Key Takeaways:
Donald Trump’s endorsement of Bitcoin this election cycle has been a major boost for the cryptocurrency market. The world’s largest cryptocurrency managed to claw back most of its losses from this week as traders and investors eagerly await the former President’s appearance at the Bitcoin 2024 conference in Nashville, Tennessee.
Trump’s Bitcoin 2024 Speech Could Trigger Market-Wide Surge
Interestingly enough, BTC has gained more than 1% as Trump is set to speak at the world’s largest crypto conference today. The 45th President’s pro-crypto stance has become a cornerstone for the Bitcoin and crypto market.
The price chart shows that Bitcoin is trying to get close to the new support level of $67,800. Analysts pointed out two reasons for the latest surge: Trump’s appearance at the Bitcoin 2024 convention and the Bitcoin ETFs seeing a rise in inflows for the first time since mid-March.
On the other hand, the liquidation data for Bitcoin shows that a huge number of short traders got liquidated over the last 24 hours, indicating a bullish market movement. Data from IntoTheBlock shows that 93% of the investors are “in the money” for Bitcoin and 7% are “at the money”.
Investors must be careful because historical data shows that the crypto market tends to take a small correction after it surges and breaks resistance. This occurs so that the market can retest its latest support level. Currently, Bitcoin’s price remains at the support zone, and before it moves towards the new resistance zone at $68,000, its value might need to be consolidated.
Trump’s speech at the Nashville conference will be important for BTC as it could result in a sudden boost that will trigger a market-wide surge.
Another interesting event to look forward to would be Republican Senator Cynthia Lummis’s speech. The Wyoming Senator is poised to discuss a new legislation she has proposed that will require the US Treasury, and the Federal Reserve to hold Bitcoin as a strategic reserve asset, similar to how the government stores gold and foreign currencies.
Whales Are Accumulating XRP, ADA, LINK, And ARB Expecting Massive Profits
It’s not just BTC that has been making waves in the market. Some major altcoins have reported increased whale activity, indicating a potential price surge due to growing confidence in their technology and Trump’s appearance at the Bitcoin 2024 convention.
Crypto whales have been quietly accumulating several altcoins, such as Arbitrum (ARB), Ripple (XRP), Cardano (ADA), and Chainlink (LINK).
Arbitrum (ARB)
ARB is currently trading at $0.72, but despite its major decline in terms of year-to-date price, the cryptocurrency has witnessed an 87% increase in large holder net flows over the past week. This could be a suggestion that whales believe in Arbitrum’s long-term potential.
The layer-2 scaling solution aims to improve transaction speed and reduce costs when operating on the Ethereum blockchain. The whale accumulation is also an indication of trust and confidence in the protocol’s technology and future adoption.
Ripple (XRP)
On-chain analytics firm Santiment reported that the number of wallet addresses holding between 100 million and 1 billion XRP tokens has increased since July 23rd. This means the token’s supply has risen by 40%, showing growing confidence among Ripple’s large-scale holders.
XRP has also been benefiting from the recent court victories and positive market sentiment, making it an attractive prospect for crypto whales.
At the time of writing, XRP is trading at $0.5996 – down 1% in the last 24 hours.
Cardano (ADA)
Cardano just witnessed one of the largest holder inflows in a single day, a staggering 10,878% growth that helped it surpass the 5 billion mark. This is another indication of strong confidence in the cryptocurrency among whales who believe in its potential for a price recovery.
ADA’s recent network upgrades and ongoing development on the blockchain have been well-received by the market.
At the time of writing, ADA is trading at $0.4162 – up 2.05% in the last 24 hours.
Chainlink (LINK)
Chainlink recently integrated its cross-chain interoperability protocol (CCIP) with TrueFi, extending its support to Ethereum (ETH) and Arbitrum (ARB) networks. TrueFi is a platform that provides real-time and transparent financial data that is set to enhance the decentralized finance (DeFi) ecosystem.
The integration with Ethereum and Arbitrum could drive further adoption and utilization of Chainlink, making it a popular cryptocurrency among whales.
At the time of writing, LINK is trading at $13.61 – up 1.71% in the last 24 hours.
Latest news: BlackRock Says Bitcoin Has More Demand Than Ethereum At The Moment
