Cryptocurrency Price Movements Today: Bitcoin Briefly Tops $71K

Bitcoin (BTC) concisely topped $71,000 early Monday, riding precocious connected nan optimism from nan Bitcoin 2024 convention successful Nashville complete nan weekend, earlier reversing people and falling 2% to astir $67,000 arsenic of 2 p.m. ET.

Talk of Bitcoin Reserve Initially Props Up Price

Speaking astatine nan Bitcoin 2024 conference, erstwhile U.S. President Donald Trump said if he comes backmost to nan White House, his management would not waste immoderate bitcoin nan U.S. authorities presently holds, aliases acquires successful nan future, successful effect creating a "strategic nationalist bitcoin stockpile."

The U.S. authorities holds bitcoin and crypto assets that are often seized arsenic a portion of enforcement actions.

Additionally, Republican U.S. Senator Cynthia Lummis of Wyoming announced a measure that would spell 1 measurement further and adhd to this strategical stockpile pinch purchases amounting to 5% of nan full bitcoin proviso complete a group number of years.

Independent campaigner for president Robert F. Kennedy Jr. besides said astatine Bitcoin 2024, wherever he announced a scheme akin to Lummis'. He said if elected, he would via executive orders person nan much than 200,000 bitcoin held by nan U.S. authorities transferred to nan Treasury arsenic a "strategic asset," and nonstop nan Treasury to acquisition 550 bitcoins each time till nan the reserve grows to 4 cardinal bitcoins.

Trump besides said that he would switch U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. Gensler has been heavy criticized for nan SEC's enforcement actions against nan crypto industry.

Crypto's Increasing Influence successful U.S. Elections

Crypto is becoming a hotter taxable of speech astir nan U.S. Presidential election.

Twenty-eight Democratic lawmakers and candidates sent a missive to nan party's nationalist committee chair seeking a reversal of nan party's stance connected bitcoin and crypto, Politico reported.

"From an electoral standpoint, crypto and blockchain technologies person an outsized effect successful ensuring victories up and down nan ballot," nan missive said.

Additionally, nan Kamala Harris run has reached retired to a assortment of crypto companies successful an effort to reset relations pinch nan industry, according to nan Financial Times. The Harris run had travel nether occurrence from nan crypto organization aft declining an invitation to speak astatine nan Bitcoin 2024 convention this past play for illustration nan different candidates.

Ether ETF Hype Fades Amid Outflows

Spot ether (ETH) exchange-traded costs (ETFs) ended their first week of trading pinch $341.8 cardinal successful nett outflows, according to Farside Investors.

The Grayscale Ethereum Trust (ETHE) has seen conscionable complete $1.5 cardinal successful outflows since going unrecorded past week, arsenic holders of nan preexisting money move to cheaper ETFs aliases simply waste their holdings. BlackRock's iShares Ethereum Trust (ETHA) has been nan victor of nan spot ether ETF title truthful far, pinch $442 cardinal of inflows.