Bitcoin rises to $63,000 after Trump attack; Altcoins jump up to 6%

At 12:10 pm, Bitcoin was trading 4.7% higher at $63,000. Ether was also up 4.9% at $3,350.

Trump is running against Democratic President Joe Biden in November's U.S. election and has slammed Democrats' attempts to regulate the crypto sector. Trump presented himself as a champion for cryptocurrency during a San Francisco fundraiser in June, although he hasn't offered specifics on his proposed crypto policy.

"Over the weekend, Bitcoin surged over $62,000 as Donald Trump's chances of reclaiming the White House in November increased, pushing BTC's price up," said Edul Patel, CEO of Mudrex.

In a similar vein, CoinSwitch Markets Desk commented, "Bitcoin is currently priced above $62k, experiencing a surge following an assassination attempt on former U.S. President Donald Trump. The incident has significantly influenced market sentiment, as Trump's odds of winning the 2024 election have risen to 70%, according to various analyses. Trump's pro-crypto stance, emphasizing the protection of individuals' rights to own crypto assets, has further fueled positive sentiment within the crypto community."

Meanwhile, other popular cryptocurrencies, including Solana, XRP, Toncoin, , Cardano, Tron, Shiba Inu, Avalanche, Polkadot, Chainlink, and NEAR Protocol, also surged up to 6%.

The volume of all stablecoins is now $52.9 billion, which is 90.36% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.241 trillion. Bitcoin's dominance is currently 53.95%, according to CoinMarketCap. BTC volume in the last 24 hours rose 22.8% to $25.7 billion.

Tech view by ZebPay Trade Desk

BTC has been trading sideways for months, with recent attempts by bears to push the price below the established range. However, the inability to maintain this breakdown on July 8th indicates that selling pressure diminishes at lower levels. This prompted aggressive bulls to step in, aiming to keep the price within the range for a while longer. According to investor data, United States-based spot Bitcoin exchange-traded funds saw inflows of $310 million on July 12, the highest since June 5. These inflows suggest that market participants are building positions, believing that a short-term bottom has been established.



Bitcoin struggled to sustain above the $70k mark and witnessed a sharp correction. The pieces fell almost by 25% and dropped to $53,485. The asset didn't break the crucial support level of $52,000 and the lower longer shadow indicated buying at these levels. Over the past four days, BTC has made a ‘Higher High Higher Low’ pattern and is trading above the psychological level of $60,000. The asset has a resistance zone from $64,500 to $66,500. Once it crosses and sustains above the resistance then the prices may further rally up to $70,000.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)

Source: Forex-Markets-Economic Times