Bitcoin (BTC) Price Rebounds to $67K Ahead of Donald Trump's Speech at the Bitcoin Conference in Nashville

The price of BTC experienced a significant rebound, reaching $67,000, ahead of Donald Trump's speech at the Bitcoin Conference in Nashville.

The price of BTC showed a significant rebound, reaching $67,000 ahead of Donald Trump’s speech at the Bitcoin Conference in Nashville. This sudden rise is attributed to investors’ anticipation of potential statements by the former US president on the future of crypto.

A booming market before Trump’s intervention

Bitcoin erased its recent losses which caused a wave of liquidations, recording a rise of more than 4% in 24 hours. This rebound occurs in a particular context, as traders avoid short positions before the weekend.

Markus Thielen, CEO of 10x Research, explains: “Nobody wants to short Bitcoin over the weekend.” This caution is explained by the high expectations surrounding Trump’s speech.

Indeed, rumors are circulating about a possible announcement by the former president regarding a strategic Bitcoin reserve. This prospect has led many investors to take a bullish position, fearing to miss a potential price surge.

CoinGlass reports that if BTC falls back to $65,000, it would threaten long positions totaling $1.11 billion.

The potential impact of Trump’s statements on the crypto market

Trump’s intervention in Nashville is a major turning point for Bitcoin. Market participants are attentive to the former president’s intentions on the balance between gold and Bitcoin in US reserves.

Currently, the US Treasury holds gold reserves valued at $600 billion, while the government has seized bitcoins worth $15 billion. Thielen suggests that Trump could express his intention to increase the share of Bitcoin to “around 10% of gold reserves, or even more.”

Bryan Courchesne, an asset manager, believes that adopting Bitcoin as a reserve asset would be complex, but not impossible. He notes the possibility of a transfer of seized bitcoins from the Department of Justice to the Treasury, thus paving the way for long-term accumulation of this rare asset.

In summary, the Trump speech in Nashville could mark a turning point for the future of Bitcoin, influencing its price and perception by institutional investors. The anticipation is palpable in the markets, which remain on tenterhooks for the former US president’s statements.

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