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bitcoin rose towards $70,000 following former US President Donald Trump’s historic speech on bitcoin 2024 over the weekend and as a potentially crucial Federal Open Market Committee (FOMC) meeting approaches this week.
The price of btc bitcoin/”>leap more than 3% in the past 24 hours to trade at $69,510.03 as of 3:40 a.m. EST as the overall market capitalization of the cryptocurrency industry rose by an identical amount.
The surge in bitcoin price comes after Trump's historic pro-cryptocurrency speech at the bitcoin 2024 conference in Nashville on July 27.
Trump said he would fire Securities and Exchange Commission Chairman Gary Gensler on day one if he wins the White House in November's election, establish a bitcoin strategic reserve and make the United States the world capital of the cryptocurrency industry.
A possible interest rate cut could boost bitcoin and other cryptocurrencies
With the next FOMC meeting scheduled for July 30-31, analysts anticipate that the central bank could hint at a possible rate cut. Such a rate cut is expected to take place at the September FOMC meeting and could mark a transition from a restrictive monetary policy stance to a more neutral stance.
The FOMC is currently expected to keep interest rates on hold between 5.25% and 5.50% until a rate cut is announced. Factors such as declining inflation, rising unemployment and falling consumer spending point to a possible rate cut.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”5.8653846153846″>
twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc $69.5k and we don't slow down.
Managing Director image.twitter.com/MFs21h6ylz
— Kaduna (@CryptoKaduna) twitter.com/CryptoKaduna/status/1817820571830296961?ref_src=twsrc%5Etfw”>July 29, 2024
A confirmed rate cut in September could unleash a wave of capital into riskier asset classes, including cryptocurrencies. Some investors have already started buying cryptocurrencies, with most of the top 10 cryptocurrencies posting 24-hour gains.
Solana leads the Top 10 in 24-hour gains
Top 10 Cryptocurrencies by Market Cap (Source: CoinMarketCap)
Solarium printed the biggest gain on the top 10 list over the past 24 hours with a 4% increase, bringing SOL’s weekly performance to over 7%.
Altcoin Leader ethereum/”>ethereum (eth) was the next best-performing cryptocurrency in the top 10 after a 4% surge. This pushed the leading altcoin’s price to $3,367.22. Toncoin (TON) and Dogecoin (DOGE) came in third and fourth respectively after both achieved 24-hour gains of over 3%.
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