Altcoins
Crypto Market Watch: Bitcoin Surges Above $62,000 on Trump-Linked Market Sentiment
Bitcoin price recently surged above $62,000, driven by a notable shift in market sentiment following an assassination attempt on former US President Donald Trump. The incident appears to have boosted Trump’s chances of winning the 2024 election, with his odds now sitting at 70% according to various analyses. Trump’s pro-crypto stance, emphasizing protecting the rights of individuals to own crypto assets, has further invigorated the crypto community, sending Bitcoin’s price soaring from its recent low of $53,000.
Analysts believe that bitcoin could continue to climb towards $70,000, supported by long-term holders accumulating the asset. According to CoinSwitch Markets Desk, on-chain data shows that the supply of bitcoin held by long-term investors is at an all-time high, indicating strong confidence in its long-term potential.
Market reactions and expert opinions
Edul Patel, CEO of Mudrex: “Bitcoin surged to $62,000 over the weekend as Donald Trump’s chances of taking back the White House increased, pushing BTC price higher. The next key level to watch is $64,125, with support at $61,500. Meanwhile, Ethereum has outperformed Bitcoin in terms of weekly gains, surging above $3,300. Market participants are also optimistic about the approval of Ether spot ETFs expected this week, which could boost interest in Ethereum.”
Shivam Thakral, CEO of BuyUcoin: “The crypto market had an inspiring weekend, with BTC crossing the $62,000 mark, a jump of almost 5% from the previous day. Ethereum also rose in a similar manner, trading at $3,336. The Trump shooting incident seems to have boosted his re-election chances, and with him making pro-crypto statements in the past, the digital asset market is reacting positively. The selling pressure in the crypto market is easing, and we can expect the current momentum to continue in the coming weeks.”
Avinash Shekhar, Co-Founder and CEO of Pi42: “Bitcoin’s weekend rally continues, with the asset surging above $62,000 for the first time since last Friday’s plunge following the failed assassination attempt on Donald Trump. The selling pressure from the German government is now over, with around 50,000 BTC offloaded, which had negatively impacted prices. However, there are still some uncertainties, such as the Mt. Gox repayment plan. Several altcoins have performed well recently, including DOGE, NEAR, and SOL. These are uncertain times and we must remain cautious.”
In addition, the German government sold its last bitcoins, marking the end of its investments in cryptocurrencies. The proceeds from the sale were donated to the federal budget.
Meanwhile, Partior, a blockchain payments network backed by JPMorgan, DBS and Standard Chartered, has raised $60 million in Series B funding led by Peak XV Partners. The joint venture aims to create unified blockchain-based interbank payment rails for instant clearing and settlement. The new funding will bolster Partior’s capabilities in intraday FX swaps and cross-currency buybacks, according to CoinSwitch Markets Desk.
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