Bitcoin Price Soars Above $62K Amid Market Sentiment Linked to Trump

Bitcoin has seen a recent surge in price, surpassing $62,000, driven by a shift in market sentiment following an attempted assassination on former US President Donald Trump. This event has seemingly boosted Trump’s chances of winning the 2024 election, with analysts pegging his odds at around 70%. Trump’s supportive stance on cryptocurrencies, emphasizing individuals’ rights to own digital assets, has energized the crypto community, propelling Bitcoin’s price from a recent low of $53,000.

Market analysts predict that Bitcoin’s rally may continue towards $70,000, supported by long-term investors who are accumulating the asset. Data from CoinSwitch Markets Desk indicates that the supply of Bitcoin held by long-term holders is currently at an all-time high, reflecting strong confidence in its long-term potential.

In response to these developments, industry experts have shared their insights. Edul Patel, CEO of Mudrex, notes that Bitcoin surged to $62,000 over the weekend as Trump’s chances of a White House return increased. Patel highlights the key levels to watch at $64,125 with support at $61,500. Meanwhile, Ethereum has outperformed Bitcoin in weekly gains, surpassing $3,300. Market participants are optimistic about the potential approval of spot Ether ETFs, expected to generate interest in Ethereum.

Shivam Thakral, CEO of BuyUcoin, echoes the positive sentiment, stating that the crypto market experienced a significant boost over the weekend, with Bitcoin surpassing $62,000 and Ethereum trading at $3,336. Thakral attributes this surge to Trump’s shooting incident, which has enhanced his re-election prospects. The easing selling pressure in the crypto market suggests that the current momentum may persist in the upcoming weeks.

Avinash Shekhar, Co-Founder & CEO of Pi42, comments on Bitcoin’s resurgence above $62,000 following the unsuccessful assassination attempt on Trump. Shekhar notes the end of selling pressure from the German government, which recently offloaded about 50,000 BTC, negatively impacting prices. Despite recent uncertainties like the Mt. Gox reimbursement plan, altcoins such as DOGE, NEAR, and SOL have shown strong performance.

In a separate development, the German government has divested its remaining Bitcoin holdings, signaling the conclusion of its cryptocurrency investment, with the proceeds redirected to the federal budget.

Additionally, Partior, a blockchain payment network supported by JPMorgan, DBS, and Standard Chartered, has secured $60 million in Series B funding led by Peak XV Partners. The collaborative endeavor aims to establish unified blockchain-based interbank payment channels for instant clearing and settlement. The funding infusion is anticipated to enhance Partior’s capabilities in intraday foreign-exchange swaps and cross-currency repurchases.

As a reminder, it is essential to conduct thorough due diligence and seek advice from financial professionals before making any investment decisions, as the information presented here does not constitute specific investment advice.