Bitcoin price is trading at $69,631 on July 29, up 3.5% over the last 24 hours. The big crypto is just 6% away from its all-time highs and after an eventful weekend in the crypto market, BTC is expected to continue rising into price discovery.
Bitcoin’s performance follows positive sentiments fueled by United States presidential candidates and a prominent Republican Party senator at the Bitcoin 2024 conference in Nashville, Tennessee, which ran from July 25–27.
Former President Donald Trump said the government wouldn’t sell any of the BTC in its possession, instead, he will turn into into a strategic reserve, if elected in November. On the other hand, independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis also spoke about establishing a strategic Bitcoin reserve for the US.
Meanwhile, the direction taken by the market this week will largely depend on the outcome of the Federal Open Markets Committee (FOMC) which is scheduled for July 31.
