BITCOIN SURGES ahead of Trump’s speech at Bitcoin conference...
Key points:
Analysts expect Trump might propose creating a strategic Bitcoin reserve if re-elected.
Futures trading data shows significant long positions.
News - Bitcoin has regained much of its recent losses as anticipation builds for former President Donald Trump’s appearance at the Bitcoin Conference in Nashville.
Traders are keenly awaiting Trump's speech, expected to address a potential strategic Bitcoin reserve if he is re-elected.
In a 25 July analyst note, Markus Thielen, CEO of 10xResearch, observed that traders are reluctant to short Bitcoin as they await Trump’s remarks. Thielen suggested that high expectations could lead to a price surge if Trump announces plans for a Bitcoin reserve, potentially causing Bitcoin’s value to jump significantly.
Current futures trading data reveals that positions are overwhelmingly long, with $1.11 billion at risk if Bitcoin’s price dips to $65,000. This market sensitivity underscores the potential impact of Trump’s comments.
At press time, Bitcoin was trading at $67,100, marking a 4.28% increase in the past 24 hours. Thielen highlighted that while the U.S. Treasury holds gold reserves worth $600 billion, it also possesses $15 billion in confiscated Bitcoin. He speculated that Trump might suggest increasing Bitcoin's share of reserves, which could drive significant market movements
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