Markets
Cryptocurrency Markets Rebound After Donald Trump Assassination Attempt
Optimism is also being fueled by expectations that the SEC will approve spot Ether ETFs this week.
Cryptocurrency markets rallied on Monday following the failed assassination attempt on former President Donald Trump at a rally in Pennsylvania.
The price of Bitcoin (BTC) has increased by 4% in the last 24 hours to last change hands at $62,000, according to CoinGecko. Ethereum (ETH) is up 3.9% and is trading at $3,334. Polkadot (POINT) and Solana (SOL) increased by 1% and 3% respectively.
Among the top 100 cryptocurrencies by market cap, Mog Coin (MOG) has seen a 15% increase, followed by Pendle (PENDLE) with a 14% increase and Stacks (STX) with 12%.
The attacks against Trump on Sunday came just days before he accepted the Republican nomination for the third time, AP reported.
Cryptocurrency trading firm QCP Capital said in a note on Monday that the rally appears to be driven by the market’s valuation of a Trump victory in the upcoming presidential election.
“..This is positive for cryptocurrency prices due to its openly pro-crypto stance,” QCP Capital said. he wrote in his market update. “We believe the market was already positioned for a rally with the German government having exhausted its supply and also with large hedge funds aggressively buying call options last week. Trump was the perfect trigger for a market eager to go long.”
On the crypto betting platform Polymarket, Trump’s winning bet has reached an all-time high, currently standing at 71%, while Biden’s is at 18%.
Trump-themed MAGA coin is up 80% in the last 7 days and TREMP is up 21% to $0.45. Meanwhile, BODEN, a meme coin named after Joe Biden, is down about 3% in the last 7 days.
ETH ETFs Approved
Optimism in the cryptocurrency market also stems from expectations that the U.S. Securities and Exchange Commission (SEC) will approve spot Ether ETFs this week. Issuers such as VanEck and 21Shares have amended their S-1 filings, hoping for a final green light from the SEC. In total, eight issuers are awaiting regulatory approval to list their spot Ether ETFs.
Nate Geraci, president of The ETF Store, called this week “ETH ETF approval week.”
“Welcome to ETH ETF approval week… that’s what I call it,” he said. She said. “I don’t know anything specific, I just can’t find a good reason for a further delay at this point. The broadcasters are ready to launch.”
Last week, Bloomberg ETF analyst Eric Balchunas said he was puzzled by the lack of activity surrounding Ethereum ETFs, noting that the SEC has not provided any updates.
“Yes, [right now] It’s all quiet on the Western Front[garding] ETH ETF. Nothing (Nothing) from the SEC this week,” he said She said. “It is not clear why they [are] It takes a long time. Every station is ready. The paperwork is ready. It’s like a rain delay in baseball. You just have to wait. Maybe things will move quickly next week.”
Market inflows
Second Coin SharingInflows into digital asset investment products hit $1.44 billion last week, bringing total inflows for the year to a record $17.8 billion. That surpasses the $10.6 billion in inflows seen in 2021.
Despite the high inflows, trading volumes were relatively low, totaling $8.9 billion for the week, compared to the yearly average of $21 billion. Bitcoin recorded its fifth-largest weekly inflow on record with $1.35 billion.
“A wide range of altcoins have seen inflows, the most notable being Ethereum, which has seen $72 million in inflows over the past week, the largest since March and likely in anticipation of the impending US spot ETF approval,” James Butterfill, head of research at investment firm CoinShares, wrote in a blog post.
Glass coin reported that 41,184 traders were liquidated in the last 24 hours, for a total of $129.69 million in liquidations.
Meanwhile, stock futures also rose as investors anxiously awaited remarks from Fed Chairman Jerome Powell on Monday. Dow Jones Industrial Average futures and S&P 500 futures rose 0.6%, while Nasdaq 100 futures gained 0.4%.