Bitcoin Pulls Back Despite Trump’s Pro-Crypto Remarks
After climbing above $86,000 yesterday, bitcoin ( BTC) experienced a slight downturn over the past 24 hours, retreating to below $84,000 even after President Donald Trump’s bullish remarks at the Blockworks Digital Asset Summit on Thursday. Bitcoin is priced at $83,849.61 at the time of reporting, reflecting a 2.27% decrease over 24 hours and a 1.02% decline over the past week.
( BTC Price / Trading View)
Bitcoin’s 24-hour trading range fluctuated between $83,171.07 and $86,159.39. Despite a period of relative stability, the cryptocurrency saw a pullback as overall market sentiment cooled. The total market capitalization now stands at $1.67 trillion, down 2.21% from yesterday.
BTC’s dominance over the broader cryptocurrency market edged slightly higher to 61.65%, marking a 0.36% increase over the past 24 hours. However, futures market activity reflected a more cautious approach from traders. Total BTC futures open interest decreased by 3.52%, standing at $53.28 billion, according to Coinglass.
( BTC dominance / Trading View)
Liquidation data from Coinglass highlights that bullish traders suffered the most in the past 24 hours, with total liquidations amounting to $62.14 million. Long liquidations accounted for $50.42 million, while shorts saw relatively minor losses of $11.72 million. This suggests that many traders had placed optimistic bets on further price appreciation but were caught off guard by the pullback.
A major headline shaping market sentiment was former U.S. President Donald Trump’s speech at the Blockworks Digital Asset Summit in New York City on Thursday. Addressing the audience via satellite, Trump made history as the first sitting or former U.S. president to directly address a crypto conference.
During his remarks, Trump expressed a bullish stance on the digital asset sector, vowing that the U.S. would “dominate crypto and the next generation of financial technologies.” His statements were seen as a significant endorsement of the industry, particularly given the regulatory uncertainty surrounding digital assets in the U.S.
Despite the positive rhetoric, Bitcoin’s price failed to sustain upward momentum, continuing its recent trend of sideways trading. This suggests that broader macroeconomic concerns and profit-taking may be overshadowing potential optimism stemming from Trump’s remarks.
Bitcoin’s recent price action indicates that market participants remain cautious. The decline in trading volume by 32.30% over the past 24 hours suggests reduced participation and potential hesitation among investors.
Looking ahead, BTC will likely continue responding to broader macroeconomic factors, regulatory developments, and institutional investor activity. If trading volume rebounds and BTC can reclaim key resistance levels, renewed bullish momentum may emerge. Conversely, further downside pressure could lead to additional corrections in the near term.
With Trump’s pro-crypto stance now on record, the long-term implications for bitcoin and the broader digital asset market remain to be seen. However, in the short term, bitcoin appears to be grappling with market indecision as traders await further catalysts for price movement.
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The Role of XRP in Trump’s Vision for a Crypto-Backed Economy
Donald Trump’s announcement of a U.S. Crypto Strategic Reserve has put cryptocurrencies like XRP in the spotlight. As one of the selected assets for this reserve, XRP’s role in a crypto-backed economy could be significant. Known for its fast transactions, low fees, and scalability, XRP is uniquely positioned to support Trump’s vision of integrating crypto into the financial system.
Why XRP?
Unlike Bitcoin, which is primarily seen as digital gold, XRP is designed for efficient cross-border payments. Its ability to settle transactions within seconds makes it ideal for financial institutions and government-backed payment systems. By including XRP in the reserve, Trump could be signaling a shift toward a blockchain-powered financial system that prioritizes speed and cost efficiency.
XRP and Centralized Financial Systems
One reason XRP stands out is its compatibility with both traditional banks and decentralized finance (DeFi). Ripple, the company behind XRP, has long worked with financial institutions to streamline cross-border transactions. If Trump’s administration aims to replace or enhance SWIFT, XRP could play a major role in facilitating faster and cheaper international payments.
Regulatory Clarity and Adoption
The U.S. government's inclusion of XRP in its reserve could help resolve long-standing regulatory issues. The ongoing SEC lawsuit against Ripple has caused uncertainty, but with a government-backed endorsement, XRP could gain wider adoption among banks, businesses, and even government agencies.
Conclusion
$XRP selection in Trump’s crypto reserve plan suggests it may play a major role in a future crypto-backed economy. Its utility in cross-border payments, financial stability, and scalability makes it a strong candidate for government and institutional adoption. If Trump’s vision succeeds, XRP could become a key player in the next era of digital finance.