Bitcoin
Crypto Market Watch: Bitcoin Surpasses $62K Amid Trump-Related Market Sentiment
Bitcoin’s price recently surged above $62,000, driven by a notable shift in market sentiment following an assassination attempt on former U.S. President Donald Trump. This incident has seemingly increased Trump’s chances of winning the 2024 election, with his odds now at 70 percent, according to multiple analyses. Trump’s pro-crypto stance, emphasizing the protection of individuals’ rights to own crypto assets, has further invigorated the crypto community, pushing Bitcoin’s price up from a recent low of $53,000.
Analysts believe that Bitcoin could continue to climb towards $70,000, supported by long-term holders who are 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 reclaiming the White House increased, pushing BTC price higher. The next key level to watch is $64,125, with support at $61,500. Meanwhile, Ethereum outperformed Bitcoin in weekly gains, rising above $3,300. Market participants are also optimistic about the expected approval of spot Ether ETFs this week, which could boost interest in Ethereum.”
Shivam Thakral, CEO of BuyUcoin: “The crypto market had an inspiring weekend as BTC crossed the $62,000 mark, a jump of almost 5% from the previous day. Ethereum also rallied similarly, trading at $3,336. Trump’s shooting incident seems to have boosted his re-election chances and since he has made 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 sustain in the coming weeks.”
Avinash Shekhar, Co-founder and CEO of Pi42: “Bitcoin’s weekend rally continues, with the asset climbing above $62,000 for the first time since last Friday’s crash following the failed assassination attempt on Donald Trump. The German government’s sell-off has ended, with around 50,000 BTC offloaded, which negatively impacted prices. However, there are still some uncertainties, such as Mt. Gox’s refund plan. Several altcoins have performed well recently, including DOGE, NEAR and SOL. These are uncertain times and we should remain cautious.”
In other news, the German government has sold its remaining Bitcoin holdings, marking the end of its investment in cryptocurrencies. The proceeds from the sale were transferred to the federal budget.
Meanwhile, Partior, a blockchain payment 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 a unified blockchain-based interbank payment rail for instant clearing and settlement. According to CoinSwitch Markets Desk, the new funding will boost Partior’s capabilities in intraday FX swaps and cross-currency repos.
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