At the beginning of the trading session on July 29 on the New York market (night of July 29, Vietnam time), the digital currency Bitcoin plummeted sharply, falling to nearly 67,500 USD/BTC after reaching nearly 70,000 USD/BTC before.
This is a sharp drop and is often seen in short selling waves in the cryptocurrency market, when the news is very bad or there is widespread profit-taking, and the belief in a price increase is not strong.
Bitcoin was sold off heavily after US presidential candidate Donald Trump made a sensational speech at the Bitcoin 2024 conference. There, he affirmed that he would turn the US into the "center of digital currency" in the world, a "Bitcoin powerhouse" and make Bitcoin a national strategic reserve asset.
Donald Trump also pledged to fire the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, on his first day in office. Gensler is considered to have a hardline stance on regulating the cryptocurrency market.
While the conference was taking place, Bitcoin fluctuated strongly, at one point losing $1,200, falling below $67,000, then soaring above $69,000. At the beginning of the session on July 29 (New York time), Bitcoin was close to $70,000/BTC.
However, profit-taking pressure and short selling activities at the hard resistance level of 70,000 USD are very strong.
Many people commented that it is not surprising that Bitcoin fluctuated so strongly, especially since the US presidential election has not yet taken place, the market has to wait until November 5. Moreover, the US media is also skeptical of Donald Trump's statements, because in 2019 he did not support this currency.
At that time, Mr. Trump said that cryptocurrencies were not legal tender and were too volatile, and were often traded on illegal markets.
According to some market observers, there is a distribution phenomenon at the top and the possibility that this digital currency will fall very deeply.
However, many people consider this phenomenon “too familiar” with Bitcoin when it increases sharply and then decreases deeply, then can increase rapidly again. Many people bet on the possibility that Bitcoin will continue to break out, with the expectation that this is a top asset class in the world today.
Trump’s announcement that Bitcoin will be included in the nation’s strategic reserve assets is a “historic moment” for the entire cryptocurrency market. This is considered an event that opens a new chapter for Bitcoin. A large amount of money is expected to flow into this market.
Mr. Trump predicts that Bitcoin's market capitalization will surpass that of gold in the future.
He also reportedly discussed cryptocurrency policy with Tesla CEO Elon Musk and several executives of cryptocurrency mining companies.
Previously, in early July, Bitcoin fell sharply, at times falling below the threshold of 55,000 USD after information that the US and German governments sold a large amount, about 5,000 Bitcoins seized from criminals.
Bitcoin then recovered to the threshold of 60,000-65,000 USD/BTC. Many experts believe that the Bitcoin sell-off may be a mistake, when many currencies such as USD, Euro, Swiss Franc are not necessarily more durable and liquid than cryptocurrencies.
According to CoinGecko, there are about 19.7 million Bitcoins in circulation, worth about $1.1 trillion. Over the past 12 months, Bitcoin has increased by about 90%.
Source: https://vietnamnet.vn/hau-khoanh-khac-lich-su-donald-trump-gia-bitcoin-lao-doc-2306779.html
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