Bitcoin exploded past $85,000 after former President Trump delivered historic remarks at the Digital Asset Summit in New York. The cryptocurrency jumped 3% to $85,204.18 following Trump’s pre-recorded speech, the first-ever address by a sitting U.S. president to a crypto conference. Talk about making history.
Trading volume surged to $36.63 billion as investors rushed to place their bets. Bitcoin’s market cap swelled to a massive $1.69 trillion, inching closer to the elusive $90,000 resistance level. ETF inflows and favorable Fed policy only added fuel to the already blazing fire. The cryptocurrency has seen four consecutive days of net inflows into Bitcoin ETFs, strengthening market confidence.
Trump didn’t hold back. He declared his vision for America to become the “crypto capital of the world.” Not subtle. He promised to end the regulatory “war” on crypto and Bitcoin, a message that clearly resonated with traders. He even outlined plans for a Strategic Bitcoin Reserve and a Digital Asset stockpile. Uncle Sam hoarding Bitcoin? Strange times indeed.
America will become the crypto capital of the world, ending the regulatory war and building a Strategic Bitcoin Reserve.
The speech hit all the right notes for crypto enthusiasts. Trump highlighted improving banking systems, enhancing privacy, and ensuring greater security for consumers. He predicted an “explosion of economic growth” in the sector. The market bought it. Literally.
Technical indicators went wild after the announcement. RSI shot up to 72 – officially overbought territory. MACD showed a bullish crossover that traders couldn’t ignore. Active addresses jumped 12% within hours. The crypto machine was firing on all cylinders.
Institutional investors perked up their ears too. The positive regulatory outlook that Trump sketched sent ripples through the entire altcoin market. Major exchanges reported spiking volumes. The favorable regulations proposed could significantly enhance market confidence and legitimacy in the crypto space.
The White House initiatives outlined included ending “Operation Chokepoint 2.0” and appointing crypto-friendly officials to key positions. There’s also talk of pushing Congress on stablecoin legislation. The market loves clarity, and Trump gave it just that.
Whether these promises materialize is another question entirely. But for now, traders are all in.
