Bitcoin Surges Towards $70K Following Trump’s Speech, Bitcoin Cash and Memecoins Lead Crypto Market Rally
Bitcoin Cash (BCH) has experienced significant gains as the Asian business week begins, defying analysts’ expectations that it would suffer due to the Mt. Gox trade. The token has outperformed the broader CoinDesk 20 (CD20) index, which has seen a 3.6% increase. Bitcoin, on the other hand, is approaching the $70,000 threshold for the first time since June, spurred by recent remarks from Republican candidate Donald Trump, who expressed his intention to make Bitcoin a national strategic asset if elected in November.
Bitcoin Cash (BCH) and BRETT, a relatively new memecoin on the Base blockchain, have emerged as the top performers in the crypto market on Monday. Solana’s SOL has also witnessed a 6% surge, leading gains among major tokens, while BNB Chain’s BNB, Ether (ETH), and XRP have risen by 2-5%.
BCH’s impressive growth of over 10% can be attributed to the completion of token distributions to creditors by Mt. Gox, exceeding the 3.6% increase of the CoinDesk 20, which represents the largest and most liquid digital assets. CoinDesk Indices data reveals that Bitcoin (BTC) is up 3%, trading above $69,500, while Ether (ETH) is up 4%, trading above $3,300.
BTC’s consistent price rise has triggered the liquidation of a $13.8 million short bet, while $11.4 million worth of ETH short positions have been wiped out, as confirmed by CoinGlass data.
During his highly anticipated speech on Saturday, Trump announced his plans to fire the current SEC Chair Gensler, establish a strategic Bitcoin reserve, and prevent the U.S. from selling its Bitcoin holdings if he becomes president. Trump believes that Bitcoin could potentially rival gold in the future and become a key industry akin to the steel sector a century ago.
Initial fears that BCH would suffer in the aftermath of the Mt. Gox trade have proven to be unfounded, as the market has responded positively. Additionally, the Base blockchain’s “mascot” memecoin, BRETT, has gained traction among investors. BRETT, who is the roommate of Matt Furie’s comical slacker character Pepe the Frog from Boy’s Club, has witnessed an 11% increase in the past 24 hours. Another memecoin, POPCAT, themed around cats, has also seen a 7% surge.
Meanwhile, Trump-themed tokens continue to face decline, despite a recent appearance by the former President at the BTC 2024 conference in Nashville. The MAGA (TRUMP) token has experienced a 6% decline in a single day, according to CoinGecko, and an overall drop of 18% in the past week. TREMP, another Trump-themed token, has remained relatively flat, with a slight decrease of 0.3% over the last 24 hours and nearly a 10% decrease in the past week.