BTC price has seen a significant rebound, reaching $67,000, ahead of Donald Trump’s speech at the Nashville Bitcoin conference. The sudden surge reflects investors’ anticipation of the former US president’s potential statements on the future of crypto.
Market in turmoil before Trump's intervention
Bitcoin has erased recent losses that sparked a wave of liquidations, rising more than 4% in 24 hours. The rebound comes amid a unique backdrop as traders shun short positions ahead of the weekend.
Markus Thielen, CEO of 10x Research, explain : ” Nobody Wants to Short Bitcoin Over the Weekend. » This caution is explained by the high expectations surrounding Trump's speech.
Indeed, rumors are circulating about a possible announcement by the former president regarding a strategic reserve of Bitcoin. This prospect has pushed many investors to position themselves for bullishness, fearing to miss a potential surge in prices.
CoinGlass reports that if BTC falls back to $65,000, it would threaten long positions totaling $1.11 billion.
The Potential Impact of Trump's Statements on the Crypto Market
Trump's speech in Nashville is considered a major turning point for Bitcoin. Market participants are particularly attentive to the former president's intentions regarding the balance between gold and Bitcoin in the US reserves.
Currently, the US Treasury has gold reserves valued at $600 billion, while the government has confiscated bitcoins worth $15 billion. Thielen suggests that Trump could express his intention to increase the share of Bitcoin to “ about 10% of gold reserves, or even more” .
Asset manager Bryan Courchesne believes that adopting Bitcoin as a reserve asset would be complex, but not impossible. He notably raises the possibility of transferring confiscated bitcoins from the Justice Department to the Treasury, thus paving the way for long-term accumulation of this scarce asset.
In short, Trump's speech in Nashville could therefore mark a decisive turning point for the future of Bitcoin, significantly influencing its price and its perception by institutional investors. The anticipation is palpable on the markets, which remain suspended on the statements of the former American president.
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