Bitcoin Price Jumps. Why Cryptos Are Loving Life Under Trump. — Barrons.com
By Elsa OhlenBitcoin price rose Tuesday as President Donald Trump's media company revealed plans to raise $2.5 billion to invest in the world's largest cryptocurrency.Bitcoin is up 0.7% over the past 24 hours to last trade at $110,400.26, according to CoinDesk data. It briefly jumped to a daily high of $110,738 following the Trump media announcement.On Tuesday, the Truth Social parent company, majority owned by the president, said it would sell $1.5 billion in common stock and $1 billion in convertible senior secured notes and use the proceeds to invest in Bitcoin.Bitcoin had been range-bound between $107,500 and $109,000 over the Memorial Day weekend after it hit a new all-time high last week of $111,769, according to CoinDesk.Ether rose 4.9% while XRP and Solana fell around 1%.Bitcoin is now up about 5% over the last seven days, 18% over the past month, fueled by optimism around a more favorable regulatory landscape for cryptos. Last week, the Senate advanced legislation to regulate stablecoins — tokens pegged to a fiat currency.The moves also come as the 2025 Bitcoin conference kicks off in Las Vegas Tuesday. Key speakers include vice president JD Vance, President Donald Trump's sons Eric and Donald Jr. as well as MicroStrategy CEO Michael Saylor and Robinhood CEO Vlad Tenev.Last year's Bitcoin conference in Nashville featured Trump as keynote speaker, promising to fire then-SEC chair Gary Gensler and make the U.S. the crypto capital of the world.The next catalyst for cryptos could be the U.S. personal consumption expenditures (PCE) index, scheduled for Friday, often cited as the Federal Reserve's favorite inflation gauge. If inflation remains elevated above the central bank's 2% goal, interest rates are likely to stay higher for longer, which in turn puts investors off risk-assets such as cryptos.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.