Bitcoin price experienced a significant rise on Friday, bouncing back from losses earlier in the week. The world’s largest cryptocurrency surged by 4.2% in the past 24 hours, reaching $67,006.2 by 02:07 ET (06:07 GMT). This recovery came after Bitcoin had dropped to lows of around $63,000 due to a wave of selling pressure in global financial markets. The highly speculative nature of the crypto sector made it particularly vulnerable to this risk-off trend. However, the situation seemed to be improving on Friday.
Republican presidential nominee Donald Trump is scheduled to appear as a keynote speaker at the Bitcoin Conference in Nashville on Saturday. His upcoming address is highly anticipated, especially after his recent pro-crypto stance in his campaign efforts. The crypto community is eager to see if he will continue to express support for the industry and if he will outline plans for regulatory clarity in the U.S. crypto sector. The speculation surrounding a potential Trump presidency had previously boosted Bitcoin, but recent polls showing Democratic frontrunner Kamala Harris closing the gap with Trump have raised concerns about a more stringent regulatory approach to crypto.
Marathon Digital Holdings Inc (NASDAQ:MARA), a major Bitcoin mining company in the U.S., made headlines on Thursday with its announcement of a $100 million Bitcoin purchase from the open market. The company revealed that it currently holds over 20,000 Bitcoin tokens on its balance sheet and intends to retain all of its mined Bitcoin. Additionally, Marathon Digital Holdings plans to acquire more tokens from the open market, demonstrating its confidence in the future of Bitcoin.
The overall crypto market saw a recovery in altcoin prices, mirroring Bitcoin’s upward trend. Tokens like Ether, ADA, XRP, SOL, and meme token DOGE all experienced gains ranging from 1% to 4.7%. Investors are also keeping an eye on upcoming events such as key U.S. inflation data and the Federal Reserve meeting in the coming days. Ether, the second-largest token in the world, rose by 2.9% to $3,263.68, marking its first positive session following the launch of spot exchange-traded funds in U.S. markets this week.
Bitcoin’s price surge, Trump’s impending speech at the Bitcoin Conference, Marathon Digital Holdings’ significant Bitcoin purchase, and the overall positive momentum in altcoin prices indicate a bullish outlook for the crypto market in the near term. However, regulatory developments and macroeconomic factors will continue to impact the industry’s trajectory. Investors should stay informed and exercise caution in volatile market conditions.