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Crypto Market Watch: Bitcoin Surges Above $62K on Trump Sentiment
Bitcoin’s price recently surged above $62,000, driven by a notable shift in market sentiment following an assassination attempt on former U.S. President Donald Trump. This incident has seemingly increased Trump’s chances of winning the 2024 election, with his odds now at 70 percent according to various analyses. Trump’s pro-crypto stance, which emphasizes protecting individuals’ rights to own cryptocurrency, has further invigorated the cryptocurrency community, propelling Bitcoin’s price from a recent low of $53,000.
Analysts believe that Bitcoin could continue to rise towards $70,000, supported by long-term holders who are accumulating the asset. According to CoinSwitch Markets Desk, on-chain data shows that the supply of Bitcoin held by long-term investors is at an all-time high, indicating strong confidence in its long-term potential.
Market reactions and expert opinions
Edul Patel, CEO of Mudrex: “Bitcoin surged to $62,000 over the weekend as Donald Trump’s chances of retaking the White House increased, pushing BTC price higher. The next key level to watch is $64,125, with support at $61,500. Meanwhile, Ethereum has outpaced Bitcoin in weekly gains, climbing above $3,300. Market participants are also optimistic about the approval of Ether spot ETFs expected this week, which could increase interest in Ethereum.”
Shivam Thakral, CEO of BuyUcoin: “The cryptocurrency market had a stimulating weekend as BTC surpassed the $62,000 mark, a jump of almost 5% from the previous day. Ethereum also surged similarly, trading at $3,336. Trump’s shooting incident seems to have boosted his reelection chances, and as he has made pro-crypto statements in the past, the digital asset market is reacting positively. The selling pressure in the cryptocurrency market is easing, and we can expect the current momentum to sustain in the coming weeks.”
Avinash Shekhar, co-founder and CEO of Pi42: “Bitcoin’s weekend rally continues as the asset surges above $62,000 for the first time since last Friday’s dip following the failed assassination attempt against Donald Trump. The German government’s selling pressure is now over, with around 50,000 BTC dumped, which has had a negative impact on prices. However, there are still some uncertainties, such as the Mt. Gox refund plan. Several altcoins have performed well recently, including DOGE, NEAR, and SOL. These are uncertain times and we need to remain cautious.”
In other news, the German government has sold its remaining Bitcoin, marking the end of its cryptocurrency investment. The proceeds of the sale were transferred to the federal budget.
Meanwhile, Partior, a blockchain payment network backed by JPMorgan, DBS, and Standard Chartered, has raised $60 million in Series B funding led by Peak XV Partners. The venture aims to create unified blockchain-based interbank payment binaries for instant clearing and settlement. According to CoinSwitch Markets Desk, the new funding will enhance Partior’s capabilities in intraday FX swaps and cross-currency buybacks.
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