{"id":558064,"date":"2024-07-29T09:33:43","date_gmt":"2024-07-29T09:33:43","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=558064"},"modified":"2024-07-29T09:33:43","modified_gmt":"2024-07-29T09:33:43","slug":"bitcoin-heads-for-70k-after-donald-trumps-landmark-pro-crypto-speech-at-bitcoin-2024-as-pivotal-fomc-meeting-looms","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-heads-for-70k-after-donald-trumps-landmark-pro-crypto-speech-at-bitcoin-2024-as-pivotal-fomc-meeting-looms","title":{"rendered":"Bitcoin Heads For $70K After Donald Trump’s Landmark Pro-Crypto Speech At Bitcoin 2024 As Pivotal FOMC Meeting Looms"},"content":{"rendered":"
Bitcoin<\/span><\/a> 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.<\/span><\/p>\n The BTC price <\/span>jumped<\/span><\/a> 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.<\/span><\/p>\n The Bitcoin price pump follows Trump’s landmark pro-crypto speech at the Bitcoin 2024 conference in Nashville on July 27.<\/p>\n 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.<\/p>\n 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.<\/span><\/p>\n 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.<\/span><\/p>\n #BTC<\/a> $69.5k and not slowing down.<\/p>\n GM pic.twitter.com\/MFs21h6ylz<\/a><\/p>\n — Kaduna (@CryptoKaduna) July 29, 2024<\/a><\/p><\/blockquote>\n<\/p>\n
Potential Interest Rate Cut Could Boost Bitcoin And Other Cryptos<\/span><\/h2>\n
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