According to US presidential candidate Donald Trump, the price of Bitcoin has risen to just under $70,000. The oldest and best-known cryptocurrency was trading at $69,848 (€64,317) in the morning, its highest level in about six weeks.
Additionally, Bitcoin is approaching its all-time high of nearly $74,000, which was reached in March. The market explained the recent price increase with comments made by Republican presidential candidate Donald Trump over the weekend.
Attended Bitcoin Conference
Trump vowed at a conference in Nashville, Tennessee, to make the US the “crypto capital of the planet and a Bitcoin superpower” if he returns to the White House after the November election.
Trump also said he would order the U.S. government to stop selling cryptocurrencies seized in criminal cases. Instead, the seized assets would be used as the basis for what he called a “strategic Bitcoin reserve.”
“Patron of Bitcoin”
“The renewed positioning as a protector for Bitcoin and Co is grist to the mill of investors,” said analyst Timo Emden of Emden-Research about the recent price increase. But he also pointed out that Trump apparently could not fully meet the high expectations he had set in advance. “Investors fear that Trump could promise the blue in the election campaign mode,” said Emden.
For most of the past four months, Bitcoin has remained within a trading range between $60,000 and $70,000. However, the price performance of the past few weeks also shows how sensitive the trade is to fluctuations. As a result, there have been repeated warnings about possible large price losses in cryptocurrencies.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
