Crypto price trends today have Bitcoin soar above $67,000 reflecting growing bullish sentiment and market interest amid the latest industry developments. Trump's new pro-crypto stance while appearing at the 2024 Bitcoin Conference and Marathon Digital's $100 M BTC acquisition are two leading events behind the BTC price rally.
Trump's new pro-crypto stance comes as a pleasant surprise for crypto enthusiasts, after previously referring to the nascent asset as "no money" that's "based on thin air." Bitcoin price today stands at $69.5k as of this writing, roughly maintaining its bullish traction over the last one day.
Two Leading BTC Price Boosters
What is causing the Bitcoin price to rise? Quite a number of factors, including the following two.
Marathon Digital Holdings (MARA) recently acquired BTC worth $100 million with no selling plans. The Bitcoin mining company's actions depict confidence in the asset's future, despite facing a $139 million legal fine looming over its previous crypto-related activities.
Marathon now holds over 20,000 BTC, worth about $1.3 billion, with plans to acquire more Bitcoins. The company announced its most recent acquisition just before the annual gathering of crypto enthusiasts, the 2024 Bitcoin Conference, held in Nashville last Saturday.
While the organization's purchase and HODL strategy boosts BTC price by heralding vibrant institutional confidence and extra demand, the legal proceedings around the brand spotlight the potential risks of institutional investments.
Additionally, Trump’s appearance at the 2024 Bitcoin Conference similarly bolstered BTC price towards $70,000. The former President made several “pro-crypto” promises, including making America the “crypto capital of the world” and a “Bitcoin superpower” if elected to a second term.
He also promised to “never sell Bitcoin” by creating a strategic BTC reserve, contrary to recent efforts by the Biden-led administration in offloading its BTC assets. Trump criticizes the current administration for its “war on crypto” admitting that BTC has a stake in the future of global finance.
Trump reportedly announced plans to set up a presidential advisory council on Bitcoin and cryptocurrencies. While deferring intentions to establish a central bank digital currency, Trump promised to sack current Securities and Exchange Commission Boss Gary Gensler.
Trump’s plans to oust Gary Gensler drew a large applause from the crowd, hinting at an increasingly pleased audience of over 20,000 attendees and much more globally. Gary Gensler bears the emblem of being a mammoth roadblock to the crypto industry’s development due to the SEC Chief’s financial policies on virtual assets and multiple lawsuits against crypto exchanges.
BTC Price Rally
Bitcoin spiked to $69,000 earlier on Monday after selling around $67,000 before Trump's speech at the conference. The biggest cryptocurrency by market capitalization has gained over 64% in market value this year.
Meanwhile, Ethereum sold around $3,372 earlier on Monday, with a slight correction from its overnight high of $3,396. The asset's price rebounded after spot Ethereum ETFs launched last week. Ethereum has rallied over 46% since the beginning of the year. Marathon Digital jumped about 4% premarket, following the massive purchase announcement it made last week.
Summary
Bitcoin soars above $67,000 as crypto price trends mark bullish traction amid recent developments. Marathon Holdings acquired $100 M BTC in a purchase and HODL move that spotlights growing institutional investor confidence, while Trump’s new pro-crypto “plans” impresses crypto communities.