Crypto Week Ahead: Donald Trump Promises To Build Crypto Reserves If He Wins, Bitcoin Sees Major Rally

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $69,777.42.

Every time Republican candidate and former President Trump is seeing any development in his favour, Bitcoin is jumping leaps and bounds.

Source : Facebook/Donald Trump

As we have been seeing over the past few weeks, the US presidential elections have been influencing crypto prices. Be it Donald Trump’s assassination attempt or Joe Biden’s withdrawal, it seems that every time Republican candidate and former President Trump is seeing any development in his favour, Bitcoin is jumping leaps and bounds. At the Bitcoin 2024 rally over the weekend, Donald Trump made several pro-crypto promises that he’d deliver if he wins, including the setting up of a tactical national crypto reserve. This helped Bitcoin jump over $69,000 mark for the first time this month. So, investors should keep track of the latest developments in the US Presidential election to get a rough understanding of BTC’s movements in the coming days. 

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 22), the overall crypto market cap stood at $2.46 trillion. BTC price stood at around $67,700. ETH price stood at around $3,500.

A week later, the overall market cap rose to $2.47 trillion.

DeFi's total volume stands at $2.96 billion, at 5.83 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $45.5 billion, at 89.49 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 63 points (out of 100).

BTC dominance, at the time of writing, stood at 55.54 percent.

Over the past seven days, Bitcoin achieved a high of $69,777.42 (on July 29) and a low of $63,600 (July 25).

Ethereum, on the other hand, saw a high of $3,531.53 (July 23) and a low of $3,103.20 (July 26).

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Bitcoin surged past $69,000 over the weekend following former US President Donald Trump’s speech at the Bitcoin Conference in Nashville. Trump announced plans to create a strategic national Bitcoin stockpile if re-elected. The bullish sentiment spurred by Trump's announcement could continue to drive momentum this week. If Bitcoin breaks the $70,000 level, it is likely to test the resistance zone between $72,000 and $73,777. Key support levels to monitor are $68,000 and $66,500 in case of a pullback.”

Subscribe And Follow ABP Live On Telegram: t.me/officialabplive

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.