Bitcoin price surged over 4% on Friday, recovering from the significant losses it took during the week. The overall digital assets market printed green indexes ahead of Republican presidential nominee Donald Trump’s address at the Bitcoin Conference this weekend.
Also read: VanEck gives Bitcoin until 2050 to hit $3 million per coin
BTC rallied after dipping past the $63,000 mark to push past the $67,000 mark over the last 24 hours. The overall market cap of digital assets jumped by 3.5% to stand at $2.4 trillion.
Bitcoin rallies with positive ETF inflow
BTC price moved into the green after enduring heavy selling pressure in the market and days of high outflow from BTC exchange-traded funds (ETFs). Data from July 25 shows that the BTC spot ETF total net inflow for the day stood at $31.15 million.
BlackRock’s iShares Bitcoin Trust (IBIT) recorded a net inflow of $70.74 million, while, Grayscale Bitcoin Trust ETF (GBTC) lost $39.5 million in a single day. The total net asset value of BTC ETFs stands at $59.14 billion.
Also read: Ether may remain under pressure on Grayscale selling
The fresh rally of 4% helped Bitcoin wash off its recent losses. Data provided by Coinglass shows that more than $54.42 million worth of long and short positions set on BTC price movement got liquidated in the last 24 hours. $32.69 million worth of liquidated positions (60%) turned out to be short bets. It suggests that traders were not expecting a reversal here but the bulls made a comeback.
Bitcoin surged by 10% in the last 30 days, indicating the industry’s momentum is on the up. BTC currently trades at an average price of $67,309 as of press time. Its 24-hour trading volume remains stable at $35 billion.
Donald Trump set to address the crypto industry
Former US president Donald Trump is set to speak at the Bitcoin conference in Nashville and establish his “pro-crypto” candidature ahead of the elections. Crypto enthusiasts will be watching to see if Trump can provide some plans for expected regulatory clarity for the industry.
The conference will host independent presidential candidate Robert F. Kennedy Jr, former Republican presidential candidate Vivek Ramaswamy, and other popular personalities.
Also read: BlackRock reveals key motivation behind launching crypto ETFs
A 30-minute keynote address by Trump on the final day of the conference will be an effort to gain more support from the crypto community. He has reportedly raised over $4 million in crypto donations through multiple tokens. Donations have come in Bitcoin, Ether, XRP, several meme coins, and USD-pegged stablecoin.
Around 19 donors have sent over $2.15 million worth of BTC to Trump’s campaign. Earlier, billionaire twins Tyler and Cameron Winklevoss donated over $1 million in Bitcoin. Their money was partially refunded as they surpassed the $844,600 limit.
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