Bitcoin Surges Past $67,500 as Trump Prepares for Landmark Speech

In an interesting turn of events, Bitcoin has broken through the $67,500 mark, sparking excitement in the cryptocurrency world. This surge comes just ahead of former U.S. President Donald Trump’s scheduled appearance at the Bitcoin 2024 Conference in Nashville, Tennessee.

The world’s largest cryptocurrency by market value jumped more than 5% in the past 24 hours, reaching an intraday peak of $68,00 at the time of writing.

This rally has caught many traders off guard, leading to over $77 million in short-position liquidations, per Coinglass data.

Trump’s Bitcoin Conference Outing

Trump’s upcoming speech at the Bitcoin Conference is making waves in the crypto community. Set for July 27 at 2 p.m. CT, this 30-minute address marks the first time a U.S. presidential candidate has spoken at a major cryptocurrency event. The conference organizers are calling it a “historic” moment.

Trump’s stance on Bitcoin has changed dramatically over the years. Back in 2019, he tweeted that he was “not a fan” of cryptocurrencies. But now, he’s positioning himself as the “crypto president” in his 2024 campaign.

This shift, along with his choice of Bitcoin investor JD Vance as a potential running mate, suggests a Trump presidency might be friendly to crypto.

Supporting Factors Behind the Surge

The recent Bitcoin rally isn’t happening in a vacuum. It’s part of a broader uptick in financial markets.

U.S. stocks are also on the rise, with the Dow Jones Industrial Average up 1.5% in early trading on Friday. This market-wide boost comes on the heels of new inflation data that shows prices are getting closer to the Federal Reserve’s 2% target.

The U.S. Bureau of Economic Analysis reported that the personal consumption expenditures (PCE) price index, a key inflation measure, rose just 0.1% in June. Compared to last year, it’s up 2.5%, down slightly from May’s 2.6% increase. This data suggests that the Fed’s efforts to control inflation might be working.

Furthermore, for Bitcoin investors, there’s more good news. The cryptocurrency has now climbed above what experts call the “short-term holder cost basis.” In simple terms, this means that, on average, people who bought Bitcoin recently are now seeing profits.

The broader cryptocurrency market is also feeling the effects of Bitcoin’s rise. The total liquidations across all cryptocurrencies hit $145 million in the past day. Meanwhile, Bitcoin’s share of the total crypto market value has grown notably to 55.34%.