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⚡Trump to Address Bitcoin Conference This Saturday🎒

Croxroad

27 Jul 2024 — 4 min read

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🌴 Trump’s Bitcoin Conference Address

The stage is set for a historic moment as President Donald Trump prepares to deliver his keynote speech at the Bitcoin Conference. This marks the first time a U.S. presidential candidate will address such an event, and anticipation is building around what he will reveal. Speculation suggests Trump might discuss plans for the U.S. to establish a strategic reserve of bitcoin, a concept he has previously endorsed. Attendees are eagerly awaiting insights into whether Trump will advocate for the U.S. to increase its bitcoin holdings or criticise his political rival, Vice President Kamala Harris, for declining the conference invitation.

Fred Thiel, CEO of Marathon Digital, voiced hopes that Trump will champion the idea of the U.S. becoming the largest holder and miner of bitcoin, projecting power through strategic reserves. Meanwhile, conference-goers like Caesar, who founded the MAGA VP memecoin, are hopeful for a speech that will invigorate the crypto market and inspire a broader movement towards economic freedom. The Crypto Patriot, a member of the MAGA MEME PAC, is particularly excited about potential discussions on stabilising the dollar with bitcoin and reinforcing America’s role in the global crypto arena.

As the event unfolds, various voices reflect a mix of expectations and caution. Michelle Bond, a crypto advocate and former political candidate, urges Trump to outline concrete steps for keeping the U.S. at the forefront of the crypto industry, perhaps even suggesting the appointment of a crypto czar to oversee regulatory efforts. On the other hand, Bittrex Global CEO Oliver Linch offers a more restrained view, acknowledging that while the speech might include significant announcements, its true impact on the crypto market remains uncertain. Regular attendees, like retired software developer Phil Whatley, hope for practical outcomes such as clarity on the tax treatment of bitcoin transactions. With the conference promising to be a significant milestone, all eyes are on how Trump's speech will shape the future of bitcoin and its role in U.S. financial policy.

🛣️ Bitcoin’s Path to $63K

The Bitcoin price faces potential downward pressure, possibly dropping to around $63,000 following the expiry of over $3.9 billion worth of Bitcoin futures options on July 26. The expiration, which occurred at 8:00 am UTC on Deribit, has set Bitcoin’s "max pain point" at $63,000, a level at which most options contracts would expire worthless. This could lead to increased volatility and further price declines for the leading cryptocurrency.

Periods leading up to the expiration of large options contracts often see heightened volatility in the crypto markets, though this does not guarantee that the price will reach the max pain point. Concurrently, Ethereum has experienced price struggles despite the recent launch of its first spot ETFs. Ether's price has been affected by a "sell-the-news" event, with a significant drop in global open interest and a decline in price over the past week. Analysts attribute this to the market's reaction to the ETF launch and the subsequent liquidation of futures and perpetual positions.

For Bitcoin to sustain its upward momentum, it needs to remain above the $65,000 mark, which is currently acting as a critical support level. Analysts suggest that Bitcoin could continue to trade within the $65,000-$71,500 range if it maintains this support. Positive inflows into U.S.-based spot Bitcoin ETFs may further bolster Bitcoin’s price, as evidenced by the $31.1 million in inflows recorded on July 25.

🍶 The Bottom Line

Cryptocurrency continues to attract both enthusiastic users and determined thieves. To protect your bitcoin keys from theft, it’s essential to use the safest storage methods available. Cold storage, where your keys are kept offline, is the most secure option. However, you'll occasionally need to connect your storage device or enter your keys to access your bitcoin. To minimise risk, connect your cold storage device to an online system only when necessary, and immediately store it securely afterward. By limiting online exposure and maintaining vigilant security practices, you can effectively safeguard your crypto assets from hackers.

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