Investing.com – Bitcoin prices rose on Tuesday, boosted by the prospect of friendlier U.S. cryptocurrency regulations as traders speculated that Donald Trump would win re-election in the 2024 presidential race.
Reports also suggest that the U.S. Securities and Exchange Commission is close to approving an exchange-traded fund that directly tracks the world’s second-largest token, Ethereum, further bolstering optimism about a better regulatory environment.
It was up 2.3% in the past 24 hours to $64,073.6 as of 01:27 ET (05:27 GMT). Speculation about Trump has largely helped the coin shrug off concerns about selling pressure distributed by defunct cryptocurrency exchange Mt Gox. This caused Bitcoin to fall to $54,000 in early July.
Trump bets on boosting Bitcoin
Bitcoin rebounded after a failed assassination attempt on Trump over the weekend, which is thought to have significantly boosted the former president’s popularity.
This is thought to give Trump a certain advantage over President Joe Biden in the 2024 presidential race. Trump was officially nominated as the Republican presidential candidate on Monday, choosing Ohio Senator J.D. Vance as his running mate.
Trump has maintained a basically supportive stance on the crypto industry, recently stating that Bitcoin’s future should be built in the United States rather than overseas.
Trump is also scheduled to speak at a Bitcoin conference in Nashville later this month.
A second Trump term could lead to a more favorable regulatory outlook for U.S. cryptocurrencies, especially after a series of crackdowns on the industry in recent years by the Securities and Exchange Commission and the Department of Justice.
The U.S. Securities and Exchange Commission (SEC) still has cases against XRP issuer and cryptocurrency exchange Coinbase (NASDAQ: ), with both companies facing charges of distributing unregistered securities.
Cryptocurrency Prices Today: Altcoins Gain, Ethereum Spot ETF Looking to Gain
Within broader cryptocurrency prices, altcoins followed Bitcoin’s gains.
The world’s second-largest coin rose 2.6% to $3,420.75. Reuters reports that the U.S. Securities and Exchange Commission has given preliminary approval to at least three of the eight asset managers applying for spot ETFs, with trading set to begin next week.
The launch of an Ethereum spot ETF is likely to attract a similar number of institutional investors to Bitcoin earlier this year. Shortly after the spot ETF was launched, Bitcoin hit an all-time high.
Other altcoins also gained, rising 3% and 2.4% respectively. Lagging, trading sideways.
Among Meme tokens, it was up 4.3%, while up 7.1%.
