Investing.com — Bitcoin prices rose on Monday, extending weekend gains after Republican presidential candidate Donald Trump raised the prospect of friendlier regulation during a speech at the Bitcoin Convention.
While the token had initially reacted somewhat negatively to Trump’s speech, especially since he stopped short of explicitly promising a national reserve, buyers stepped in shortly after his speech.
rose 3.3% over the past 24 hours to $69,645.2 as of 01:39 ET (05:39 GMT).
Trump promises friendlier regulations and competition with China
Trump said at the Bitcoin Conference on Saturday that the United States should become the world leader in cryptocurrencies before China, and that he would also implement friendlier regulations than Democratic presidential front-runner Kamala Harris.
Trump said he would create a cryptocurrency advisory board for the White House and would also create a national Bitcoin reserve using the US government's current holdings, most of which have been seized by law enforcement.
“Never sell your bitcoins… If elected, it will be the policy of my administration, the United States of America, to retain 100% of all bitcoins that the United States government currently owns or acquires in the future,” Trump said.
Trump, who in 2021 called cryptocurrencies a scam, has courted the sector with his recent campaign efforts. His campaign accepts cryptocurrency donations and the former president has also launched his own collection of non-fungible tokens.
Trump also promised to fire Securities and Exchange Commission Chairman Gary Gensler, who has waged a regulatory crusade against the cryptocurrency industry.
According to the latest polling data, Trump will face Harris in a tight race, who has so far not outlined any plans to regulate cryptocurrencies. However, given her background as a prosecutor with experience in financial fraud, Harris seems likely to continue the government's crackdown on cryptocurrencies.
Bitcoin price has benefited from speculation about a Trump presidency and has rebounded strongly over the past two weeks from four-month lows. But it is still doubtful that the cryptocurrency will continue to rise, as the defunct cryptocurrency exchange Mt Gox continued to move its Bitcoin holdings for distribution.
Cryptocurrency price today: Altcoins advance with rate cuts in focus
Cryptocurrency prices generally advanced on the prospect of friendlier regulations in the United States. Speculations of interest rate cuts in the United States, ahead of a Federal Reserve meeting this week, also supported risk-oriented assets.
The world's No. 2 token rose 4.8% to $3,375.63 and sparked increased interest after the launch of spot exchange-traded funds tracking the token last week.
and rose between 0.8% and 6%, while among meme tokens, it added 3.4% while it rose 2.1%.
