Bitcoin (COIN: $BTC) Climbs Above $62K As Trump Says He Will Accept Bitcoin As Campaign Donations

Bitcoin - BTC

Bitcoin (COIN: $BTC) is the leading coin by market cap, with a 57% market dominance. The price of Bitcoin soared to an all-time high of $73K after the spot ETF approval in late January. Recently, a Hong Kong ETF also got approval in April. Since the first ETF approvals, the price of BTC has surged by 110%.

Moreover, Bitcoin’s price slightly increased to $62K after dropping to $60k in early trading hours on Thursday, May 9, 2024. Some recent positive sentiments are fueling the price of Bitcoin, and they could help it reach a new all-time high.

Bitcoin has experienced four halving events, and its price has surged significantly after each halving event. In 2012, the price of Bitcoin increased by 9,500% and 3,000% in 2016 and in 2020, it rose by 650%. The market is still watching to see how far it rises after the recent halving.

However, the recent Iran-Israel war has negatively impacted the crypto market and resulted in altcoins facing bearish sentiments.

Donald Trump to Accept Bitcoin Donations 

On Thursday, May 9, 2024, the former US President said that he would ensure that his presidential campaign is open to receiving donations in cryptocurrency, including Bitcoin.

The NFT creator and influencer, Frank Degods, uploaded multiple videos on his X account, where Trump told supporters that he plans to welcome campaign contributions in cryptocurrency.

In one video, Trump said, “If you can’t, I’ll make sure you can.” He added, “Can we donate to the Trump campaign using crypto? I believe the answer is yes.”

In another video, he joked that the current U.S. President, Joe Bidden, does not understand crypto in another video, adding, “If you like crypto in any form, and it comes in a lot of different forms, if you are in favor of crypto, you better vote for Trump.”

Frank tweeted that “the crypto community will ride for him” if he is serious about his support for the crypto industry. Donald Trump is the Republican candidate for the US presidential election slated for November this year. 

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Joe Biden to Veto Congress’ SEC Resolution

The US Congress voted on Wednesday, May 9, 2024, on a resolution rejecting the SEC’s crypto accounting guidance known as the SAB 121. According to the crypto industry, the SEC’s guidance has deterred financial institutions from handling funds from crypto-related businesses. However, President Biden has said he will veto the resolution. 

Commenting on the resolution, Biden said, “SAB 121 was issued in response to demonstrated technological, legal, and regulatory risks that have caused substantial losses to consumers.”

Bitcoin Price Performance

Bitcoin ($BTC) is currently trading at $62,518.12, up by 1.46% in the past 24 hours. It is trading above the 200 and 100-day Moving Averages, respectively, with a Relative Strength Index (RSI) of 46.92, which is neither oversold nor overbought. The asset’s daily price charts depict a falling wedge pattern in the long term, but traders ought to be careful of a correction in the near term.

Bitcoin USD (BTC-USD)
Bitcoin (COIN: $BTC)

Should You Add BTC to Your Portfolio? 

Since its halving, Bitcoin has experienced heightened volatility. It reached $65k on 25 April and then fell to $62k in just three days. Therefore, it is important to stay cautious and monitor price movements carefully.

The prices of other altcoins, such as SOL, XRP, and FIL, have also been quite volatile recently. Trump’s recent revelation that he would begin accepting crypto donations could boost the sector’s profile and lead to a short-term surge. 

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