Memecoins
Bitcoin Nears $70,000 on Trump Speech, Bitcoin Cash, Base Memecoins Lead Crypto Market Gains
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Bitcoin Cash is up double digits as the economic week opens in Asia, despite analysts’ expectations that it would be the loser in the Mt. Gox trade.
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The token outperformed the broader CoinDesk 20 Index (CD20), which is up 3.6%
Bitcoin approached the $70,000 mark for the first time since early June in Asian afternoon trading, days after Republican candidate Donald Trump revealed his intention to make the asset a national strategic asset if he wins office in November.
Bitcoin Cash {{BCH}} and BRETT, a relatively new memecoin on the Base blockchain, led gains in the cryptocurrency market on Monday. Meanwhile, Solana’s SOL surged 6%, leading gains among major tokens, while BNB, ether (ETH), and BNB Chain’s XRP rose between 2% and 5%.
BCH is up over 10% as Mt. Gox completes distribution of tokens to its creditors, beat the CoinDesk 20a measure of the largest and most liquid digital assets, up 3.6%.
CoinDesk Index Data shows bitcoin {{BTC}} is up 3%, trading above $69,500, while ether {{ETH}} iup 4%, trading above $3,300.
This steady rise in BTC price led to the liquidation of a $13.8 million short bet, while $11.4 million worth of ETH was wiped out, according to CoinGlass data.
In a highly anticipated speech On Saturday, Trump said that if elected in November, he would fire current SEC Chairman Gensler, establish a strategic reserve of bitcoin, and prevent the United States from selling its bitcoin holdings. He believes the asset could one day rival gold and become “the steel industry of 100 years ago.”
Initially, Some analysts thought that BCH would be the loser in the Mt. Gox trade, as bankruptcy buyouts would cause a disproportionately higher percentage of BCH to enter the market relative to Bitcoin, but this fear appears unfounded.
The market seems to be responding favorably to BRETT, a “mascot” memecoin on the already meme-rich Base blockchain. BRETT is the roommate of Pepe the Frog, played by Matt Furie, a comical and lazy character from Boy’s Club.
BRETT is up 11% in the past 24 hours, while POPCAT, a cat-themed memecoin, is up 7%.
Meanwhile, Trump tokens continue to be in the red, despite a recent address by the former president at the BTC 2024 conference in Nashville.
MAGA (TRUMP) token is down 6% on the day, according to CoinGecko dataand down 18% over the past week. TREMP is trading flat, down 0.3% over the past 24 hours, while it has fallen by almost 10% over the past week.