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The bitcoin price climbed 0.5% in the last 24 hours after presidential candidate Donald Trump said he would set up a strategic national Bitcoin reserve, fire Securities and Exchange Commission chair Gary Gensler, and make the US the crypto capital of the world if he regains the White House in November.
“Never sell your bitcoin,” he said in a speech at the Bitcoin 2024 conference in Nashville on July 27. “On day one, I will fire Gary Gensler. I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over.”
The BTC price traded at $68,048 as of 7:20 p.m. EST on a 32% pump in trading volume to $36 billion.
AMERICA AND BITCOIN
A historical speech. Here is Donald Trump's full speech at the Bitcoin Conference with timestamps and transcript.TIMESTAMPS
1:36 – Shoutouts to David Bailey, Winklevosses, Michael Saylor, Cathie Wood, Ron Paul and Rand Paul, Vivek, and the victims of the… pic.twitter.com/YlQWeTuAIz— Balaji (@balajis) July 27, 2024
Speaking to a crowd of about 5,000, Trump expressed his desire for Bitcoin to be “mined, minted, and made in the U.S.” He also outlined a broad crypto policy that covers everything from regulating stablecoins to supporting the right to self-custody Bitcoin.
In a related development, Senator Cynthia Lummis said she plans to introduce a bill next week directing the U.S. Treasury to buy 1 million Bitcoin over five years, which would cost almost $70 billion at current prices. She believes this move will help counteract dollar debasement.
Over five years, the United States will assemble one million Bitcoin, 5% of the world’s supply! #Bitcoin2024 pic.twitter.com/mPuqbq9RK8
— Senator Cynthia Lummis (@SenLummis) July 27, 2024
Lummis views Bitcoin as a strong store of value, noting its 55% annual increase over the past four years, compared to the dollar’s decline amid rising inflation.
Bitcoin Price Breakout Looms: Is A Bull Run Imminent?
The Bitcoin price is still trading within the bullish pennant formation. This indicates that bulls might be gearing up for a rally above the pennant. The formation suggests a possible upward trend, hinting that the bullish momentum could persist and drive prices beyond Bitcoin’s previous all-time high.
BTCUSDT Analysis (Source: Tradingview)
Bitcoin price shows a rebound on the 50 day simple moving average (SMA), and also remains above the 200-day SMA. A potential rise in Bitcoin’s price could validate expectations of breaking above pennant’s upper trendline.
Despite the Relative Strength Index (RSI) showing a brief bearish trend, it has rebounded on the midline level of 50 to 63, indicating intense buying pressure. This suggests a potential upside to the 70 overbought region.
Furthermore, the sentiment is reinforced by the green histogram bars on the Moving Average Convergence Divergence (MACD) indicator and a recent crossover, in which the blue average line has moved above the orange signal line.
Bitcoin Price Prediction: Can The Bitcoin Bulls Sustain The Momentum?
Bitcoin’s price is set for a major bull rally, after a recent rebound on the 50-day SMA. Traders are leveraging the bullish pennant to push for a potential new all-time high of $86,527.
However, if bears regain control they could push the price down, it might fall below the 50-day SMA to around $65,227. Further downward pressure could drive it down to the 200 SMA at $61,514.
A Promising Alternative To Bitcoin
As excitement builds around Trump’s crypto policies and their impact on the Bitcoin price, investors are snapping up a new learn-to-earn crypto called 99Bitcoins($99BTC), which has zoomed past $2.5 million in presale.
99Bitcoins is an educational platform with over 2 million registered users for its courses and more than 706k subscribers to its YouTube channel.
The platform is gearing up to launch a decentralized platform that aims to empower users to delve deeper into the world of crypto while also allowing them to earn tokens through education. It uses a friendly approach, utilizing interactive videos to simplify learning.
Following the highs of Q1 2024, the #Crypto market faced a retrace in Q2. Despite this, #MemeCoins have remained as the most popular and profitable narrative. 🤩
Memecoins delivered massive returns in Q1 2024, with an average return of 1,313% across the top tokens. 🔥 pic.twitter.com/GEIfbnWFTa
— 99Bitcoins (@99BitcoinsHQ) July 26, 2024
99Bitcoins seeks to make learning about Bitcoin more fun and engaging by turning it into a game. Users can advance through levels and earn rewards in $99BTC tokens by completing lessons and challenges.
They can also stake their tokens for an impressive annual return of 676%.
This is why ClayBro, a prominent crypto YouTuber with more than 130k subscribers, believes that 99BTC could potentially explode after launch on tier-one exchanges.
With just 9 days until the 99BTC presale ends, you can purchase 99BTC from the official website for $0.00115.
🔥 Our #Presale is nearly over! 🔥
Secure your $99BTC tokens now before the final price increase! 👀
The presale ends on the 6th of August at 2 PM UTC. Don’t miss out! 🗓️ #99Bitcoins #BTC #Crypto pic.twitter.com/ggU70617jT
— 99Bitcoins (@99BitcoinsHQ) July 23, 2024
With the price set to increase in less than 2 days, buy now for the best deal.
Buy 99BTC from using ETH, USDT, or a bank card.
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