Cryptocurrencies price are up as traders anticipate pro-crypto remarks from US President Trump today, March 20. Bitcoin price rose to a two-week high of $87,000 before retreating to trade at around $85,250 at press time. XRP led the gains among the top ten altcoins with a 7% rise while Ethereum briefly reclaimed $2,000 before reversing to $1,990. As the crypto summit draws near will Trump’s announcements drive more gains for crypto prices?
Will Trump Announce Zero Tax Gains During Crypto Summit?
Speculation is rife that Trump could make a major announcement at the Blockworks Digital Assets Summit happening in New York. Crypto analyst JackTheRippler opined that the President will announce zero capital gains on USA crypto coins. Walter Bloomberg also noted that Trump would make a “major update” to his crypto strategy.
If Trump imposes zero tax gains on cryptocurrencies, it will boost retail and institutional interest, causing massive price gains. This policy would also make the US a major crypto hub.
Trump’s attendance at this Summit will also mark the first time that a sitting US President is attending a crypto conference. This is fuelling excitement among crypto investors, with Bitcoin price likely to hit $90,000.
The Executive Director of the President’s Working Group on Digital Assets, Bo Hines, was among the speakers at the crypto summit earlier this week. In his remarks, he noted,
“We are looking forward to working with our partners at Treasury, and the Secretary of Commerce in order to find those budget-neutral ways in which we can acquire more [Bitcoin]… We need as much as we can get.”
If Trump provides clarity on how the US will acquire Bitcoin and announces a zero crypto tax policy for US-based coins, cryptocurrencies price will rebound and likely reclaim the $3 trillion market cap.
Cryptocurrencies Price Prediction After Trump Speech
Cryptocurrencies price could rebound after the summit as Trump’s pro-crypto remarks have always been met with a brief relief rally. For instance, earlier this month, BTC rose from around $85,000 to $93,000 within hours after Trump signed an executive order for a crypto reserve.
However, with the market expectations already high, failure to make a major announcement could cause a resumption of bearish trends. This could push Bitcoin below $80,000 while Ethereum price may lose support at $1,800.
Nevertheless, the total market cap shows that the market has been on a gradual rebound over the past week. If Trump’s remarks signal a bullish breakout, TOTAL could target its 100-day SMA of $3.18 trillion.
Total Crypto Market Cap
If analysts are right and Trump withdraws capital gains on US crypto coins, altcoins like XRP and Cardano are likely to record a parabolic rally. This could see XRP price hit $3 within hours while the Cardano price forecast hints at a rally past $1.
Therefore, it is likely that cryptocurrencies price will post gains after Trump’s speech during the Digital Assets Summit. However, this rally may be short-lived if traders rush to book profits.
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