Following an attempted assassination of former US President Donald Trump, there has been a noticeable shift in market mood, which has caused the price of bitcoin to rise past $62,000. Trump’s prospects of winning the 2024 election appear to have increased as a result of this occurrence; different calculations place his probabilities around 70%. Bitcoin’s price has risen from a recent low of $53,000 as a result of Trump’s pro-crypto attitude, which emphasizes the protection of individuals’ rights to possess crypto assets.
With the assistance of long-term holders who are amassing the asset, analysts predict that Bitcoin may continue to rise towards $70,000. The quantity of Bitcoin held by long-term investors is at an all-time high, according to on-chain statistics, which suggests significant trust in the cryptocurrency’s long-term potential.
Expert judgments and market responses
Mudrex CEO Edul Patel: Over the weekend, the price of Bitcoin skyrocketed over $62,000 as speculation about Donald Trump’s potential return to the White House grew. Watch out for $64,125 as the next key level, with support at $61,500. Ethereum, meanwhile, rose past $3,300, outperforming Bitcoin in weekly gains. Additionally, market players are upbeat about this week’s anticipated approval of spot Ether ETFs, which could increase demand in Ethereum.
Shivam Thakral, BuyUcoin’s CEO: The weekend was a great one for the cryptocurrency market, with BTC breaking $62,000, up nearly 5% from the day before. Ethereum experienced a similar increase, closing at $3,336. Given that Trump has already expressed support for cryptocurrencies, the shooting incident appears to have increased his prospects of being reelected. As a result, the market for digital assets is responding favorably. The selling pressure in the cryptocurrency market is decreasing, and in the upcoming weeks, we can anticipate that the current momentum will hold.
Avinash Shekhar, Pi42’s co-founder and CEO: After the failed attempt on Donald Trump’s life last Friday, Bitcoin continued its weekend comeback, rising above $62,000 for the first time since then. With roughly 50,000 BTC offloaded, the German government’s selling pressure that had been adversely affecting prices has now subsided. Certain things remain unclear, though, including the Mt. Gox reimbursement scheme. Recently, a number of cryptocurrencies have done well, including DOGE, NEAR, and SOL. We need to exercise caution since these are uncertain times.
Additionally, the German government has sold off the last of its Bitcoin holdings, capping its cryptocurrency investment. The federal budget received the proceeds from the transaction.
A blockchain payment network called Partior, supported by Standard Chartered, DBS, and JPMorgan, has raised $60 million in Series B funding, spearheaded by Peak XV Partners. The joint venture’s goal is to establish uniform interbank payment rails for quick clearing and settlement based on blockchain technology. The additional capital, will improve Partior’s capacity for cross-currency repurchases and intraday foreign exchange swaps.
