On the 20th, Bitcoin (BTC) recorded a surge of over 7% compared to the previous day. Ethereum (ETH) also rose by approximately 20%, with other major altcoins experiencing significant increases.
One contributing factor was a statement by President Trump. On the 19th, President Trump held a meeting at the White House with executives from cryptocurrency-related companies, reiterating his commitment to making the United States the largest cryptocurrency nation in the world. Participants included Coinbase, Ripple, and Gemini.
Additionally, he addressed the "Clarity Act," a legislative proposal related to the market structure of cryptocurrencies, which is currently stalled in discussions, urging Congress for its swift passage. SEC Chairman Paul Atkins, who attended the meeting, also emphasized that passing the Clarity Act is a top priority.
Furthermore, President Trump stated, "The government is considering a large-scale purchase of Bitcoin." This statement contributed to Bitcoin's return to $70,000, a level not seen since early June this year.
Moreover, regarding the U.S. expansion of the major DEX HyperLiquid, President Trump mentioned that CFTC Chairman Mike Selig is "working on a deployment that complies with U.S. laws." Following this, the native token HYPE recorded an increase of over 20% compared to the previous day.
President Trump also stated, "In fields like fintech, blockchain, and AI, the United States has become a global leader, ahead of countries like China," and emphasized that "the headwinds against the cryptocurrency industry are completely over," highlighting the achievements of the current administration.
The rise in cryptocurrency prices, including Bitcoin, was also influenced by an announcement from the U.S. Treasury regarding bond buybacks.
The Treasury Department announced that it would double the buyback limit for 10-20 year bonds and 20-30 year bonds from the current $2 billion (approximately ¥317 billion) to $4 billion (approximately ¥634 billion). This led to a decline in long-term interest rates, boosting the three major U.S. indices.
This development also served as a tailwind for cryptocurrencies, becoming a significant buying factor alongside President Trump's remarks.
Reference: President Trump's Press Conference, U.S. Treasury Announcement
Image: Shutterstock
President Trump's Statement: 'We Will Not Let China Dominate Cryptocurrency'