Markets
Bitcoin Surges to $63,000 After Trump Attack; Altcoins Jump Up to 6%
Cryptocurrency Markets traded higher on Monday, led by Bitcoin, after the assassination attempt on US presidential candidate Donald Trump boosted the chances of the former president, who has portrayed himself as a champion of cryptocurrency, winning the upcoming election. Trump was shot in the ear during the attack at a Pennsylvania rally on Saturday. His campaign said he was doing well. Some investors believe the attack has boosted his chances of reclaiming the White House, and trades betting on his victory are expected to increase this week.
At 12:10 p.m., Bitcoin was trading 4.7% higher at $63,000. Ether was also up 4.9% at $3,350.
Trump is running against Democratic President Joe Biden in the November U.S. election and has criticized Democrats’ attempts to regulate the cryptocurrency industry. Trump portrayed himself as a champion of cryptocurrency during a fundraiser in San Francisco in June, though he did not offer details about his proposed cryptocurrency policy.
“Over the weekend, Bitcoin surged above $62,000 as the chances of Donald Trump reclaiming the White House in November increased, sending BTC’s price soaring,” said Edul Patel, CEO of Mudrex.
In a similar vein, CoinSwitch Markets Desk commented: “Bitcoin is currently priced above $62K, experiencing a surge following an assassination attempt on former US President Donald Trump. The incident significantly influenced market sentiment as Trump’s chances of winning the 2024 election have increased to 70%, according to multiple analysts. Trump’s pro-crypto stance, emphasizing the protection of individuals’ rights to own crypto assets, has further fueled the positive sentiment within the crypto community.”
Meanwhile, other popular cryptocurrencies including Solana, XRP, Toncoin, DogecoinCardano, Tron, Shiba Inu, Avalanche, Polkadot, Chainlink, and NEAR Protocol also rose by up to 6%.
The volume of all stablecoins now stands at $52.9 billion, which represents 90.36% of the total 24-hour volume of the cryptocurrency market, according to CoinMarketCap.
In the past 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, has surged to $1.241 trillion. Bitcoin’s dominance currently stands at 53.95%, according to CoinMarketCap. BTC volume in the past 24 hours has surged 22.8% to $25.7 billion.
ZebPay Trade Desk Technical Overview
BTC has been trading sideways for months, with bears recently attempting to push the price below the established range. However, the failure to sustain this breakout on July 8 indicates that selling pressure is easing at lower levels. This has prompted aggressive bulls to step in, aiming to keep the price within the range for a while longer. According to investor data, US-based spot Bitcoin exchange-traded funds saw inflows of $310 million on July 12, the highest since June 5. These inflows suggest that market participants are building positions, believing that a short-term bottom has been established.
Bitcoin struggled to sustain above the $70K mark and witnessed a sharp correction. The asset dropped almost 25% and dropped to $53,485. The asset failed to break the crucial support level of $52,000 and the longer lower wick indicated buying at these levels. Over the past four days, BTC has made a ‘Higher High Higher Low’ pattern and is trading above the psychological level of $60,000. The asset has a resistance zone of $64,500 to $66,500. Once it crosses and sustains above the resistance, the price could rise further towards $70,000.
(With contributions from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times.)
(You can now subscribe to our ETMarkets WhatsApp Channel)