Last Updated: July 20, 2024 at 5:58 a.m. ET
First Published: July 19, 2024 at 5:31 p.m. ET
Bitcoin’s price jumped on Friday as crypto investors continued to be buoyed by Republican presidential front-runner Donald Trump’s embrace of digital assets and digested reports that President Joe Biden could drop out of the White House race.
The largest cryptocurrency BTCUSD rose 6% on Friday to as high as $67,235, its loftiest level since June 13, according to Dow Jones Market Data. Bitcoin is still more than 8% below its record high of $73,798 reached in March, while up nearly 60% this year to date.
Bitcoin…
Bitcoin’s price jumped on Friday as crypto investors continued to be buoyed by Republican presidential front-runner Donald Trump’s embrace of digital assets and digested reports that President Joe Biden could drop out of the White House race.
The largest cryptocurrency
BTCUSD
rose 6% on Friday to as high as $67,235, its loftiest level since June 13, according to Dow Jones Market Data. Bitcoin is still more than 8% below its record high of $73,798 reached in March, while up nearly 60% this year to date.
Bitcoin has pushed higher as investors raise their expectations that the next U.S. presidential administration will be more friendly to crypto, according to Peter Eberle, chief investment officer at Castle Funds.
Investors have been increasing their bets on a Donald Trump victory in November’s presidential election. Trump is now seen as pro-crypto, with the former president having changed his stance on digital assets after blasting the industry in the past.
Read: Trump is winning votes by supporting crypto, say digital-asset fans at GOP convention
Meanwhile, if there is a new Democratic presidential nominee instead of Biden, it is likely that they would be more friendly to digital assets in order to gain an advantage in the election, Eberle said.
Industry participants will also be watching Trump’s speech at a bitcoin conference to be held next week in Nashville, Tenn. The Republican presidential nominee is scheduled to speak at the event at 3 p.m. Eastern time on July 27.
While bitcoin bulls expect the speech to give crypto another leg up, the conference has failed to spark a significant price increase in the past based on historical data, noted Greg Cipolaro, global head of research at NYDIG.
