Trump’s Speech Wasn’t Enough to Boost Bitcoin Prices

The cryptocurrency market needs a stronger trigger than former U.S. President Donald Trump's recent remarks on Bitcoin to achieve a major breakout, analysts suggest.

According to QCP Capital, Trump’s speech aligned with market expectations but wasn’t enough to drive Bitcoin past its previous highs. They believe that more significant market movements might occur closer to the U.S. elections when political platforms become clearer.

Bitfinex analysts also point to recent trends indicating Bitcoin may remain in a limited trading range. They noted a decline in options volatility and an increase in leveraged positions, suggesting stability in the short term. However, easing monetary policy could provide Bitcoin with key support and potentially boost its price.

In tandem with these insights, equity markets saw positive movement on Monday, with the S&P 500 and Nasdaq both gaining. The global cryptocurrency market cap rose to $2.55 trillion, reflecting a modest increase.

READ MORE:

Fidelity Launches Bitcoin ETP on London Stock Exchange

Bitcoin has shown a tendency to follow the performance of equity markets, particularly the tech-heavy Nasdaq. This correlation suggests Bitcoin may be acting more like a macro asset.

Source

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.