Bitcoin Cash, BSV skyrocket 14% post Trump’s pro-crypto vows

BTC-linked tokens are witnessing a rally, riding on Bitcoin’s latest attempt to regain the $70,000 mark after Donald Trump’s pro-crypto speech at the Bitcoin Conference. Bitcoin Cash (BCH) and Bitcoin SV (BSV), both surged by over 14% on Monday, leading with heavy gains among top digital assets.

BTC surged by over 3% in the last 24 hours to break past the $69,000 level, in a reflection of the overall bullish trend in the market. Top tokens like Ether (ETH) and Solana (SOL) also printed green indexes with a jump of more than 4%.

Bitcoin Cash (BCH) and Bitcoin SV (BSV) lead the market

BCH turned out to be one of the biggest gainers over the last day. It is up by 14% as Mt. Gox finishes distributing tokens to its creditors. The defunct crypto exchange earlier announced that this distribution is part of the ongoing repayment process.

Coinglass data shows that $3.39 million worth of long and short bets set on the BCH price got liquidated in the past 24 hours. However, $3.32 million worth of positions, or 100% of the positions that got liquidated turned out to be short bets.

It indicates that traders were expecting a declining trend but the BCH price proved a large majority of the market punters wrong. BCH is up by more than 16% in the last 7 days. It is trading at an average price of $449.45 as of press time. BCH’s 24-hour trading volume skyrocketed by 41% to stand at $479 million.

BSV is another crypto that grabbed the market’s attention with its 16% jump over the last day. Before the latest upturn, BSV struggled to keep up with bulls. However, in a wild swing, it seems to have recovered its old position even though it is still down by around 45% on a year-to-date (YTD) basis.

BSV came into existence following a hard fork of the Bitcoin Cash blockchain back in 2018 but it has failed to replicate market performance. BSV is trading at an average price of $52.59, at the press time. Its 24-hour trading volume grew by 91% to stand at $61.6 million.

Donald Trump’s bold promises may be behind bullish sentiments

Former President Donald Trump pledged at the Nashville Bitcoin Conference to prevent federal Bitcoin sales if re-elected. He also said he plans to make the US a global crypto leader. He went on to make other bold promises during his speech. However, he stopped short of proposing a formal federal digital currency reserve, focusing on capturing the support of crypto supporters in the 2024 presidential race.

Trump went on to promise to fire the Securities and Exchange Commission (SEC) chair, Gary Gensler if he assumes the office of the POTUS. His pro-crypto vows may be behind the latest market resurgence which has pushed Bitcoin closer to $70K after trading as low as $63K in the last 7 days. BTC is trading at an average price of $69,448, at the press time.