Bitcoin’s Wild Ride: From Crash to Rally
Last week Bitcoin was playing chess with its own strategy. It slid to about $63,400, then decided to sprint up to the $66,570 zone—a full recovery of previous losses, all within a single Tuesday.
Why the Crypto Market Went “Brrrr”
- New ETH ETFs hit the streets on the Chicago Board Options Exchange and New York Stock Exchange. Fingers crossed, traders sold short to “hit the news”—only to find their timing off the mark.
- Crypto gems have been re‑captivated, especially after $535.3 million flowed into Bitcoin ETFs last week.
Trump’s Big Bitcoin Ploy
During the Bitcoin 2024 meetup in Nashville, Donald Trump dropped the ultimate bomb shell: if he takes office, the U.S. would stop liquidating its Bitcoin stash and stash it in a “strategic reserve.” A mind‑blowing idea that instantly sent the price to $69,800‑ish, the highest seen in a month.
But the reality check: out of roughly 213,000 BTC seized by U.S. authorities, 94,000 were tied to the Bitfinex hack—so turning them into federal assets ain’t as smooth as it sounds.
He also promised to crown America the “cryptocurrency capital of the world,” rev up the crypto scene, and swap SEC Chairman Gary Gensler for a postmaster. A headline grabber that lightened the market’s mood.
Putting It All Together
- GDP‑wiggle factors—June PCE tightened from 0.0% to 0.1% month‑over‑month, but eased from 2.6% to 2.5% YoY—hint at a potential rate cut in September.
- The crypto industry’s liquidity surged to a record $20.5 billion, thanks to a two‑month buy‑in spike of $14.8 billion in weekly trading volumes.
- U.S. alone saw a neat $272 million net inflow—blended by the Nashville buzz and the big‑vote crypto‑fans eyeing November’s election.
Bottom Line
Bitcoin’s price surge feels like a hopeful gang that the U.S. might end up in an official Bitcoin vault if Donald Trump wins the elections. All that buzz turns up the long‑term optimism for the market.
