The price of bitcoin has risen, boosted by the prospect of more friendly regulation of cryptocurrencies in the United States, as traders speculate that Donald Trump will win a second term in the 2024 presidential race. Writes UNN with reference to Investing.
A report shows that the Securities and Exchange Commission is moving closer to approving exchange-traded funds that track the second most popular crypto token, Ether, raising expectations of an improved regulatory climate.
Bitcoin has risen by 2.3% over the past 24 hours, reaching $64,073.6 thousand. This rise has come amid speculation stemming from recent events surrounding Donald Trump, which have helped to overcome concerns about potential sales from the defunct Mt Gox crypto exchange.
In particular, the recent assassination attempt on Trump has contributed to his growing popularity, giving him an advantage in the 2024 presidential race against President Joe Biden. Trump, who was nominated as the Republican candidate on Monday, chose Ohio Senator J.D. Vance as his running mate. He has expressed strong support for the crypto industry, saying that the future of bitcoin should be developed in the United States.
Trump is scheduled to speak at the Bitcoin Conference in Nashville. His second presidential term could open up a more favorable regulatory outlook for cryptocurrencies in the US, especially given the recent crackdown by the SEC and the Department of Justice.
The Securities and Exchange Commission (SEC) is pursuing legal proceedings against Ripple, the producer of the cryptocurrency XRP, and the crypto exchange Coinbase (NASDAQ:COIN), accusing them of distributing unregistered securities.
Meanwhile, Ether showed an increase of 2.6%, reaching $3,420.75. Other altcoins also showed growth: XRP and SOL grew by 3% and 2.4%, respectively, while ADA remained in a sideways trend. Among the meme tokens, DOGE grew by 4.3% and SHIB by 7.1%.
Recall
Last week, the price of bitcoin fell as the market rebound stalled due to growing fears of a possible increase in the number of tokens on the market.