Synopsis
The cryptocurrency market surged after an assassination attempt on Trump at a Pennsylvania rally. Bitcoin rose 4.7% to $63,000, Ether 4.9% to $3,350, and other cryptos gained. Trump’s pro-crypto stance, spotlighted in June, influenced markets. Biden challenges him. ZebPay reported increased BTC volume. Stablecoin volume hit $52.9 billion, boosting Polkadot and Shiba Inu.
Cryptocurrency markets traded higher on Monday, led by Bitcoin, after the attempted assassination of U.S. presidential candidate Donald Trump raised the odds of the former president, who has presented himself as a champion of cryptocurrency, winning the upcoming election.
Trump was shot in the ear during the attack at a rally in Pennsylvania on Saturday. His campaign said he was doing well. Some investors believe the attack bolstered his chances of winning back the White House, and trades betting on his victory are expected to increase this week.
At 12:10 pm, Bitcoin was trading 4.7% higher at $63,000. Ether was also up 4.9% at $3,350.
Crypto Tracker
TOP COIN SETSDeFi Tracker14.15% BuyNFT & Metaverse Tracker13.82% BuyWeb3 Tracker12.00% BuySmart Contract Tracker11.47% BuyAI Tracker10.47% BuyTOP COINS (₹) Solana12,856 (6.13%)BuyEthereum280,609 (5.15%)BuyBitcoin5,260,365 (4.93%)BuyBNB46,659 (3.83%)BuyTether84 (0.11%)BuyTrump is running against Democratic President Joe Biden in November’s U.S. election and has slammed Democrats’ attempts to regulate the crypto sector. Trump presented himself as a champion for cryptocurrency during a San Francisco fundraiser in June, although he hasn’t offered specifics on his proposed crypto policy.
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View Details »“Over the weekend, Bitcoin surged over $62,000 as Donald Trump’s chances of reclaiming the White House in November increased, pushing BTC’s price up,” 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 U.S. President Donald Trump. The incident has significantly influenced market sentiment, as Trump’s odds of winning the 2024 election have risen to 70%, according to various analyses. Trump’s pro-crypto stance, emphasizing the protection of individuals’ rights to own crypto assets, has further fueled positive sentiment within the crypto community.”
Meanwhile, other popular cryptocurrencies, including Solana, XRP, Toncoin, Dogecoin, Cardano, Tron, Shiba Inu, Avalanche, Polkadot, Chainlink, and NEAR Protocol, also surged up to 6%.
The volume of all stablecoins is now $52.9 billion, which is 90.36% of the total crypto market 24-hour volume, according to .
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.241 trillion. Bitcoin’s dominance is currently 53.95%, according to . BTC volume in the last 24 hours rose 22.8% to $25.7 billion.
Tech view by ZebPay Trade Desk
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BTC has been trading sideways for months, with recent attempts by bears to push the price below the established range. However, the inability to maintain this breakdown on July 8th indicates that selling pressure diminishes at lower levels. This prompted aggressive bulls to step in, aiming to keep the price within the range for a while longer. According to investor data, United States-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 pieces fell almost by 25% and dropped to $53,485. The asset didn’t break the crucial support level of $52,000 and the lower longer shadow 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 from $64,500 to $66,500. Once it crosses and sustains above the resistance then the prices may further rally up to $70,000.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)
