Bitcoin rises on strong US economic data and anticipation of Trump’s Nashville speech

Bitcoin began the week on a high note, trading at around $68,000. Market participants were buoyed by optimism about Donald Trump’s potential election win. Tuesday marked a significant milestone in the cryptocurrency market with the trading debut of Ether ETFs following the SEC’s approval. This development was highly anticipated, as it represents a significant step towards mainstream acceptance and institutional adoption of Ethereum, the second-largest cryptocurrency by market capitalization. The approval of Ether ETFs is seen as a validation of the crypto sector, encouraging further investment and interest.The mid-week brought a downturn, with Bitcoin falling back to the $64,000 level. This decline was partly driven by disappointing earnings reports from major tech companies like Alphabet and Tesla. As tech stocks tumbled, the ripple effect was felt in the cryptocurrency space. Another factor contributing to the mid-week slump was the continued selling pressure from Mt. Gox creditors. The combined effect of tech stock declines and Mt. Gox-related selling pushed Bitcoin down to the $64,000 mark.

Friday brought a welcome relief, with Bitcoin rebounding to the $67,000 level. This resurgence was fueled by strong US economic data for the second quarter, which indicated robust growth and resilience in the economy. Additionally, bullish projections from investment management firm VanEck added to the positive sentiment. VanEck’s analysis suggested that Bitcoin’s price could potentially reach $2.9 million by 2050, a projection that captured the market’s imagination and sparked renewed buying interest.

Market participants are turning their attention to Donald Trump’s upcoming speech at the Bitcoin Conference in Nashville scheduled for today. Trump’s remarks could have significant implications for the cryptocurrency market, especially given his influence and the potential for policy insights that could affect the regulatory environment for digital assets. Investors are keenly watching for any hints of how a potential Trump administration might approach cryptocurrency regulation and policy.

Investors and traders should do their own research before making any investment decisions in the crypto market to ensure they understand the risks involved and make informed choices.

Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:

As per prices on Friday.

Top 5 crypto gainers during the week:

1. Helium is up by 24%

2. Flow is up by 13%

3. Solana is up by 10%

4. XRP is up by 10%

5. Dogecoin is up by 9%

Top 5 crypto losers this week:

1. Lido DAO is down by 15%

2. Notcoin is down by 8%

3. Ronin is down by 8%

4. VeChain is down by 7%

5. Worldcoin is down by 7%

(The author is CEO & Co-founder of Mudrex, a Global Crypto Investment Platform)

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