KEY POINTS
- Bitcoin hit $68,400 at one point Sunday night before retreating to $67,300 early Monday
- US Bitcoin ETFs saw a single-day haul of $422.5 million last week
- There are rumors that Trump may announce Bitcoin as a reserve asset in Nashville
Bitcoin surged above $68,000 Sunday night and started a new week strong as spot $BTC exchange-traded funds (ETFs) completed a week of mostly positive flows and anticipation for the upcoming Bitcoin 2024 conference in Nashville later this week.
Bitcoin ETFs rebound
The week of July 15-19 was a huge one for spot Bitcoin ETFs as the funds hauled in over $1.1 billion in inflows, as per data from investment company Farside Investors.
Three out of the five weekdays saw hundreds of millions of positive flows, including Tuesday, when U.S.-listed $BTC ETFs saw a collective $422.5 million coming in. Last week's outflows were meager compared to the massive inflows, gradually pushing Bitcoin prices up.
Bitcoin 2024 heat is on
Crypto users on X (formerly Twitter) have been talking non-stop about the Bitcoin 2024 conference in Tennessee, especially after the organizers confirmed that Republican presidential candidate Donald Trump will speak at the event on the last day.
He will also headline a campaign fundraiser in the state on July 27, the last day of the conference. The top-tier ticket for the fundraiser has a price tag of $844,600 per person.
$BTC starts week in the green
Following a good week for spot Bitcoin ETFs and excitement among crypto users for the biggest crypto event this year, Bitcoin surged over the weekend, trading above $68,400 at one point Sunday night before retreating to the $67,000 lows.
As of early Monday, Bitcoin was trading at around $67,300, according to CoinGecko data. Even with the slight decline, the world's largest digital asset by market cap remained up by 7% in the past week and rallied by over 21% in the past two weeks.
$BTC as a reserve asset?
Bitcoin prices remain volatile, but it could spike further following speculation that Trump may make a significant announcement at this week's Nashville event.
"There is speculation that Trump might announce Bitcoin as a strategic reserve for the U.S., which could further boost its value," cryptocurrency research firm 10x Research wrote in a Saturday note.
Trump has recently become more vocally supportive of Bitcoin. He was a former critic of the digital currency and once called it as a likely "scam."
Polymarket traders bet on potential winner
As of early Monday, traders on decentralized platform Polymarket saw Trump as the likely winner of the 2024 presidential election. Traders have Vice President Kamala Harris' chances at 29% following her endorsement as the Democratic nominee by outgoing President Joe Biden.
The other potential candidate that Polymarket traders have over Trump and Harris is former First Lady Michelle Obama, whose chances traders currently placed at 4%.
