Bitcoin
Bitcoin Surges 2.7% to 60,000 Level Again; What’s Driving the Rally?
Bitcoin surged above $60,000 after Donald Trump’s bold response to an assassination attempt, prompting speculation that his presidential election prospects have strengthened, according to a report from Bloomberg.
The former president, known for his support of cryptocurrency, reported being shot in the right ear during a shooting at a political rally in Pennsylvania on Saturday. His campaign assured the public of his well-being, confirming that he was “fine” and looking forward to attending the upcoming Republican National Convention that begins Monday in Milwaukee.
“If the Trump assassination attempt positively impacts the price of Bitcoin, then it would be one of the most bizarre catalysts for the price of Bitcoin to rise. According to Polymarket, the chances of Trump becoming president have shot up to 70% after today’s incident. In the past few weeks, Trump has been positioning himself as pro-crypto. Crypto markets are also relieved by the news that Germany has finished selling its Bitcoin. So overall, these are interesting developments based on momentum and voter sentiment, but BTC would need stronger factors to support its price rise,” said Rajagopal Menon, VP, WazirX.
Data from PredictIt indicated an increase in the odds of Trump winning the presidency again following today’s events. Images of Trump defiantly raising his fist with a bloodied right ear, against the backdrop of the American flag, have gone viral on social media and television since the incident.
“One reason for the market response is the rise in popularity of Donald Trump. In the run-up to the US presidential election in November, Trump has positioned himself as a pro-crypto advocate. He has started accepting cryptocurrency donations for his campaign,” CoinSwitch Markets Desk said.
President Joe Biden expressed relief that Trump was safe and strongly denounced the violence.
Markets are expected to react with increased volatility, possibly mirroring the trading seen during last month’s debate, which favored Trump. During that period, the U.S. dollar strengthened and Treasury yields rose.
“Following a recent slowdown driven by uncertainty surrounding Mt. Gox’s BTC distribution and the German government’s Bitcoin liquidation actions, BTC has seen a significant drop over the past nine days, falling from over $58,000 to just under $54,000. With no further liquidations expected from the German government, the absence of this downward pressure is expected to pave the way for a potential upward movement in Bitcoin’s price, a trend already underway as BTC surges past $60,000,” said Sumit Gupta, Co-Founder of CoinDCX.
Bitcoin rose as much as 2.7% to $60,160.71 as of 1:05 a.m. in New York. The leading cryptocurrency has stabilized recently, driven by optimism around ETFs from major players such as BlackRock Inc. and Fidelity Investments, which are seen as providers of stable demand that can mitigate price swings.
Gupta further added, “As economic indicators point to a likely interest rate cut by the Federal Reserve, there is heightened anticipation of increased investor interest in Bitcoin as an inflation hedge. Despite recent inflationary pressures indicated by the Producer Price Index (PPI), Bitcoin’s upward trajectory confirms its status as a favored alternative asset.”
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Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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