Investing.com– Bitcoin rose Tuesday, boosted by the prospect of more favorable U.S. cryptocurrency regulations. Investors speculated that Donald Trump would win a second term in the 2024 presidential race.
Reports also showed that the Securities and Exchange Commission was close to approving ETFs that directly track the value of the world’s second-largest token, Ether, further fueling optimism that the regulatory environment will improve.
rose 2.3% in the past 24 hours to $64,073.60 by 01:27 ET (05:27 GMT). Speculation about Trump helped the token largely rise above concerns about selling pressure from distribution by shuttered cryptocurrency exchange Mt Gox. That sent Bitcoin down to $54,000 in early July.
Bitcoin Backed by Trump Bets
Bitcoin’s surge comes after last weekend’s failed assassination attempt on Trump, which was seen as a significant boost to the former president’s popularity.
That was seen as giving Trump some advantage over President Joe Biden in the 2024 presidential race. Trump was officially nominated Monday as the Republican presidential candidate and also chose Ohio Sen. J.D. Vance as his vice presidential running mate.
Trump continues to support the cryptocurrency industry, recently stating that Bitcoin’s future should be built in the U.S., not overseas.
Trump is also scheduled to speak at the Bitcoin Conference in Nashville later this month.
A second Trump term will likely bring a more favorable regulatory outlook for cryptocurrencies in the U.S., especially after a series of crackdowns on the industry by the SEC and Department of Justice in recent years.
The Securities and Exchange Commission (SEC) continues to pursue cases against the issuer of XRP and cryptocurrency exchange Coinbase (NASDAQ): Both companies are accused of distributing unregistered securities.
Cryptocurrency Price Today: Altcoins Rise, Ether Rise on Spot ETF Hopes
Amid broader cryptocurrency prices, altcoins rose, tracking Bitcoin’s gains.
The world’s No. 2 token rose 2.6% to $3,420.75. According to Reuters, the SEC has given preliminary approval to at least three of eight asset managers that have applied to create a spot ETF, with trading set to begin next week.
The introduction of Ether spot ETFs could attract a similar number of institutional investors as Bitcoin did earlier this year. Bitcoin reached record highs shortly after the introduction of spot ETFs.
Other altcoins also rose, up 3% and 2.4%, respectively. However, the companies lagged behind and traded sideways.
Among meme tokens, the escalate was 4.3%, while the value increased by 7.1%.
