Leading crypto asset, Bitcoin rose 8.6% to $62,508, touching a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47%. Ether was also up 6.8%% at $3,322. Recall that the coin’s price fell by 7.9% to sell at $60, 897 3 weeks ago. Ether also posted a price drop of 5.37% to sell at $3, 306
Bitcoin had a strong start to the year after the launch of exchange-traded funds in the U.S., propelling it to a record $73,803.25 in mid-March but has since struggled. It fell to an over four-month low in early July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox.
Incidentally, the surge in Bitcoin prices following an assassination attempt on U.S. presidential candidate Donald Trump, who has presented himself as a champion of cryptocurrency. Trump is running against Democratic President Joe Biden in November’s U.S. election and has slammed Democrats’ attempts to regulate the crypto sector.
The presidential candidate presented himself as a champion for cryptocurrency during a San Francisco fundraiser in June, although he hasn’t offered specifics on his proposed crypto policy. Crypto prediction markets like Polymarket witnessed a surge in the odds of Trump winning the November presidential elections.
Trump was shot in the ear during the attack at a rally in Pennsylvania on Saturday. Some investors said the attack bolstered his chances of winning back the White House and trades betting on his victory are expected to increase this week.
Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organizers of the conference said last week.
The shooting is the first for a major presidential candidate since a 1981 assassination attempt on Republican President Ronald Reagan.
Before the shooting, markets had reacted to the prospect of a Trump presidency by pushing the dollar higher and positioning for a steeper U.S. Treasury yield curve. This has led to ten-year Treasury futures dipping by about 13 ticks and the dollar rose on the euro and yen. even as the U.S. stock futures inched higher.
Trump also said in an interview in February he would not re-appoint Federal Reserve Chair Jerome Powell, whose second four-year term as chair will expire in 2026.
“If (Trump) wins and does this stuff he said he is going to do, you are going to see a much bigger selloff in the back-end of the bond market,” the CEO of Tallbacken Capital Advisors in New York said.
Bitwise CEO Matt Hougan expressed optimism that Bitcoin could hit the $100,000 mark by year-end fueled by an improved perception of cryptocurrencies in the US, favourable Federal Reserve policies, and increased adoption of stablecoins.
Another significant event in the crypto space this week is the asset disposal by the German government.
Other possible factors for the Bitcoin hike
Recall that last week, the German government emptied its crypto wallet by selling off over $300 million worth of Bitcoin assets to wallets on Bitstamp, Coinbase, Kraken, B2C2 Group, Cumberland DRW, and others, according to Arkham Intelligence data. According to some reports, the government also sold off 50,000 BTC assets it seized from a popular movie piracy site in Germany.
Bitcoin price reacted to these sell-offs dropping as low as $54,000 as it battled selling pressure. The Bitcoin price over the weekend rebounded to $63,000 since the on-chain activities of the German government are now over.
The selling pressure has now eased since the Government emptied its wallet.
Similar: Bitcoin’s market share drops: is it the altcoin season again?
Leading crypto asset, Bitcoin rose 8.6% to $62,508, touching a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47%. Ether was also up 6.8%% at $3,322. Recall that the coin’s price fell by 7.9% to sell at $60, 897 3 weeks ago. Ether also posted a price drop of 5.37% to sell at $3, 306
Bitcoin had a strong start to the year after the launch of exchange-traded funds in the U.S., propelling it to a record $73,803.25 in mid-March but has since struggled. It fell to an over four-month low in early July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox.
Incidentally, the surge in Bitcoin prices following an assassination attempt on U.S. presidential candidate Donald Trump, who has presented himself as a champion of cryptocurrency. Trump is running against Democratic President Joe Biden in November’s U.S. election and has slammed Democrats’ attempts to regulate the crypto sector.
The presidential candidate presented himself as a champion for cryptocurrency during a San Francisco fundraiser in June, although he hasn’t offered specifics on his proposed crypto policy. Crypto prediction markets like Polymarket witnessed a surge in the odds of Trump winning the November presidential elections.
Trump was shot in the ear during the attack at a rally in Pennsylvania on Saturday. Some investors said the attack bolstered his chances of winning back the White House and trades betting on his victory are expected to increase this week.
Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organizers of the conference said last week.
The shooting is the first for a major presidential candidate since a 1981 assassination attempt on Republican President Ronald Reagan.
Before the shooting, markets had reacted to the prospect of a Trump presidency by pushing the dollar higher and positioning for a steeper U.S. Treasury yield curve. This has led to ten-year Treasury futures dipping by about 13 ticks and the dollar rose on the euro and yen. even as the U.S. stock futures inched higher.
Trump also said in an interview in February he would not re-appoint Federal Reserve Chair Jerome Powell, whose second four-year term as chair will expire in 2026.
“If (Trump) wins and does this stuff he said he is going to do, you are going to see a much bigger selloff in the back-end of the bond market,” the CEO of Tallbacken Capital Advisors in New York said.
Bitwise CEO Matt Hougan expressed optimism that Bitcoin could hit the $100,000 mark by year-end fueled by an improved perception of cryptocurrencies in the US, favourable Federal Reserve policies, and increased adoption of stablecoins.
Another significant event in the crypto space this week is the asset disposal by the German government.
Other possible factors for the Bitcoin hike
Recall that last week, the German government emptied its crypto wallet by selling off over $300 million worth of Bitcoin assets to wallets on Bitstamp, Coinbase, Kraken, B2C2 Group, Cumberland DRW, and others, according to Arkham Intelligence data. According to some reports, the government also sold off 50,000 BTC assets it seized from a popular movie piracy site in Germany.
Bitcoin price reacted to these sell-offs dropping as low as $54,000 as it battled selling pressure. The Bitcoin price over the weekend rebounded to $63,000 since the on-chain activities of the German government are now over.
The selling pressure has now eased since the Government emptied its wallet.
Similar: Bitcoin’s market share drops: is it the altcoin season again?
Crypto prediction markets like Polymarket witnessed a surge in the odds of Trump winning the November presidential elections…
Leading crypto asset, Bitcoin rose 8.6% to $62,508, touching a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47%. Ether was also up 6.8%% at $3,322. Recall that the coin’s price fell by 7.9% to sell at $60, 897 3 weeks ago. Ether also posted a price drop of 5.37% to sell at $3, 306
Bitcoin had a strong start to the year after the launch of exchange-traded funds in the U.S., propelling it to a record $73,803.25 in mid-March but has since struggled. It fell to an over four-month low in early July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox.
Incidentally, the surge in Bitcoin prices following an assassination attempt on U.S. presidential candidate Donald Trump, who has presented himself as a champion of cryptocurrency. Trump is running against Democratic President Joe Biden in November’s U.S. election and has slammed Democrats’ attempts to regulate the crypto sector.
The presidential candidate presented himself as a champion for cryptocurrency during a San Francisco fundraiser in June, although he hasn’t offered specifics on his proposed crypto policy. Crypto prediction markets like Polymarket witnessed a surge in the odds of Trump winning the November presidential elections.
Trump was shot in the ear during the attack at a rally in Pennsylvania on Saturday. Some investors said the attack bolstered his chances of winning back the White House and trades betting on his victory are expected to increase this week.
Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organizers of the conference said last week.
The shooting is the first for a major presidential candidate since a 1981 assassination attempt on Republican President Ronald Reagan.
Before the shooting, markets had reacted to the prospect of a Trump presidency by pushing the dollar higher and positioning for a steeper U.S. Treasury yield curve. This has led to ten-year Treasury futures dipping by about 13 ticks and the dollar rose on the euro and yen. even as the U.S. stock futures inched higher.
Trump also said in an interview in February he would not re-appoint Federal Reserve Chair Jerome Powell, whose second four-year term as chair will expire in 2026.
“If (Trump) wins and does this stuff he said he is going to do, you are going to see a much bigger selloff in the back-end of the bond market,” the CEO of Tallbacken Capital Advisors in New York said.
Bitwise CEO Matt Hougan expressed optimism that Bitcoin could hit the $100,000 mark by year-end fueled by an improved perception of cryptocurrencies in the US, favourable Federal Reserve policies, and increased adoption of stablecoins.
Another significant event in the crypto space this week is the asset disposal by the German government.
Other possible factors for the Bitcoin hike
Recall that last week, the German government emptied its crypto wallet by selling off over $300 million worth of Bitcoin assets to wallets on Bitstamp, Coinbase, Kraken, B2C2 Group, Cumberland DRW, and others, according to Arkham Intelligence data. According to some reports, the government also sold off 50,000 BTC assets it seized from a popular movie piracy site in Germany.
Bitcoin price reacted to these sell-offs dropping as low as $54,000 as it battled selling pressure. The Bitcoin price over the weekend rebounded to $63,000 since the on-chain activities of the German government are now over.
The selling pressure has now eased since the Government emptied its wallet.
Similar: Bitcoin’s market share drops: is it the altcoin season again?
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.Join the community now!
