Bitcoin Reaches $67,000 as Crypto Market Cap Hits $2.38 Trillion

TLDR

Bitcoin price rebounded to $67,000 ahead of Donald Trump’s speech at the Bitcoin Conference in Nashville.
There are expectations Trump might announce plans for a strategic Bitcoin reserve if elected president.
Ethereum price rose despite significant outflows from ETFs.
The overall crypto market cap increased by 2.85% to $2.38 trillion.
Other cryptocurrencies like Solana and XRP also showed gains.

The cryptocurrency market saw significant gains on July 26, 2024, with Bitcoin leading the charge by reaching $67,000. This surge comes ahead of former U.S. President Donald Trump’s scheduled speech at the Bitcoin Conference in Nashville, Tennessee.

Bitcoin’s price jumped 4.3% in 24 hours, recovering most of its losses from the previous week. Traders are speculating about the content of Trump’s upcoming speech, with some expecting a potential announcement regarding a strategic Bitcoin reserve if he were to be elected president in November.

Markus Thielen, CEO of 10x Research, noted, “Nobody wants to short Bitcoin into the weekend.” He explained that there are high expectations for Trump’s speech, which could potentially cause Bitcoin’s price to increase further.

Thielen also mentioned that Trump might be considering the influence of the crypto lobby, which has raised $150 million for the Crypto Super PAC.

The overall cryptocurrency market reflected this positive trend. The global crypto market cap increased by 2.85% to reach $2.38 trillion. The total crypto market volume over the past day also saw a 9.50% increase to $83.84 billion.

Ethereum, the second-largest cryptocurrency by market cap, also experienced gains despite recent challenges. The ETH price rose by 2.40% to trade at $3,237.14.

This increase came even as Grayscale ETH ETF (ETHE) outflows surged past $1.1 billion in three days after its launch. On a positive note, BlackRock Ethereum ETF wallet received over 76,000 ETH from Coinbase, increasing its assets under management.

Other cryptocurrencies mirrored this upward trend. Solana (SOL) saw a 3.59% increase, reaching $176.10. XRP showed signs of consolidation near the $0.60 level. Even meme coins joined the rally, with Dogecoin rising 5.22% to $0.1288 and Shiba Inu gaining 4.64% to $0.00001683.

The market’s positive movement wasn’t limited to the top cryptocurrencies. Several smaller tokens also saw significant gains. SATS (1000SATS) rallied 24.53%, Pyth Network (PYTH) surged 15.32%, and Helium (HNT) gained 11.52%.

The surge in Bitcoin’s price has also affected the futures market. Data from CoinGlass showed that futures trader positions are heavily skewed toward long positions. Even a slight retrace back to $65,000 could put $1.11 billion worth of long positions at risk.