Bitcoin Returns to $70,000: Why is BTC Up Today?

Following a weekend full of important moments and developments for the asset, Bitcoin has returned to the $70,000 level, but why has BTC exploded today? The token hasn’t returned to the level since early June of this year. Just three months prior, it had set its all-time high of $73,000.

The leading cryptocurrency has increased more than 14% in the last 30 days, according to CoinMarketCap. Moreover, in the last 24 hours, it has increased almost 3%, currently trading at $69,959 as it tempts to go even higher. Many of the weekend’s festivities seem to have encouraged its most recent rally.

Also Read: Bitcoin Whales Bet Big Amid Japan’s ETF Approval Buzz

BTC Hits $70,000 to End July, But Why?

Earlier this year, critical steps in Bitcoin adoption caused the asset to surge in value. Specifically, the approval of the first Spot Bitcoin ETFs in the United States proved to be a massive game changer. The participation of traditional finance firms like BlackRock and Fidelity allows BTC to reach new heights.

With Bitcoin finally returning to the $70,000 mark for the first time since June, BTC is up big today because of some massively important moments that occurred over the weekend. The biggest one involved the 45th President of the US, Donald Trump.

Trump made his long-awaited appearance at the Bitcoin Conference 2024 in Nashville. There, he excited the entire crypto market. He pledged to create a “Strategic Bitcoin reserve,” if reelected in November. Additionally, he assured he would replace US Securities and Exhange Commission (SEC) head, Gary Gensler.

donald trump
Source: Finbold

Also Read: U.S. Presidential Candidate RFK Jr Says He’s “Fully Committed” to Bitcoin

Gensler has long stood in the way of progress for crypto in the US. The entire speech stood out as a call for change regarding the regulatory landscape for cryptocurrencies. That has seemingly defined the plight of the industry for several years now.

Additionally, US Senator Cynthia Lummis recently introduced a bill that would also massively integrate BTC. Specifically, Lummis told The Block the bill would require the US Treasury to acquire 1 million BTC- worth nearly $68 billion- over the next five years.

Lummis notes that the tokens could be held by the Treasury for at least 20 years. However, she also said they could be sold in order to help “reduce the debt.” US national debt recently surpassed $35 trillion. Conversely, the positive sentiment has driven Bitcoin’s price up. However, it doesn’t appear likely to slow down any time soon.

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