Bitcoin Surges as Trump Praises Record-Breaking Crypto Rally

Bitcoin (BTC) has soared to fresh record highs, climbing over AUD 172,000 (USD 112,000) on Thursday, 10 July, in a powerful rally that’s once again thrust crypto into the global spotlight. By the time of writing, the price had already surged past AUD 180,000 (USD 117,000), continuing its bullish momentum.

This impressive two-day rally has not only thrilled investors but also caught the attention of former US President Donald Trump, who took to his social media platform, Truth Social, to praise the crypto market's performance.

“Crypto assets are soaring — like they’ve smashed through the roof,” Trump wrote on Thursday.

Trump, who is currently running a highly publicised campaign for re-election, has been increasingly vocal about his support for digital assets. During a speech at the Investment Initiative conference in Miami, he doubled down on his ambitions to turn the United States into the "global capital of crypto."

“Bitcoin is breaking records because everyone knows I’m committed to making the US the crypto capital of the world,” Trump declared to a cheering audience.

Trump’s Crypto Stance Gets Louder

While Trump was previously sceptical of cryptocurrencies during his time in office, his recent statements mark a significant shift. He has not only embraced crypto more openly but has also positioned it as a key pillar of his economic and innovation strategy.

Analysts suggest that Trump’s comments may be fuelling the market, especially with growing speculation about how a second Trump presidency might shape US crypto regulation. A pro-crypto stance from Washington could further legitimise digital assets globally and unlock a new wave of institutional interest.

Market Reactions & Investor Sentiment

The crypto market has responded positively to Trump's remarks, with altcoins such as Ethereum (ETH) and Solana (SOL) also registering double-digit gains in the past 48 hours.

“Investors seem to be pricing in the possibility of a more crypto-friendly US administration, which is good news for the entire market,” said Sarah Mitchell, a Sydney-based crypto analyst.

Bitcoin’s rally is also being attributed to increasing interest from traditional financial institutions, ongoing ETF adoption in the US, and a favourable macroeconomic environment as inflation begins to ease.

Looking Ahead

As the world watches Bitcoin push into uncharted territory, all eyes will be on the intersection of politics and crypto policy. With influential figures like Trump championing the space, the path toward wider acceptance seems more paved than ever.

Whether this bullish sentiment sustains or not, one thing’s clear: crypto is once again centre stage — and it's not planning to step back anytime soon.

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