Crypto
Bitcoin soars to two-week high after Trump attack
SINGAPORE: Bitcoin surged to a two-week high on Monday after the attempted assassination of U.S. presidential candidate Donald Trump raised the odds of the former president, who has presented himself as a champion of cryptocurrency, winning the upcoming election.
Trump said he was shot in the ear during the attack at a rally in Pennsylvania on Saturday. His campaign said he was doing well. Some investors said the attack bolstered his chances of winning back the White House and trades betting on his victory are expected to increase this week.
Bitcoin rose 8.6% to $62,508, touching a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47%.
Ether was also up 6.8%% at $3,322.
Trump is running against Democratic President Joe Biden in November’s U.S. election and has slammed Democrats’ attempts to regulate the crypto sector. Trump presented himself as a champion for cryptocurrency during a San Francisco fundraiser in June, although he hasn’t offered specifics on his proposed crypto policy.
“He’s certainly positioned himself as pro-crypto and as the odds of his reelection were galvanised by the shooting on the weekend, it’s certainly put a big boost underneath the bid in crypto markets and bitcoin obviously, just an absolute standout,” said Tony Sycamore, a market analyst at IG.
Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organizers of the conference said last week.
Bitcoin had a strong start to the year after the launch of exchange-traded funds in the U.S., propelling it to a record $73,803.25 in mid-March but has since struggled. It fell to an over four month low in early July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox.
“We had four weeks of declines on the back of the Mt. Gox news … but the rebound, it looks to me like it’s got further to go and I wouldn’t be surprised seeing it head back up towards, at least towards $65,000 by the end of this week,” said IG’s Sycamore. – Reuters
Key Takeaways
- U.S. strikes in Iran and IRGC retaliation in Kuwait threatened Qatar peace talks on Thursday.
- Bitcoin fell 3.6% to $72,622, wiping out $870 million in total long positions over 24 hours.
- The escalation will likely torpedo future diplomacy and embolden anti-settlement hardliners.
Geopolitical Escalation Triggers Crypto Sell-off
Bitcoin plunged below $73,000 early Thursday following reports of fresh U.S. military strikes inside Iran. Market data shows bitcoin tumbled to a multi-week low of $72,622—its lowest level since April 13—before staging a modest recovery back to $73,000. This downturn continues a weekly bearish trend, contrasting sharply with broader global markets that had previously rallied on optimism for a permanent peace agreement between the U.S. and Iran.
The sharp decline pushed bitcoin’s daily losses to 3.6%, dragging its market capitalization down to $1.46 trillion and pulling the aggregate crypto market cap below the $2.6 trillion threshold. Since May 25, when bitcoin last attempted to test the $78,000 resistance level, the asset has shed over 6% of its value. Despite kicking off May on an upward trajectory, this latest price action positions the cryptocurrency to close the month in the red.
Retaliatory Strikes Threaten Peace Talks
According to reports, the latest U.S. military strikes targeted a strategic site in the Iranian port city of Bandar Abbas. In retaliation, Iran’s Islamic Revolutionary Guard Corps (IRGC) reportedly launched strikes against a U.S. military base in Kuwait, where local authorities confirmed that air defense systems engaged incoming missiles and drones.
This escalation comes just days after the U.S. military struck Iranian naval vessels and an alleged missile launch site in Bandar Abbas, citing self-defense. Iranian forces responded at the time by downing U.S. drones. Notably, these hostilities unfolded while U.S. and Iranian negotiators were actively convening in Qatar to finalize a peace agreement. While the Trump administration initially downplayed the earlier friction to keep diplomatic channels open, this latest exchange will likely torpedo the talks and embolden hardliners on both sides who oppose a negotiated settlement.
Meanwhile, the decline in bitcoin and the broader cryptocurrency market resulted in the liquidation of more than $930 million in leveraged positions. Coinglass data showed that liquidations on bitcoin alone topped $366 million, with wiped-out long bets accounting for $348 million of that total. Overall, the market saw $870 million in long positions wiped out over 24 hours.
Bitcoin Slips to $74,530 as Long Traders Face $106M Wipeout
Bitcoin trended downward on Wednesday, dropping beneath the $75,000 threshold to trade at $74,570 at the time of writing. This…
Bitcoin Slips to $74,530 as Long Traders Face $106M Wipeout
Bitcoin trended downward on Wednesday, dropping beneath the $75,000 threshold to trade at $74,570 at the time of writing. This…
Bitcoin Slips to $74,530 as Long Traders Face $106M Wipeout
Bitcoin trended downward on Wednesday, dropping beneath the $75,000 threshold to trade at $74,570 at the time of writing. This…
HOLYOKE, Mass. (WWLP) – The Holyoke Police Department recently prevented a resident from falling victim to a Bitcoin scam and is urging community members to remain cautious of cryptocurrency fraud.
Holyoke Police Chief Brian Keenan stated that this recent scam involved a caller stating over the phone that the person had an active arrest warrant for missing jury duty. The scammer claimed that if the victim owed $6,000 or they would be at risk of arrest.
The victim was then instructed to withdraw money from a bank and take it to a local Bitcoin kiosk to deposit it. After depositing some money, the victim realized they were being scammed and called the Holyoke Police Department.
Detective James Parnell assisted the resident and canceled the transaction before it closed out. The victim is expected to receive a refund from the kiosk operator. In most cases involving these types of transactions, the money cannot be recovered, as it can be processed within minutes.
Holyoke Police say that these types of Bitcoin scams have defrauded western Massachusetts residents of more than $2 million in the past two to three years. If you receive a phone call claiming you owe money and must deposit cash into a Bitcoin kiosk, you are urged to immediately hang up.
Local News Headlines
WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Download the 22News Plus app on your TV to watch live-streaming newscasts and video on demand.
Key Takeaways
- Sharplink and Forward join Russell indexes on June 29 with ETH and SOL treasury bets.
- Sharplink holds 874,351 ETH worth $1.8B, above its $1.22B market cap valuation.
- Russell inclusion may boost liquidity and institutional access for crypto treasury firms.
Crypto Treasury Firms Go Mainstream With Russell Index Inclusion
Sharplink Gaming is set to join the Russell 2000 and Russell 3000 indexes, marking a fresh milestone for publicly traded crypto treasury companies seeking wider acceptance in traditional equity markets.
The ethereum-focused firm disclosed that its inclusion will take effect on June 29, when Russell’s semiannual index reconstitution is implemented. The move places Sharplink inside two widely tracked U.S. equity benchmarks used by fund managers, exchange-traded funds and institutional investors.
Chief Executive Officer Joseph Chalom said the listing validates the company’s Ethereum treasury strategy.
Joining the Russell 2000 and Russell 3000 is a meaningful validation of Sharplink’s institutional-grade ETH treasury strategy, and we believe will broaden SBET’s shareholder base while strengthening our access to capital markets.
Sharplink holds 874,351 ETH, worth about $1.8 billion at current prices cited by the company. Even so, its shares trade below the value of its ethereum holdings. The company’s market capitalization stood at roughly $1.22 billion at the close of trading on Tuesday, May 26.
Sharplink’s index entry follows a similar step by Bitmine Immersion Technologies, the largest ethereum treasury company. Bitmine will be added to the Russell 1000, an index that tracks the 1,000 largest U.S. companies by market value.
Forward Industries, another crypto treasury firm, will also be added to the Russell 2000 and Russell 3000. The company has shifted from medical design into a solana-focused treasury strategy.
Forward bought $1.58 billion of SOL last year at an average price of about $232 per token. Solana has since fallen to $83.78, leaving the position down about 64% from the purchase price.
The company’s SOL holdings are now valued at around $588 million. That remains well above Forward’s market capitalization of about $350 million. At that level, Forward is still roughly 2.4 times larger than the Russell 2000’s smallest member, based on data from the index provider’s website.
Forward CEO Ryan Navi said the company expects index inclusion to broaden its investor base, improve liquidity, and raise its profile with long-term institutions.
Together, the additions show how crypto treasury firms are moving further into mainstream equity benchmarks. Russell indexes are tied to more than $12.2 trillion in benchmarked assets and investments, giving the included companies a larger stage even as questions remain over how markets should value their token-heavy balance sheets.
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