On Monday, the cryptocurrency market experienced significant gains, buoyed by the remarks of US presidential candidate Donald Trump, who expressed his ambition to establish the United States as a "bitcoin superpower." This statement resonated through the market as Bitcoin climbed nearly 3% over the past 24 hours, reaching a value of $69,791.
Ethereum followed suit with a robust increase of 3.8%, trading at $3,384. Among the notable movements in the market, Solana has emerged as a significant player, recently surpassing Binance's BNB to claim its position as the fourth-largest cryptocurrency by market capitalization. Solana's value rose by 3.2%, settling at $191.50. The total global cryptocurrency market capitalization witnessed an uptick of 2.8%, now totaling approximately $2.48 trillion.
The CoinDesk Market Index also reflected a positive trend, increasing by about 3.3% in the last 24 hours. At a bitcoin conference held on Saturday, Trump emphasized the importance of American involvement in the cryptocurrency sector, stating, "If crypto is going to define the future, I want it to be mined, minted, and made in the USA." He signaled his intention to make significant changes if elected, indicating that he would replace Securities and Exchange Commission Chair Gary Gensler on his first day in office, aiming to appoint someone who fosters innovation in the crypto space rather than imposes restrictions. In pre-market trading, bitcoin mining stocks also saw favorable movements, with Argo Blockchain ($ARBK) climbing by 4.9%, while HIVE Digital Technologies ($HIVE) enjoyed a rise of 3.9%.
Additionally, the Valkyrie Bitcoin Miners ETF ($WGMI), which tracks the performance of Bitcoin mining companies and related stocks, surged by 5.1%. Although Ether ETFs made their trading debut last week, they experienced a total net outflow of $341.8 million, as reported by data from Farside Investors.
This trend indicates a complex market dynamic where inflows into eight of the ETFs were counterbalanced by significant outflows from the Grayscale Ethereum Trust ETF ($ETHE). Looking ahead, the Federal Open Market Committee is set to announce its latest decision regarding key lending rates, with indications from the CME FedWatch tool suggesting a strong likelihood of maintaining current rates.
The market anticipates nearly a 90% chance of a potential rate cut happening in September. Additionally, upcoming economic data, including July's nonfarm payrolls, is expected to be unveiled on Friday, further influencing market sentiments..