Bitcoin surges above $70,000 after Trump suggests Bitcoin could surpass gold in value and says it’s “going to the moon”

Bitcoin has surged past the $70,000 mark, reflecting a significant rise of almost 2.7% in the last 24 hours. Currently trading at just under $70,000, Bitcoin has seen a trading volume of $25.7 billion.

Market Capitalisation

The total market capitalisation of the cryptocurrency market has now reached $2.48 trillion, marking a 3.5% increase. Bitcoin alone accounts for $1.374 trillion of this total, underscoring its dominant position in the market.

Liquidation Data

In the past 24 hours, $77 million has been liquidated, with $17.17 million in long positions and $59.8 million in short positions, according to CoinGlass.

Impact of Trump’s Speech

The recent price rally is attributed to positive sentiments expressed by influencers at the Bitcoin Conference in Nashville. Notably, US presidential candidate Donald Trump made headlines by suggesting that Bitcoin could surpass gold in value and stating that it “will go to the moon.”

Trump’s SEC Plans

Additionally, Trump announced that, if elected, he would remove Gary Gensler as the chairman of the SEC and appoint a new chairman on his first day in office.