Bitcoin Dumped $2.5K Before Recovery: Trump’s Speech Caused Huge volatility

Bitcoin’s price has been on a rollercoaster throughout the past couple of hours, largely induced by the anticipation of and subsequent speech of former US President and current Presidential Candidate Donald Trump at Bitcoin 2024 in Nashville.

The price initially nosedived below $67K from an intraday high at above $69K before the speech.

Upon the end of Trump’s speech, the price started to recover, coinciding with a few important statements that the made.

He pledged that should he be elected, he will immediately cease the “war” on crypto initiated by the Biden administration. He also pledged to fire the Chairman of the United States Securities and Exchange Commission – Gary Gensler – on day one. This was met by a lot of cheering from the audience.

Donald Trump also said that he will make sure that crypto regulations in the country will be written and instituted by people who understand the industry, while also pledging to make sure that the US keeps every bitcoin it acquires, ultimately reinforcing the slogan to:

“Never sell your Bitcoin.”

Among other things, he also said that he will attempt to turn the USA into the crypto capital of the world.