Bitcoin Hits $64,900 as Trump Trades Surge
The TDR Three Key Takeaways regarding Bitcoin and Trump Trades Surge:
- Bitcoin surges 8.6% to $64,900 following Trump’s pro-crypto advocacy.
- The rise in Bitcoin’s value coincided with improved election odds for Trump, which have now reached a 70% probability of victory on Polymarket.
- The cryptocurrency’s performance is also noteworthy, as it surpassed the 200-day simple moving average (SMA), a key indicator for momentum traders.
Bitcoin (BTC) soared to a two-week high of $64,900 after a 12.6% surge following the attempted assassination of pro-crypto presidential candidate Donald Trump. This incident has brought significant attention to Bitcoin, showcasing its sensitivity to political events. The rise in Bitcoin’s value coincided with improved election odds for Trump, which have now reached a 70% probability of victory on Polymarket.
Donald Trump, injured during a rally in Pennsylvania, is reportedly in stable condition and has continued his campaign activities. His pro-crypto stance and criticisms of Democratic regulatory efforts have bolstered his support within the cryptocurrency community. Trump’s promises of a more favorable regulatory environment for cryptocurrencies have further strengthened his appeal.
Bitcoin’s year-to-date gains stand at 57%, surpassing the 200-day simple moving average (SMA), a key indicator for momentum traders. This movement is seen as a positive signal for Bitcoin’s future performance.
Additionally, the market reactions extended beyond cryptocurrencies. Trump-themed tokens surged, reflecting the intersection of politics and finance. The Chinese yuan and Mexican peso weakened, and prices for futures tied to the 10-year Treasury note fell, indicating higher yields.
The upcoming Bitcoin 2024 conference in Nashville, Tennessee, where Trump is scheduled to speak on July 27, is also generating buzz. This event is expected further to spotlight Bitcoin and its role in the political scenario. Historical performance shows that Bitcoin hit a record $73,803.25 in mid-March but faced declines due to concerns over the potential dumping of tokens from the defunct Japanese exchange Mt. Gox.
Analyst Tony Sycamore has a positive outlook on Bitcoin’s future, expecting the rebound to continue and potentially surpass $65,000 by the end of the week. This optimistic forecast is supported by the current surge and the positive market sentiment surrounding Trump’s improved election odds. Want to be updated on Cannabis, AI, Small Cap, and Crypto? Subscribe to our Daily Baked in Newsletter!
