US presidential candidate Donald Trump narrowly survived an assassination attempt during a rally in Pennsylvania on Saturday. In the aftermath of the incident, the Republican leader’s chances of winning the 2024 elections increased, boosting pro-crypto sentiment among investors and causing a much-needed rally in Bitcoin (BTC) prices. After a sluggish few weeks, BTC recovered to the $63,000 level. Naturally, investors are hoping for the positive trend to continue, and all eyes are now on all developments surrounding Trump and the US elections.
Before proceeding, readers should keep in mind that the cryptocurrency market as a whole and coin prices are highly volatile in nature. There is no way to know for sure how cryptocurrencies are expected to move in the future. This article is intended to help investors stay on top of the current market scenario and the biggest events that have already happened, as well as upcoming events that are worth noting. Investors are advised to conduct their own research before making any decisions.
Cryptocurrency prices over the past week
Last Monday (July 8), the total cryptocurrency market cap was $2.3 trillion. BTC price was around $55,300. ETH price was around $2,900.
A week later, the total market capitalization rose to $2.31 trillion.
Check out today’s top cryptocurrency prices
DeFi’s total trading volume was $3.84 billion, accounting for 6.31% of the total 24-hour market volume. For stablecoins, the total trading volume was $55.19 billion, accounting for 90.60% of the total 24-hour market volume. According to CoinMarketCap, the overall market’s Fear and Greed Index was “neutral” at 48 points (out of 100).
At the time of writing, BTC’s dominance stood at 53.84 percent.
In the past seven days, Bitcoin recorded a high of $63,038.956 (July 15) and a low of $55,256.08 (July 8).
Meanwhile, Ethereum hit a high of $3,365.66 (July 15) and a low of $2,906.78 (July 8).
Notable Cryptocurrency Events
Bitcoin’s value has soared following the assassination attempt on former U.S. president and 2024 presidential candidate Donald Trump.
Bitcoin prices have risen to more than $60,000 from a low of $53,000 earlier this month. The surge coincides with a significant increase in the odds that Trump will win the next presidential election, as reflected by the Polymarket prediction platform, where users bet cryptocurrency on various outcomes.
President Trump was shot and injured at a rally in Pennsylvania on Saturday, which has boosted polymarkets’ odds of him winning the presidential election by about 10 percentage points to 70 percent.
Moreover, following the assassination attempt, Trump’s meme cryptocurrency surged more than 40% against the US dollar. The token experienced significant volatility, with its price fluctuating from a low of $6.18 to a high of $9.68 within a 24-hour period. By 8:30pm EDT on Saturday, just hours after the incident, Trump’s value had risen to $8.91 per coin.
Trump himself held 579,290 TRUMP tokens, which increased in value by $1.6 million to a total of $5.25 million. By the evening of the day of the attack, the token’s price had settled at $8.35, up 33%.
This surge in the value of the TRUMP token is expected to have an impact on the 2024 presidential election, in which President Trump is expected to challenge incumbent President Joe Biden.
Finally, according to data from btcparser.com, a Bitcoin wallet that had been dormant since its creation on September 25, 2012, moved 1,000 BTC. The transaction occurred at block height 852,190, coinciding with Bitcoin’s recovery to the $60,000 range roughly two weeks later.
Now worth over $60 million, this huge sum remained untouched for nearly 12 years. On the day these Bitcoins were first purchased, the price was just $12.10 per coin.
What Crypto Traders are Saying About the Current Market Scenario
Edur Patel, co-founder and CEO of Madrex, told ABP Live: “This week looks promising for Bitcoin, which surged above $62,000 over the weekend on the increasing likelihood of Donald Trump returning to the White House in November. The upcoming US elections will play a key role in influencing BTC price. If BTC continues its winning streak, it could soon reach $70,000 levels. Additionally, market participants are optimistic about the expected approval of a spot Ethereum ETF this week, which could boost interest in Ethereum.”
“The cryptocurrency market saw a strong rebound over the weekend, with the intraday rally accelerated by the assassination attempt on former President Donald Trump. However, analysts predict this could be a trap as many investors may use the opportunity to sell off their holdings. Next week will determine whether Bitcoin can maintain its momentum or fade,” said Rajagopal Menon, vice president at WazirX.
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Disclaimer: Cryptocurrency products and NFTs are unregulated and may be very risky. There may be no regulatory remedy for losses from such transactions. Cryptocurrencies are not legal tender and are subject to market risks. Readers are advised to seek professional advice and to carefully read the offer document and any relevant material literature before making any type of investment. Cryptocurrency market forecasts are speculative and investments are made at the reader’s sole expense and risk.
