Bitcoin has fallen in price amid a sharp rise in other cryptocurrencies from the top 10

On Sunday, July 20, Donald Trump shared a video on his social network Truth Social with a speech by Peter Van Valkenburgh, director of the Coin Center think tank, where he explained the essence of bitcoin back in 2018 BTC $118,662.75 Bitcoin -2.69% Market capitalization $2.36 trillion VOL. 24 hours $2.37 billion . Trump called the video «the best bitcoin explanation of all time.»

In his speech, Van Valkenburgh emphasized that bitcoin is the world’s first public digital payment infrastructure that allows people to transfer value around the world without intermediaries. He also acknowledged bitcoin’s shortcomings, including volatility and lack of mass use, but called for the introduction of cryptocurrencies as an alternative to the dominance of large corporations.

The publication of this video fits into the overall strategy of Trump, who has recently been actively supporting bitcoin and the entire cryptocurrency industry. In early March, he signed a decree establishing a strategic US bitcoin reserve formed from assets seized by the state in criminal and civil cases. However, there have been no further steps from the executive branch, and there have been reports in the media about the possible sale of more than 80% of the state’s bitcoin reserves — there is no official confirmation of this information yet.

In addition, last week, Trump signed the GENIUS Act, which establishes the first regulatory framework for stablecoins in the United States and introduces consumer guarantees.

Amid these events, the price of bitcoin fell by 0.46% per day and currently stands at $ 118,622, while over the week, bitcoin lost almost 3%. At the same time, Ethereum ETH $4,277.46 Bridged Ether (StarkGate) -0.41% Market capitalization $0.11 billion VOL. 24 hours $2.77 billion grew by 23%, Dogecoin DOGE $0.22 Binance-Peg Dogecoin -6.18% Market capitalization $0.57 billion VOL. 24 hours $0.29 billion - by 32%, and Solana SOL $174.75 Binance-Peg SOL -5.70% Market capitalization $0.19 billion VOL. 24 hours $0.59 billion - by 11%.