1% and Ethereum fell 7% last week. Additionally, traders are watching the Federal Reserve, Bank of Japan and Bank of England – all of which are set to meet this week. Eyes are particularly focused on Federal Reserve Chairman Jerome Powell, who is hoping his comments will confirm an interest rate cut in September.
Bitcoin gains from last week of July
Elsewhere, former President Donald Trump gave a much-anticipated speech at a Bitcoin conference in Nashville over the weekend, taking aim at people including Sen. Elizabeth Warren (D-Mass.), Securities and Exchange Commission Chairman Gary Co. Gensler and Democratic lawmakers including the Biden administration. Trump accused officials of harming the industry by failing to provide rules and regulations for its operations and growth.
He also stated that his policy is to retain 100% of the Bitcoins currently held by the U.S. government (approximately 210,000 Bitcoins) as the beginning of a national strategic Bitcoin reserve. In remarks that drew loud cheers from the crowd, Trump vowed that he would replace Gensler “on day one.”
On the same day, Wyoming’s pro-Bitcoin Republican Senator Cynthia Lummis announced that she will introduce a bill in the next few days to pave the way for a Bitcoin reserve to implement 1 million within a certain period of time. Units of Bitcoin purchase plan.
Democrats’ advocacy for cryptocurrencies
Bitcoin prices fell about 1% during the speech, but recovered shortly after. Economist and author of the Cryptocurrency Is Macro Now newsletter, Noelle Acheson, said she doubts the events over the weekend will prompt action from long-term investors, at least for now.
“Both Trump’s comments and Loomis’ bill will be difficult to pass in Congress,” she said. “Even more overlooked, but potentially more impactful, is the news that (Vice President Kamala Harris’s) team is reaching out to representatives of the cryptocurrency industry.
“This signals a possible more meaningful shift in policy, especially if it leads Vice President Harris to distance herself from conservatives like Senator Warren. In other words, SEC Chairman Gensler quickly The likelihood of being replaced will increase.
during weekends British “Financial Times” report Harris’ advisers are reaching out to cryptocurrency companies to “‘reset’ her Democratic Party’s relationship with the industry that is a key supporter of Donald Trump.”
Cryptocurrency has become an issue of increasing concern in the upcoming U.S. presidential election. Given the hostility to the space among leading Democrats, Trump’s team hopes the niche but growing cryptocurrency vote will help him get elected.
However, the industry has growing bipartisan support in Congress.
Over the weekend, more than a dozen House Democrats and several candidates for congressional seats signed a letter to the Democratic National Committee encouraging a “forward-looking approach” to cryptocurrencies that would include adding “support for digital assets” to the party’s platform language” and select an SEC chairman who can promote cryptocurrency innovation.
