The cryptocurrency market saw significant gains on Monday, with Bitcoin at the forefront, climbing by 4.7% to reach $63,000. The surge is partly attributed to heightened speculation following an attempted attack on former U.S. President Donald Trump at a rally in Pennsylvania over the weekend. Trump sustained a minor gunshot wound to his ear in the incident but is reportedly recovering well, according to his campaign team.
Investors believe this unexpected event has boosted Trump’s chances in the upcoming election, contributing to a ripple effect in the crypto market. As the likelihood of his return to the White House grows, traders are expected to ramp up activity in cryptocurrency markets, banking on Trump’s potential victory. Trump has expressed a pro-crypto stance, advocating for individuals’ rights to own digital assets. This policy outlook has resonated with the crypto community, driving positive sentiment and supporting the upward momentum seen across several cryptocurrencies.
Edul Patel, CEO of Mudrex, commented on the recent surge, saying, “Bitcoin climbed above $62,000 over the weekend as Trump’s prospects for the November election appeared to improve, driving up BTC’s price.” Likewise, the CoinSwitch Markets Desk remarked, “Bitcoin has maintained values over $62k, a rise observed after an attack on former President Trump. With a projected 70% chance of winning the 2024 election, Trump’s support for crypto rights has further encouraged crypto enthusiasts.”
Trump’s Influence on Broader Cryptocurrency Markets
Other cryptocurrencies followed Bitcoin’s lead, with Ether increasing by 4.9% to $3,350. Major tokens, including Solana, XRP, Toncoin, Dogecoin, Cardano, Tron, Shiba Inu, Avalanche, Polkadot, Chainlink, and NEAR Protocol, posted gains of up to 6%, reflecting broader confidence among investors. Stablecoins also saw significant trading volume, accounting for $52.9 billion, or 90.36% of the total 24-hour market volume, as reported by CoinMarketCap.
Bitcoin’s market cap reached $1.241 trillion, while its dominance in the cryptocurrency market rose to 53.95%. Trading volume for Bitcoin alone increased by 22.8% to $25.7 billion over 24 hours, indicating renewed buying interest in the digital asset.
After trading in a narrow range for months, Bitcoin experienced a notable shift. A failed bearish attempt on July 8 highlighted reduced selling pressure, with aggressive buying support from bullish investors. This activity contributed to the stability of Bitcoin’s price within its range. On July 12, U.S.-based Bitcoin exchange-traded funds (ETFs) recorded inflows of $310 million, the highest since early June. This suggests that investors are confident that Bitcoin has established a short-term bottom.
Bitcoin is currently trading above $60,000 and has formed a “Higher High Higher Low” pattern, indicating potential for further gains. However, a key resistance level lies between $64,500 and $66,500. Analysts suggest that if Bitcoin breaks through this range and sustains higher levels, it may rally further, potentially reaching $70,000 in the near term.
