Bitcoin Breaks Above $70,000 Following Recent Trump Speech

Bitcoin managed to regain its bullish momentum after the recent correction to below $54,000.

This decline was due to macroeconomic factors, such as continued high interest rates due to inflation, as well as the liquidation of Bitcoin holdings by the German government and the repayment of Mt. Gox creditors.

At the time of writing, Bitcoin appears to have forgotten about these issues and is trading at just under $70,000 after a jump of almost 2.7% in the last 24 hours and has a volume of $25.7 billion.

The total market capitalization of the crypto market has reached $2.48 trillion after a 3.5% jump, and the leading cryptocurrency accounts for $1.374 trillion of the total.

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According to CoinGlass, $77 million has been liquidated in the last 24 hours ($17.17 million in long positions and $59.8 million in short positions),

According to the majority of crypto enthusiasts, the positive development is largely due to positive comments from influencers during the Bitcoin Conference in Nashville. One of the more interesting comments was made by USA’s presidential candidate Donald Trump, who said that Bitcoin could overtake gold in the future and that it “will go to the moon.”

Furthermore, speaking at the conference, Trump said he would remove Gary Gensler and appoint a new SEC chairman on the first day of his inauguration.

Alexander Stefanov