Bitcoin (BTC) price surged to an intraday high of $87,453 during the NY trading session but quickly dropped back to $83,655 after US President Donald Trump made a video appearance at the Digital Asset Summit in New York. Prior to his statement, rumors on X suggested that President Trump would announce zero capital gains taxes on certain cryptocurrencies or issue a favorable statement about the US strategic Bitcoin reserve.
Trump reiterated his promise not to sell confiscated Bitcoin and called for Congress to enact clear stablecoin legislation promptly. His most positive statement was reiterating the goal of making the US the leader in all things crypto: “Together, we will make America the undisputed Bitcoin superpower and the crypto capital of the world.”
Crypto markets reacted to the rumors, buying into the speculation, and sold upon the actual news. Aksel Kibar, a chartered market technician, suggested a potential correction to $73,700.
Some of Bitcoin’s recent strength stems from the FOMC minutes and Federal Reserve Chair Jerome Powell’s confirmation of a slower quantitative tightening regime and possible interest rate cuts in 2025.
Arthur Hayes, BitMEX co-founder, noted that while $77,000 may be the Bitcoin price bottom, volatility could still affect stocks and BTC.
— news from Cointelegraph