Bitcoin’s price has recently climbed above $62,000, driven by a notable shift in market sentiment following an assassination attempt on former US President Donald Trump. This incident has seemingly boosted Trump’s chances of winning the 2024 election, with his odds now sitting at 70 per cent according to various analyses. Trump’s pro-crypto stance, emphasising 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 Bitcoin may continue to rally 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’s price up. 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 approval of spot Ether ETFs expected this week, which could boost interest in Ethereum.”
Shivam Thakral, CEO of BuyUcoin: “The crypto market had an inspiring weekend as BTC breached the $62,000 mark, a jump of almost 5% from the previous day. Ethereum also rose 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 & CEO of Pi42: “Bitcoin’s weekend revival continues as the asset surged above $62,000 for the first time since last Friday’s drop, following the unsuccessful assassination attempt against Donald Trump. The selling pressure from the German government is now over, with about 50,000 BTC offloaded, which had negatively impacted prices. However, there are still some uncertainties, such as the Mt. Gox reimbursement plan. Several altcoins have performed well recently, including DOGE, NEAR, and SOL. These are uncertain times, and we must remain cautious.”
In other news, the German government has sold off 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 unified blockchain-based interbank payment rails for instant clearing and settlement. According to CoinSwitch Markets Desk, the new funding will enhance Partior’s capabilities in intraday foreign-exchange swaps and cross-currency repurchases.
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