Bitcoin Price Rises. What's Got Crypto Bulls Excited. -- Barrons.com

Dow Jones07-26

By George Glover

The Bitcoin price was rising early Friday, with crypto zealots eagerly awaiting a speech by former President Donald Trump.

The largest cryptocurrency was up 4.1% to $67,321 over 24 hours. It's now trading 8% shy of its record high price of about $73,000 set in March.

The move higher comes with excitement building about Trump's appearance at the Bitcoin 2024 conference in Nashville, Tenn. The Republican nominee for the presidential election is a recent crypto convert and will give the convention's keynote address on Saturday.

Some investors are hoping Trump will use the platform to make a major announcement, such as to throw his support behind having the U.S. government buy Bitcoin as a "strategic reserve" asset, giving it a similar status to foreign currencies or oil. Even though he wouldn't be able to push through that legislation quickly, the speculation has lifted crypto prices.

Ether, the second-largest token in terms of market capitalization, climbed 2.1% to $3,239. Solana rose 5.8%, and Cardano climbed 4.4%.

Some crypto stocks also appeared to be benefiting from the excitement. Coinbase was up 4.8% ahead of the opening bell, and MicroStrategy jumped 5.3%.

Write to George Glover at george.glover@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 26, 2024 08:01 ET (12:01 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It's now trading 8% shy of its record high price of about $73,000 set in March. \n\n\n     The move higher comes with excitement building about Trump's appearance at the Bitcoin 2024 conference in Nashville, Tenn. The Republican nominee for the presidential election is a recent crypto convert and will give the convention's keynote address on Saturday. \n\n\n     Some investors are hoping Trump will use the platform to make a major announcement, such as to throw his support behind having the U.S. government buy Bitcoin as a \"strategic reserve\" asset, giving it a similar status to foreign currencies or oil. Even though he wouldn't be able to push through that legislation quickly, the speculation has lifted crypto prices. \n\n\n     Ether, the second-largest token in terms of market capitalization, climbed 2.1% to $3,239. Solana rose 5.8%, and Cardano climbed 4.4%. \n\n\n     Some crypto stocks also appeared to be benefiting from the excitement. 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