As the business week in Asia gets underway, Bitcoin Cash (BCH) has defied expectations by surging double digits, outperforming the broader CoinDesk 20 (CD20) index. Meanwhile, Bitcoin neared the $70,000 mark for the first time since early June, driven in part by a recent speech from Republican candidate Donald Trump.
Market Movements
The token outperformed the CD20 index, which is up 3.6%. Other notable gains include:
- Bitcoin Cash (BCH): Up over 10%
- Solana’s SOL: Jumped 6%, leading gains among major tokens
- BNB Chain’s BNB, ether (ETH), and XRP: Rose between 2-5%
Trump’s Bitcoin Comments
Days after Republican candidate Donald Trump revealed plans to make the asset a national strategic asset if brought to power in November, Bitcoin neared the $70,000 mark for the first time since early June. In a highly anticipated speech on Saturday, Trump said that if elected, he would fire current SEC Chair Gensler, build a strategic bitcoin reserve, and prevent the U.S. from selling its bitcoin holdings.
Mt. Gox Trade Unfolds
As Mt. Gox finishes distributing tokens to its creditors, BCH is up over 10%, beating the CD20 index. CoinDesk Indices data shows that:
- Bitcoin (BTC): Up 3%, trading above $69,500
- Ether (ETH): Up 4%, trading above $3300
This steady rise in price for BTC has caused a significant liquidation of short bets, with a $13.8 million short bet being wiped out on CoinGlass data.
BRETT and Memecoins
The market seems to be reacting favorably to BRETT, a "mascot" memecoin on the already meme-heavy Base blockchain. BRETT is up 11% in the last 24 hours, while POPCAT, a cat-themed memecoin is up 7%. These gains are part of a larger trend in which several memecoins have seen significant price increases.
Trump-Themed Tokens
Despite recent speeches from former-President Trump at the BTC 2024 conference in Nashville, Trump-themed tokens continue to struggle. According to CoinGecko data:
- MAGA (TRUMP): Down 6% on-day and down 18% in the last week
- TREMP: Trading flat, down 0.3% in the last 24 hours and almost 10% over the last week
The market’s reaction to Trump’s comments and actions will likely continue to be closely watched as the election approaches.
Conclusion
As the Mt. Gox trade unfolds and Trump’s comments on Bitcoin continue to make headlines, the cryptocurrency market remains highly volatile. The unexpected gains in BCH have been a notable exception, defying expectations that it would be the loser in the Mt. Gox trade. As always, investors should remain cautious and do their own research before making any investment decisions.
