Thanks to Trump, Bitcoin is once again trading near $70,000

It’s been a bad week for tech stocks. The so-called ‘magnificent seven’ lost a trillion in stock market value in one day. A trillion. Truly incredible.

If you compare it to that, crypto is still doing quite well. Most digital coins in the top 10 of CoinMarketCap also had a bad week, but Bitcoin normally ekes out a small profit. At this point, a jump to $70,000 is even possible next week if we were to see a rebound in the stock markets.

🦧

“The Magnificent Seven” has lost another $500 MILLION in market capitalization since the stock market opened today.

This brings the two-day loss for the Magnificent Seven to over $1.1 TRILLION dollars.

In other words, the Magnificent Seven just lost almost DOUBLE the market… pic.twitter.com/jMjnT1GdpV

— ApeWifHat (@ApewifHatCoin) July 26, 2024

Trump

A tech correction was due, of course. Stocks like Nvidia, Microsoft and Apple had risen to incredible values and so it was only natural that investors took profits. But such a correction also means that the average American is slightly less optimistic about the stock markets, and that of course has its consequences. Normally you would expect Bitcoin to fall along with it, but that did not happen this week.

🇺🇸 Donald Trump 2024 Bitcoin Conference Speech Recap:

• On day one I will fire Gary Gensler and appoint a new SEC chairman.

• Create a US Government strategic national Bitcoin stockpile if elected.

• US Government will keep 100% of Bitcoin it owns

• Bitcoin is going to… pic.twitter.com/HHgd0NZubX

— Watcher.Guru (@WatcherGuru) July 27, 2024

A lot has to do with the presence of Donald Trump as a keynote speaker at the major Bitcoin conference in Nashville this weekend. Crypto fans have embraced Trump, and the feeling is apparently mutual. Trump’s VP candidate, Ohio Senator JD Vance, owns about $250,000 worth of crypto himself.

Reserve

Trump vowed last night to create a strategic Bitcoin reserve, fire SEC chief Gary Gensler, and at the same time warned of what would happen if Democrats win the November election.

JUST IN: Crowd goes absolutely nuts after Donald Trump vows to fire SEC Chairman Gary Gensler during the Bitcoin Conference in Nashville, Tennessee.

Trump was clearly taken aback at the crowd’s reaction when he made the announcement.

“On day one, I will fire Gary Gensler and… pic.twitter.com/0CyOMaY6FY

— Collin Rugg (@CollinRugg) July 27, 2024

Democratic President Joe Biden was indeed quite negative towards crypto in recent years, especially after the FTX scandal. His Treasury Secretary Janet Yellen as well as Elizabeth Warren, the senator from Massachusetts, were the best-known critics.

It will be interesting to see how the upcoming election affects the Bitcoin price.