Key Points
- Donald Trump’s keynote at the Bitcoin Conference 2024 could significantly influence crypto regulations and market dynamics.
- Bernstein Research highlights potential market shifts due to Trump’s potential reelection and the recent gains of Bitcoin.
Donald Trump is preparing to deliver the keynote address at the Bitcoin Conference 2024, an event that has attracted significant attention. Bernstein Research, led by Gautam Chhugani, has identified a potential blind spot in the market in relation to this event.
Bernstein’s Analysis
Bernstein suggests that if Trump is reelected, it could trigger significant regulatory shifts that might greatly impact Bitcoin (BTC) and the broader cryptocurrency market.
The analysis also notes that Bitcoin markets have recently regained momentum, with BTC increasing by 13% last week to exceed $67,000. Stocks related to cryptocurrencies have seen even larger gains, rising by 22% over the same period.
Trump’s Influence on Bitcoin
The upcoming Bitcoin 2024 Conference in Nashville, where Trump is expected to speak, has sparked considerable interest. This interest has been further fueled by Trump’s recent support for cryptocurrency and the high ticket price for the event, equivalent to 13 BTC.
There are rumors that Trump might declare Bitcoin as a strategic reserve asset for the U.S., a move that could greatly affect BTC’s value and market dynamics. At the time of writing, Bitcoin was trading at $67,000, indicating a downturn on daily charts according to CoinMarketCap.
Despite this, the market shows a strong bullish sentiment, with the Relative Strength Index (RSI) at 62, suggesting that the recent drop may simply be a temporary fluctuation.
