Ethereum Price Surges 6% Prior to Trump Address at Bitcoin Event
Ethereum’s price surged to $67,432 in July, marking a 6% increase for the day, fueled by bullish traders wagering $1.38 billion ahead of Donald Trump’s speech at the Bitcoin Conference. The optimism surrounding Trump’s appearance has injected momentum into ETH’s price, potentially paving the way for further gains amidst market fluctuations.
Earlier in the week, ETH faced a concerning 13.45% decline triggered by a sell-off following the launch of spot Ethereum ETFs on June 23. However, market sentiment took a positive turn on July 26 as news of Donald Trump’s slated participation at an upcoming Bitcoin Conference in the USA circulated, reversing the bearish trend.
The “Bitcoin 2024” conference commenced in Nashville on July 25, attracting a global audience. Notable figures scheduled to speak at the event include Donald Trump, Michael Saylor of MicroStrategy, Cathie Wood from Ark Invest, Robert F. Kennedy Jr, Russell Brand, and Edward Snowden. Discussions at the conference are expected to revolve around political topics like taxation, regulation, and cryptocurrency adoption in the US.
Speculation is rife that Trump might announce plans for Bitcoin to be added to the USA’s official strategic treasury reserve during his speech. This move would involve the US government investing in Bitcoin and holding BTC on its balance sheet long-term, a strategy already implemented by countries like El Salvador and the Central African Republic.
In anticipation of positive developments at the Bitcoin Conference, ETH futures traders have significantly increased their LONG positions. This trend is reflected in the Coinglass chart, illustrating a surge in ETH LONG contracts compared to SHORT positions, indicating investor confidence in a potential price upswing.
Currently, Ethereum derivatives traders have locked approximately $2 billion in speculative perpetual futures contracts within the $2,918 to $3,570 price range. Notably, the market is heavily skewed towards bullish sentiment, with $1.38 billion in LONG contracts outweighing $600 million in SHORT positions.
With Trump’s speech looming, traders are eyeing a substantial Ethereum price surge, with the media buzz already propelling ETH on a 6% rally towards $3,245. Should Trump make a significant announcement, like the speculated inclusion of BTC in the US treasury, it could trigger a buying frenzy and potentially drive ETH to new all-time highs exceeding $5,000, given the current leverage in play. Investors are advised to conduct thorough research before making investment decisions, as the market remains volatile.
