Bitcoin Heads For $70K After Donald Trump's Landmark Pro-Crypto Speech At Bitcoin 2024 As Pivotal FOMC Meeting Looms

Bitcoin Heads For $70K After Donald Trump’s Landmark Pro-Crypto Speech At Bitcoin 2024 As Pivotal FOMC Meeting Looms

Updated: 29 July 2024

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Bitcoin surged towards $70K after former US President Donald Trump’s landmark speech at Bitcoin 2024 at the weekend and as a potentially pivotal Federal Open Market Committee (FOMC) meeting looms this week.

The BTC price jumped over 3% in the last 24 hours to trade at $69,510.03 as of 3:40 a.m. EST as the crypto industry’s overall market cap jumped by an identical amount.

The Bitcoin price pump follows Trump’s landmark pro-crypto speech at the Bitcoin 2024 conference in Nashville on July 27.

Trump said he’d fire Securities and Exchange Commission chair Gary Gensler on day one if he regains the White House in November’s election, would set up a strategic Bitcoin reserve, and make the US the world capital of the crypto industry.

Potential Interest Rate Cut Could Boost Bitcoin And Other Cryptos

With the next FOMC meeting scheduled for July 30 to 31, analysts anticipate that the central bank may hint at a potential interest rate reduction. Such a cut is expected to take place at theSeptember FOMC meeting and could see a transition from a restrictive monetary policy to a more neutral stance.

Currently, the FOMC is expected to maintain interest rates at between 5.25% and 5.50% until a cut is announced. Factors including subsiding inflation, increasing unemployment and declining consumer spending all point to a potential rate cut.

#BTC $69.5k and not slowing down.

GM pic.twitter.com/MFs21h6ylz

— Kaduna (@CryptoKaduna) July 29, 2024

A confirmed rate cut in September could unlock a wave of capital for riskier asset classes including crypto. Some investors have already started buying into crypto, with most of the top 10 cryptos printing 24-hour gains.

Solana Leads The Top 10 In 24-Hour Gains

Top 10 cryptos by market cap (Source: CoinMarketCap)

Solana printed the biggest gain in the top 10 list during the last 24 hours with a 4% surge, taking SOL’s weekly performance past 7%.

Altcoin leader Ethereum (ETH) was the next best-performing top 10 crypto following a 4% surge. This pushed the altcoin leader’s price to $3,367.22. Toncoin (TON) and Dogecoin (DOGE) came in third and fourth position, respectively, after both of them achieved 24-hour gains of more than 3%.