A highly anticipated speech from former US President Donald Trump at the Bitcoin 2024 conference in Nashville had a positive impact on the community of attendees and the price of the leading digital asset.
Trump’s pledge to end Joe Biden and Kamala Harris’ “anti-crypto crusade,” and to fire U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler from the day he assumes office was met with cheers from the crowd of Bitcoin advocates.
The price of bitcoin did not immediately rise following the speech, but was instead tracking lower before Trump finished addressing the crowd.
According to crypto trader “@DefiSquared,” a number of speculative buy positions were closed before Trump’s speech ended, implying that bitcoin’s price might have been considerably higher if it wasn’t for short term speculators.
At the time of writing, the leading digital asset gained 3.3% over the last 24 hours, hovering around the $69,700 mark — a level last seen in mid-June.
Overall, market sentiment around bitcoin appears to have turned around over the last few weeks.
“The ratio of positive vs. negative comments toward BTC has launched to its highest level since March, 2023 as an all-time high is back on radars,” market intelligence platform Santiment noted in a post on X.
Another factor that tipped the scales in bitcoin’s favor during this market cycle is the U.S. spot bitcoin exchange-traded funds (ETFs), said analysts from Coinbase Institutional and Glassnode in their latest guide to crypto markets.
“Spot ETFs have created a significant source of new demand for bitcoin, but new supply of BTC is limited to miners’ rewards,” said the analysts.
“In the five-and-a-half months since spot ETFs began trading, demand from ETFs has significantly outpaced issuance.”
