Recent speeches by US presidential candidate Donald Trump to representatives of the national crypto industry were intended to find electoral support, but experts explain that it was not only this factor that caused the Bitcoin price to rise at the opening of trading on Monday to levels close to $70,000.
Image source: Unsplash, Traxer
At least, at the beginning of the trading session, the most popular cryptocurrency stormed exactly this level, although later it rolled back to levels close to the closing price of the previous session. An equally important factor, according to CNBC, is the approaching meetings of the monetary authorities of the United States, Japan and Great Britain, which will take place this week. Among other things, investors are expecting hints from the head of the US Federal Reserve, Jerome Powell, about the possibility of reducing the refinancing rate in September this year.
Speaking yesterday to representatives of the US cryptocurrency industry, Donald Trump, in his traditional emotional manner, promised to replace the current head of the US Securities and Markets Commission (SEC) Gary Gensler, since in his eyes he personifies the forces resisting the emergence of more or less clear rules for the circulation of cryptocurrencies. Trump and his supporters actively discussed the idea of creating a “cryptocurrency government reserve” over the weekend, which also intrigued investors investing in this type of instrument.
Well-known cryptocurrency market expert Noelle Acheson said in an interview with CNBC that it is currently impossible to talk about the ability of recent statements by American politicians to influence the dynamics of the cryptocurrency rate in the long term. Populist statements by Trump and his associates regarding the creation of a “national cryptocurrency reserve” will be extremely difficult to push through the US Congress, according to her. To a greater extent, the market in the coming months will be influenced by the readiness of the team of current US Vice President Kamala Harris to build bridges with representatives of the cryptocurrency industry. It is possible that a change in SEC leadership will take place against this background before Donald Trump comes to power if he wins the November elections.
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