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Bitcoin Soars to $63K After Trump Attack; Altcoins Jump Up to 6%
Cryptocurrency Markets rose on Monday, led by Bitcoin, after the attempted assassination of U.S. presidential candidate Donald Trump boosted the odds that the former president, who has portrayed himself as a champion of cryptocurrency, will win the next 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 has boosted his chances of retaking the White House, and trades betting on his victory are expected to increase this week.
As of 12:10 p.m., Bitcoin was up 4.7% at $63,000. Ether was also up 4.9% at $3,350.
Trump is running against Democratic President Joe Biden in November’s U.S. election and has criticized Democrats’ attempts to regulate the cryptocurrency industry. Trump pitched himself as a cryptocurrency champion at a fundraiser in San Francisco in June, though he did not provide specific details about his proposed cryptocurrency policy.
“Bitcoin surged above $62,000 over the weekend as the chances of Donald Trump taking back the White House in November increased, pushing the price of BTC higher,” said Edul Patel, CEO of Mudrex.
Similarly, CoinSwitch Markets Desk commented: “Bitcoin is currently priced above $62k, having surged following an assassination attempt on former US President Donald Trump. The incident has significantly impacted market sentiment, as Trump’s odds of winning the 2024 election have increased to 70%, according to various analyses. Trump’s pro-crypto stance, which emphasizes protecting individuals’ rights to own cryptocurrencies, has further fueled positive sentiment within the cryptocurrency community.”
Meanwhile, other popular cryptocurrencies, including Solana, XRP, Toncoin, DogecoinCardano, Tron, Shiba Inu, Avalanche, Polkadot, Chainlink, and NEAR Protocol are up by up to 6%.
According to CoinMarketCap, the volume of all stablecoins is now $52.9 billion, or 90.36% of the total 24-hour cryptocurrency market volume.
Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has risen to $1.241 trillion. Bitcoin’s dominance currently stands at 53.95%, according to CoinMarketCap. BTC volume over the past 24 hours has risen 22.8% to $25.7 billion.
Technical view of ZebPay Trade Desk
BTC has been trading sideways for months, with recent attempts by bears to push the price below the established range. However, the failure to maintain this breakdown 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 recorded 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 stay above the $70,000 mark and witnessed a sharp correction. The pieces dropped by almost 25% and fell to $53,485. The asset failed to 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 created 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, prices could further increase to $70,000.
(With contributions from agencies)
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