Cryptocurrency News: Trump’s Bitcoin Conference Speech Sparks Market Interest
The cryptocurrency world is abuzz with news that former President Donald Trump will speak at the Bitcoin Conference on Saturday, July 27th. This news has sparked a surge in interest in the cryptocurrency market, with some investors betting on a more crypto-friendly Trump presidency in 2024. The news comes despite Trump previously calling bitcoin a “scam.”
BTC Inc. CEO and organizer of the Bitcoin Conference, David Bailey, explains that Trump “sees a good opportunity” in bitcoin. Bailey also criticized the Biden administration’s stance on crypto, calling it “horrendous.” He argues that the Biden administration’s policies are harmful to the American crypto industry and give other nations a competitive advantage.
Small Caps on Fire
The broader market saw a strong rally on Tuesday, with the Dow surging 700 points for its best day in over a year. Small-cap stocks, tracked on the Russell 2000, outperformed large-cap stocks on the Nasdaq 100 for five straight days, a rare occurrence. This outperformance reflects a shift in investor sentiment towards smaller companies, which are often considered to be more growth-oriented. 📈
Amazon Prime Day
Amazon’s Prime Day, a two-day shopping bonanza, kicked off on Tuesday. While shoppers are focused on deals, investors will be watching Amazon’s growth and margins during the event. Amazon’s stock is currently trading at 32 times its estimated earnings, which is above the Nasdaq 100’s multiple but below Amazon’s 10-year average. 🛍️
Analysts are cautiously optimistic about Amazon’s future prospects, particularly in the area of artificial intelligence (AI). The company’s cloud computing platform, AWS, is seen as a major player in the AI space.
After-Hours Trading
In after-hours trading, shares of Five Below, Spirit Airlines, and JB Hunt Transportation Services all slid lower. Five Below’s stock fell after the retailer announced a CEO transition and lowered its second-quarter earnings guidance. Spirit Airlines’ stock dropped due to disappointing non-ticket revenue. JB Hunt Transportation Services’ shares slid after the company reported second-quarter earnings below Wall Street estimates. 📉
