Bitcoin
Bitcoin hits $66K after Donald Trump assassination attempt and more: This week’s crypto recap
It’s been a good week for the cryptocurrency market. Its total capitalization has increased by more than $250 billion, currently above $2.5 trillion, thanks to considerable gains across the board.
But what seems to have sparked this recovery is an event that many describe 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 that have unfolded over the past few days have cemented Trump’s chances of becoming the next US president.
He has been very positive about the cryptocurrency industry recently and will even make an appearance at the Bitcoin conference in Nashville later this month. This has given investors optimism that the industry will flourish under Trump’s presidency.
And they flourished…
Bitcoin’s price is up a whopping 14% compared to the same period last week. It is currently attempting to break through the important resistance at $66,000. It is worth noting that it failed to do so earlier in the week when bears stepped in and pushed the price down towards $63,000.
However, buyers have succeeded in recovering and are now attempting to chart a 1-month high. The same can be said about Ethereum, which is up around 12% and is attempting to break above the critical $3.5K level.
But it wasn’t all good. Today, India’s leading cryptocurrency exchange WazirX was hacked. The attack stole an estimated $230 million, nearly half of its reported reserves last month, meaning the exchange’s entire future is at risk.
Elsewhere, market participants are eagerly awaiting the launch of spot Ethereum ETFs, which is expected to take place next week – on July 23.
Overall, a lot happened this week, but it’s also true that we’re likely in for an exciting ride in the coming weeks!
Market data
Market Cap: $2.5 Trillion | 24h Vol: $88 Billion | BTC Dominance: 51.5%
BTC: $65,318 (+14%) | ETH: $3,441 (+10.4%) | BNB: $578 (+9%)
This Week’s Top Cryptocurrency Headlines You Shouldn’t Miss
Huge volatility in cryptocurrency markets amid Donald Trump shooting. There was a failure attempted murder about US presidential candidate Donald Trump. Markets took this as a sign that he would win and rallied in response.
Unraveling the WazirX hack: What happened and how much cryptocurrency was lost. The leading Indian cryptocurrency exchange – WazirX, was hacked today. This has resulted in over $230 million being compromised, raising the important question of whether the trading venue will be able to recover.
Vitalik Buterin urges the crypto community to look beyond pro-crypto stance into political support. Ethereum founder Vitalik Buterin is calling in the cryptocurrency community to look beyond the mere pro-crypto stance to show his political support. He emphasized values such as individual freedoms and more.
See when Polygon will migrate from MATIC token to POL token. Polygon will go go through a mainnet upgrade on September 4th this year, following the community’s approval of the proposal. This upgrade will mark the transition from the native MATIC token to one with a POL ticker.
Bitcoin ETFs See Over $422 Million in Daily Net Inflows as BTC Sees 10% Weekly Gains Earlier this week, Bitcoin exchange-traded funds (ETFs) recorded a whopping $422 million in daily net inflows. Leading the pack was, as is often the case, BlackRock’s IBIT ETF.
OKEx to discontinue services in Nigeria. Here’s what users need to know. Popular cryptocurrency exchange OKX will be discontinuing its services in the country of Nigeria. Users have until August 30 to fully withdraw their assets.
Graphics
This week we have a chart analysis of Ethereum, Ripple, Binance Coin, Shiba Inu and Toncoin – click here for full pricing breakdown.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).
LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward Up to $2,888, use this link to register and open a 100 USDT-M position for free!
Disclaimer: The information found on CryptoPotato is that of the writers quoted. It does not represent the opinions of CryptoPotato about buying, selling, or holding any investments. It is advised that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.