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The price of Bitcoin is testing the $60,000 level. Will Trump end Joe Biden's war on cryptocurrencies?

Today's market analysis on behalf of Rania Gule Market Analyst at XS.com

 

June 25, 2024 (Investorideas.com Newswire) The price of Bitcoin briefly fell below the $60,000 level yesterday, starting today's trading at $61,380, following news of the defunct Mt. Gox exchange beginning to pay its creditors in July. However, market data reveals that the recent increase in volume at the bottom might indicate a potential recovery in Bitcoin's price based on historical trends.

In my view, the recent drop in Bitcoin prices has led to questions, observations, and chaos within the cryptocurrency community. The largest digital asset remained below the $69,000 level for more than two weeks before the recent decline. I believe that this rise and fall in prices is not new to Bitcoin, as historical price trends show.

I also think that a recovery in Bitcoin's price from current levels could revive new hopes among investors who have become sceptical about Bitcoin's price rise. As Bitcoin prices continue to fall, in my opinion, optimism for a pro-cryptocurrency government will also continue to spread hope within the cryptocurrency industry. Former President Donald Trump is in "talks" to officially speak at the Bitcoin conference in July.

It is noteworthy that Trump has received massive support from the cryptocurrency market over the past three months, following his pro-cryptocurrency stance, which includes accepting Bitcoin donations and launching his token. Trump recently stated that he "will end Joe Biden's war on cryptocurrencies" and intends to make the United States the leading country in Bitcoin and innovation.

In a previous speech, Trump said, "We will ensure that the future of cryptocurrencies and the future of Bitcoin will be made in America." In my view, Trump's speech at the Bitcoin conference could enhance his standing against Democrat Joe Biden, as most elections have reflected significant interest from Trump in making the next government pro-cryptocurrency.

As such, Bitcoin (BTC) continues its decline from last week, falling below $60,000 yesterday. Bitcoin is facing resistance amid continuous outflows from Bitcoin ETFs over the past six days. Meanwhile, Bitcoin miners have seen a decrease in reserves, while German authorities have continued to deposit Bitcoin in central exchanges since last week, which could be a sign of price increases in the long term from a fundamental perspective.

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