Bitcoin
Bitcoin to rise weekly, reaching ~$66K (Cryptocurrency:BTC-USD)
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Bitcoin (BTC-USD) has regained ground this week and is expected to rise 15.9% this week, reaching the $66,000 mark.
Cryptocurrency has gone up strongly on Mondayfollowing the assassination attempt on former President Donald Trump on Saturday. With the shooting, his chances of winning the US presidential election in November have increased.
“The recovery in Bitcoin’s price shows that the market has a more optimistic outlook on the near-term macro environment. The market was encouraged by Trump’s VP pick, which indicates a more crypto-friendly administration and policies,” said Lucy Hu, senior analyst at Metalpha.
Trump chose Ohio Senator JD Vance as his running mate for vice president. Vance is widely known for being an advocate of cryptocurrencies.
BTC extended its gain into Tuesday, when it was just above $65K, before retreating below that mark on Wednesday. The world’s oldest cryptocurrency fell below $64K on Thursday, a day when the Nasdaq and S&P 500 also witnessed an extended sell-off as investors continued to exit tech stocks.
The sell-off also came amid growing speculation over Joe Biden’s candidacy in the US presidential election.
With Trump’s popularity rising, Biden is losing support from key Democrats amid concerns about his ability to win the presidential election in November.
BTC could also benefit from the increasing chances of Trump winning the election, as the former president believes that major cryptocurrencies and other cryptocurrencies should be made in the US. “If we don’t do this, China will find out – or someone else.”
“We believe BTC may stay around MA120 which is around 65K in the near term. The price may have the strength to move up to 68K or even 70K, but we need to continue to closely monitor the Fed’s policies and the implications of Mt Gox,” Hu added.
Notable News
- State Street (STT) It is exploring in development its own stablecoin as the banking and financial services giant looks to get more involved in blockchain-based payment settlement.
- B. Riley Securities updated Scientific Center (CORZ) stocks to buy from Neutral in a recent note, as analyst Lucas Pipes believes Bitcoin (BTC-USD) miner will be a future leader in high-performance computing hosting.
- Exchange Traded Funds investing directly in Ether (ETH-USD) will likely begin trading on July 23, according to a media report dated earlier in the week.
- Black stone CEO Larry Fink said he is no longer a “proud skeptic” of Bitcoin (BTC-USD) to someone who sees cryptocurrency as having a place in people’s portfolios.
Bitcoin and Ether Prices
Bitcoin (BTC-USD) rose 5.1% to $66,800 as of 3:09 p.m. Friday, on a day when users across the the world faced a great Microsoft (MSFT) outage, which hit backend operations across multiple industry sectors. Ether (ETH-USD) increased ~2.9% to $3.5K.
“Bitcoin’s correction has frustrated bulls for four months, but as long as it holds above $50,600, new all-time highs are expected,” South Africa Analyst Ryan Wilday he said.
“Bitcoin has shown a surprising reversal, potentially heading towards $88K, but caution is advised until a confirmed setup is in place,” Wilday added.
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