Investors send Bitcoin (as expected) to $70,000, before ‘Silk Road’ pushes price down again.

Apparently, news of Trump’s speech this weekend did not seep through until Monday, due to the unbridled attention of several major news outlets on the Olympic Games. Major investors, reading about the news on Monday, instructed markets by sending Bitcoin to $70,000. This brings us very close to the all-time record of $74,000. And that in the middle of summer, in a timeframe when we didn’t actually expect it.

Last night, the US government stopped the festive mood after it moved $2 billion from ‘Silk Road’ Bitcoins to a trading platform. The market now expects these to be sold this week.

At the time of writing, Bitcoin trades for a price of $66,500

Stacks

Classic CEOs and institutional investors are the people who grew up with a printed version of their favorite business newspaper (and therefore read their news less often on their smartphone, believe it or not).

Think of the stacks of newspapers that are neatly delivered every day to law firms, consultancy companies and to almost every CEO in the AEX. Boomers read the Saturday business news on Monday. Because when they were growing up, markets stopped during the weekend.

These people usually read the newspaper between coffee and lunch, and then they are informed of what we (who know everything about crypto) already knew this weekend (so apologies for the repetition).

Donald Trump was the keynote speaker in Nashville during the 2024 Bitcoin conference. He promised to create a Bitcoin reserve and to fire Gary Gensler (head of the American stock market watchdog SEC). Kamala Harris responded on Sunday. Bitcoin makes the first section of the printed version of the Wall Street Journal, the Financial Times, the Economic Times (read by Indian institutional investors) and many others. Even the respected Guardian only broke the story about Trump’s speech on Monday. Quite late actually considering the importance of both Trump and Bitcoin, but okay.

Post-halving

So institutional investors (and their crawler bots that read the news electronically) also responded on Monday by sending Bitcoin to $70,000, its highest level in six weeks. The All Time High record of $74,000 is now very close, of course. That longtime suggested ‘post-halving bull run’ (which we historically always get after a halving) might have gotten underway.