Markets
Bitcoin Surges Above $66K After Donald Trump Assassination Attempt & More: This Week’s Crypto Recap
It’s been a good week for the cryptocurrency market. Its total market cap has increased by over $250 billion, currently standing above $2.5 trillion, thanks to significant gains across the board.
But what seems to have triggered this recovery is an event that many are describing as one of America’s darkest days. In fact, it was the assassination attempt on US presidential candidate Donald Trump that fueled the market rally. The reason is quite simple. Many seem to believe that the events of the past few days have solidified Trump’s chances of becoming the next US president.
He has recently shown great positivity towards the cryptocurrency sector and will even make an appearance at the Bitcoin conference in Nashville later this month. This has given investors optimism that the sector will thrive under a Trump presidency.
And they prospered…
Bitcoin price is up a whopping 14% over the same period last week. It is currently pushing to break above the major resistance at $66K. It is worth noting that it failed to do so earlier in the week when bears stepped in and pushed the price towards $63K.
However, buyers have managed to recover and are now attempting to trace a 1-month high. The same can be said for Ethereum, which is up about 12% and is trying to break the critical $3.5K level.
But it hasn’t all been positive. Today, India’s leading cryptocurrency exchange, WazirX, was hacked. The attack stole around $230 million, nearly half of its reported reserves last month, meaning the exchange’s entire future is in jeopardy.
Elsewhere, market participants are eagerly awaiting the launch of Ethereum spot ETFs, scheduled for next week on July 23.
All in all, a lot has happened this week, but it’s also true that we probably have an exciting journey ahead of us in the coming weeks!
Market data
Market Cap: $2.5T | 24H Vol: $88B | BTC Dominance: 51.5%
BTC: $65,318 (+14%) | ETH: $3,441 (+10.4%) | BNB: $578 (+9%)
This Week’s Cryptocurrency Headlines You Shouldn’t Miss
Huge volatility in cryptocurrency markets following Donald Trump shooting. There was a failure attempted murder on US presidential candidate Donald Trump. Markets took this as a signal that he would win and rallied in response.
WazirX Hack Analysis: What Happened and How Much Crypto Was Lost. India’s leading cryptocurrency exchange – WazirX, it was hacked today. This resulted in the compromise of over $230 million, raising the important question of whether the trading venue will be able to recover.
Vitalik Buterin urges the cryptocurrency community to look beyond the pro-crypto stance and support politics. Ethereum founder Vitalik Buterin is calling on the cryptocurrency community to look beyond just pro-crypto stance in showing their political support. He emphasized values such as individual freedoms and more.
Here’s when Polygon will migrate from MATIC token to POL token. The polygon will be Go past a mainnet update on September 4th of this year, following the community approval of the proposal. This update will mark the transition from the native token MATIC to the one with the ticker POL.
Bitcoin ETFs See Over $422 Million in Daily Net Inflows, While BTC Sees Weekly Gains of 10%. Earlier this week, Bitcoin exchange-traded funds (ETFs) registered a whopping $422 million in daily net inflows. Leading the pack, as it almost always does, was BlackRock’s IBIT ETF.
OKX to Discontinue Services in Nigeria: Here’s What Users Need to Know Popular cryptocurrency exchange OKX will be break its services in the country of Nigeria. Users have until August 30 to fully withdraw their goods.
Graphs
This week, we have a graphical analysis of Ethereum, Ripple, Binance Coin, Shiba Inu and Toncoin – Click here for full price analysis.
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