As Bitcoin approaches $70,000, investors consider the impact of Trump's crypto remarks and anticipate central bank meetings.

Over the weekend, political developments caused traders to digest and reflect on the state of cryptocurrencies, which then rose to begin the final week of July. Central bank meetings were also anticipated for the week ahead.

According to Coin Metrics, $3,382.15 was the highest price of Bitcoin, which was 3% higher than the previous price of $69,640.00.

After bitcoin ended last week flat and ether dropped roughly 8%, investors are returning to the market. Meanwhile, traders are closely monitoring the Federal Reserve, Bank of Japan, and Bank of England, all of which have meetings scheduled this week. In particular, eyes are on Fed Chair Jerome Powell, who is expected to confirm an interest rate cut in September.

At the Bitcoin Conference in Nashville, former President Donald Trump gave a speech targeting Democratic politicians such as Sen. Elizabeth Warren and Securities and Exchange Commission Chair Gary Gensler, as well as the Biden administration, for allegedly harming the industry through their failure to establish clear rules and regulations.

On day one, Trump promised to replace Gensler and keep 100% of the bitcoin the U.S. government currently holds (about 210,000 bitcoins), starting a National Strategic Bitcoin Reserve.

Cynthia Lummis, a Republican senator from Wyoming who supports bitcoin, announced that she plans to introduce a bill soon that will facilitate the creation of a bitcoin reserve. This bill will involve purchasing 1 million units of bitcoin over a set period of time, resulting in a total stake of approximately 5% of the total bitcoin supply.

Democrat outreach to crypto

Bitcoin's price dropped by 1% during the speech but quickly regained its green color. Noelle Acheson, an economist and author of the "Crypto is Macro Now" newsletter, believes that the weekend's events may not have a long-term impact on investors, at least not yet.

The crypto industry representatives are being reached out to by Vice President Kamala Harris' team, which has a higher potential impact but is often overlooked.

If VP Harris distances herself from the old guard of Senator Warren et. al., it could signal a more meaningful shift in policy, which would increase the likelihood that SEC Chair Gensler will be substituted soon, according to Acheson.

The Financial Times reported that Harris' advisors are reaching out to crypto companies to repair relations between her Democratic party and a sector that has emerged as a key supporter of Donald Trump.

The growing interest in crypto is becoming a significant issue in the upcoming U.S. presidential election, with the Trump team hoping to secure the support of the niche crypto vote to aid his chances of winning, despite key Democrats' opposition to the space.

However, the industry has growing bipartisan support in Congress.

Over the weekend, a group of more than a dozen House Democrats and several congressional candidates signed a letter to the Democratic National Committee advocating for a "progressive stance" on crypto. The letter urged the party to include "pro-digital asset language" in its platform and to appoint an SEC chair who would promote innovation in the industry.