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Bitcoin Breaks $70k Mark Amid Memorial Day Rally

Bitcoin surged past $70,000 during Memorial Day, driven by renewed political support. With U.S. markets closed for the holiday, digital assets took center stage, and Bitcoin (BTC) rallied on optimism.

TradingView data showed Bitcoin opened just below $68,500 overnight. BTC quickly climbed to $69,246 by 10:30 pm EDT but then dipped, bouncing off support at $68,350. It reached a session low of $68,222.56 at 7:40 am EDT.

The bulls regained control, pushing Bitcoin above $70,000 shortly after 11:30 am EDT. A sharp pullback around 4 pm EDT saw Bitcoin testing support at $69,150. At the time of writing, Bitcoin traded at $69,328.19, gaining 1.28% in 24 hours.

Bitcoin symbol with an upward arrow and fireworks, representing Bitcoin's surge past $70,000 during Memorial Day.
Source: Coinbackyard

Trump Boosts Bitcoin

Donald Trump’s recent pro-crypto statements fueled Bitcoin’s rally. Trump promised to support the self-custody of crypto and aimed to benefit millions of American holders if elected.

Anthony Pompliano of Pomp Investments tweeted, “The leading Presidential candidate is explicitly saying he will make America the leader in bitcoin & crypto.” Crypto analyst Vivek and Rekt Capital highlighted Bitcoin whales’ significant accumulation and bullish market projections.

Memecoins Shine on Memorial Day

Most top 100 altcoins rose in value, led by Floki Inu (FLOKI), up 18.45%, Bonk (BONK) gaining 10.44%, and Dogwifhat (WIF) up 9.73%. Lido DAO Token (LDO) dropped by 5.40%, Ondo (ONDO) fell by 4.04%, and Gnosis (GNO) declined by 3.33%.

The overall cryptocurrency market cap reached $2.59 trillion, with Bitcoin’s dominance at 52.69%.

May 28, 2024 at 10:43 am

Updated May 28, 2024 at 10:43 am

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