Crypto Week Ahead: All Eyes On US Elections As Bitcoin Rallies Following Donald Trump Assassination Attempt

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $63,038.956.

Trump survived an assassination attempt on Saturday during an election rally.

Source : X/Elon Musk

US presidential candidate Donald Trump narrowly survived an assassination attempt on Saturday during a Pennsylvania rally. The aftermath of the attack led to an increase in the odds of the Republican leader winning the 2024 elections, which in turn led to a rally of pro-crypto sentiments among investors, resulting in a much-needed rally for Bitcoin (BTC) prices. BTC managed to regain the $63,000 mark after weeks of slump. Naturally, all eyes are now resting on all the developments around Trump and the US elections as investors hope that the positive trend sticks. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (July 8), the overall crypto market cap stood at $2.03 trillion. BTC price stood at around $55,300. ETH price stood at around $2,900.

A week later, the overall market cap rose to $2.31 trillion.

DeFi's total volume stands at $3.84 billion, at 6.31 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $55.19 billion, at 90.60 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 48 points (out of 100).

BTC dominance, at the time of writing, stood at 53.84 percent.

Over the past seven days, Bitcoin achieved a high of $63,038.956 (on July 15) and a low of $55,256.08 (July 8).

Ethereum, on the other hand, saw a high of $3,365.66 (July 15) and a low of $2,906.78 (July 8).

Crypto Events To Note

Bitcoin's value soared following an assassination attempt on former US president and 2024 presidential candidate Donald Trump.

The price of Bitcoin climbed to over $60,000, rising from a low of $53,000 earlier in the month. This surge coincided with a significant increase in Trump's odds of winning the upcoming presidential election, as reflected on the Polymarket prediction platform, where users wager cryptocurrency on various outcomes.

Trump sustained injuries during a shooting at a rally in Pennsylvania on Saturday. The incident led to a notable boost in his predicted chances of securing the presidency, jumping approximately 10 percentage points to reach 70 per cent on Polymarket.

Additionally, Following the assassination attempt, the TRUMP meme cryptocurrency saw a dramatic surge of over 40 per cent against the US dollar. The token experienced significant volatility, with its price oscillating between a low of $6.18 and a high of $9.68 within 24 hours. By 8:30 p.m. EDT on Saturday, just hours after the incident, TRUMP was valued at $8.91 per coin.

Trump himself holds 579,290 TRUMP tokens, a stash that grew in value by $1.6 million, bringing its total worth to $5.25 million. By the evening of the day of attack, the token’s price had settled at $8.35, marking a 33% increase.

This surge in the TRUMP token's value is anticipated to have an impact on the 2024 presidential election, where Trump is expected to challenge incumbent President Joe Biden.

Lastly, a Bitcoin wallet, dormant since its creation on September 25, 2012, has moved 1,000 BTC, according to data from btcparser.com. This transaction occurred at block height 852,190, aligning with Bitcoin’s resurgence to the $60,000 range after nearly two weeks.

The substantial sum, valued at over $60 million today, remained untouched for nearly 12 years. On the day these bitcoins were initially purchased, the price was just $12.10 per coin.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "This week looks promising as Bitcoin surged above $62,000 over the weekend, driven by increased chances of Donald Trump reclaiming the White House in November. The upcoming US elections will play a key role in influencing BTC’s price. If BTC continues its winning streak, we are likely to see BTC reach the $70,000 level soon. Additionally, market participants are optimistic about the approval of spot Ether ETFs expected this week, which could boost interest in Ethereum.”

WazirX Vice President Rajagopal Menon offered his take, “The crypto market saw a significant rebound over the weekend, with intraday gains spurred by an attempted assassination of former President Donald Trump. However, analysts have predicted that this could be a trap as many investors could liquidate their holdings using this opportunity. The coming week will determine if Bitcoin can sustain the momentum or dwindle.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.