Investing.com-- Bitcoin price climbed on Monday, extending gains from over the weekend after Republican presidential nominee Donald Trump raised the prospect of friendlier regulation during an address at the Bitcoin Convention.
While the token had initially reacted somewhat negatively to Trump’s speech, especially as he stopped short of explicitly promising a national reserve, buyers stepped in shortly after his address.
Bitcoin rose 2.7% in the past 24 hours to $70,018.0 by 09:19 ET (13:19 GMT).
Trump promises friendlier regulations, race with China
Trump on Saturday told the Bitcoin Conference that the U.S. should become the world’s crypto leader before China, and that he would also roll out friendlier regulations than Democratic presidential frontrunner Kamala Harris.
Trump said he would set up a crypto advisory council for the White House, and would also create a national stockpile of Bitcoin using the current holdings of the U.S. government- most of which was seized by law enforcement activities.
“Never sell your bitcoin… If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future," Trump said.
Trump- who had in 2021 called cryptocurrency a scam, has courted the sector with his recent campaigning efforts. His campaign accepts donations in crypto, and the former president has also released his own collection of non-fungible tokens.
Trump also vowed to fire Securities and Exchange Commission Chair Gary Gensler, who has maintained a regulatory crusade against the crypto industry.
Recent polling data showed Trump is set for a tight race with Harris, who has so far not outlined any plans for crypto regulation. But given her past as a prosecutor with experience in financial fraud, it appears likely that Harris will continue the government’s crackdown on crypto.
Bitcoin’s price benefited from speculation over a Trump presidency, rebound sharply over the past two weeks from four-month lows. But further gains in the token still remained doubtful, as defunct crypto exchange Mt Gox continued to mobilize its Bitcoin holdings for distribution.
Crypto price today: altcoins advance with rate cuts in focus
Broader cryptocurrency prices advanced on the prospect of friendlier U.S. regulations. Speculation over interest rate cuts in the U.S.- ahead of a Federal Reserve meeting this week- also supported risk-driven assets.
World no.2 token Ether rose 3.3% to $3,377.32, seeing some increased interest after the launch of spot exchange-traded funds (ETFs) tracking the token last week.
XRP, ADA and SOL rose between 1.3% and 3.3%, while among meme tokens, DOGE added 2.3% while SHIB rose 1.5%.
Ethereum ETF inflows hit $1bn in first week, but offset by single fund's outflows
The launch of U.S. spot ETFs saw mixed results last week, with most experiencing net inflows, but significant outflows from Grayscale’s converted fund, ETHE, overshadowed these gains.
Nine new spot Ethereum ETFs from eight issuers were launched last Tuesday, following their approval by the SEC in May.
In the first four days of trading, BlackRock (NYSE:BLK)'s ETHA led with $442 million in net inflows, followed by Bitwise’s ETHW with $265.9 million and Fidelity’s FETH with $219.4 million. VanEck’s ETHV, Franklin Templeton’s EZET, Invesco’s QETH, and 21Shares’ CETH also saw net inflows of $35.4 million, $23.3 million, $14.2 million, and $7.5 million, respectively.
Nearly all ETFs attracted net inflows, except for Grayscale’s ETHE, which faced over $1.5 billion in net outflows last week, resulting in a combined net outflow of $341.8 million for U.S. spot Ethereum ETFs.
In comparison, the U.S. spot Bitcoin ETFs, launched in January, had a total net inflow of $1.26 billion in their first four days. Excluding ETHE, the Ethereum ETFs generated about 40% of the net inflows seen by the Bitcoin ETFs post-launch, at $1.17 billion compared to $2.89 billion, excluding the similarly converted GBTC.