Posted by Xoken.org – The crypto market strengthened in the last 24 hours. The prices of Bitcoin (BTC) and Ethereum (ETH) together shot up more than 1%. This was prompted by pro-crypto comments by US Presidential candidate and former President Donald Trump.
Based on data from Coinmarketcap, Tuesday morning (28/5/2024) at 06.10 WIB, global crypto market capitalization rose 1.39% to US$ 2.6 trillion in 24 hours. The cryptocurrency with the largest market capitalization, Bitcoin (BTC), increased 1.42% in the last 24 hours. Currently, the price of Bitcoin is at US$ 69,463 per coin or the equivalent of IDR 1.11 billion (exchange rate, IDR 16,082).
Strengthening also occurred in Ethereum (ETH), which shot up 1.32% to US$ 3,885 per coin. Meanwhile, Binance (BNB) rose by 0.52% in 24 hours. So BNB is priced at US$ 603 per coin.
Quoted from Cryptonews, It’s a quiet start to the week for global markets, with the United States (US) stock market closed to commemorate Memorial Day. But cryptocurrencies remained in a positive mood, with most major coins gaining after pro-crypto comments from US Presidential candidate and former President Donald Trump.
Further positive comments from Trump came after last week’s surprise approval of an Ethereum ETF from the SEC. In fact, a cryptocurrency wallet linked to Trump reportedly has assets worth around US$ 10 million.
According to blockchain data tracked by Arkham Intelligence, the wallet contains sizable amounts of MAGA tokens, Ethereum (ETH), and MAGA VP tokens.
Trump’s involvement in cryptocurrencies is particularly prominent. His holdings place him among the top celebrities when it comes to crypto assets, surpassing figures like Justin Bieber, Kevin Hart, and Jimmy Fallon.
The connection between the wallet and Trump was established through information in his financial report filed in August 2023.
Now, traders will be looking forward to further information regarding a possible launch date for a spot Ethereum ETF in the US this week. Focus will also be on the release of US Core PCE inflation figures on Friday (31/5/2024).
Recent US macro data has eased concerns about the Fed delaying rate cuts until 2025. Data on Friday is expected to show the Core PCE inflation rate falling to 0.2% from 0.3% MoM.
This could further assuage those fears and add to the negative impact on the crypto market. Major coins will soon retest yearly highs. Meanwhile, Ethereum represents a potentially very good value opportunity right now.
Despite this, Bitcoin is back above its 2021 high, and significant market maturity, signaled by the approval of the ETF. Regulatory uncertainty may be the main factor holding back ETH, but last week’s ETF approval means all of that has to be resolved.