Crypto
Bitcoin surges 2.7% to 60,000 level again; what is driving the rally? | Stock Market News
![Bitcoin surges 2.7% to 60,000 level again; what is driving the rally? | Stock Market News](https://www.livemint.com/lm-img/img/2024/07/14/1600x900/bitcoin_1720952173501_1720952173753.jpg)
Bitcoin surged above $60,000 following Donald Trump’s bold response to an assassination attempt, leading to speculation that his presidential election prospects have strengthened, according to Bloomberg report.
The former president, known for his supportive stance on cryptocurrency, reported being shot in the right ear during gunfire at a political rally in Pennsylvania on Saturday. His campaign assured the public of his well-being, confirming he was “fine” and eager to attend the upcoming Republican National Convention starting Monday in Milwaukee.
“If the assassination attempt on Trump positively impacts Bitcoin’s price, then it would be one of the most bizzare catalysts for Bitcoin’s price surge. According to Polymarket, odds for Trump becoming President shot up to 70% after today’s incident. In the last few weeks, Trump has positioned himself as pro-crypto. The crypto markets are also relieved by the news that Germany has finished selling its Bitcoin. So overall, these are interesting developments based on impulses and voter sentiment but BTC would need stronger factors to back its price surge,” said Rajagopal Menon, VP, WazirX.
PredictIt data indicated an increase in Trump’s chances of winning the presidency again following today’s events. Images of Trump defiantly raising his fist with a bloody right ear, against the backdrop of the American flag, have gone viral on social media and television since the incident.
President Joe Biden expressed relief that Trump was safe and strongly denounced the violence.
The markets are expected to react with increased volatility, possibly mirroring the trades seen during last month’s debate, which favored Trump. During that period, the US dollar strengthened and Treasury yields rose.
“Following a recent downturn driven by uncertainty surrounding the Mt. Gox BTC distribution and the actions of the German government’s Bitcoin sell-off, BTC experienced a significant slump over the past nine days, dropping from over $58,000 to just under $54,000. With no further sell-offs anticipated from the German government, the absence of this downward pressure is expected to pave the way for a potential upward movement in Bitcoin’s price, a trend already underway as BTC surpasses $60,000,” said Sumit Gupta, co-founder, CoinDCX.
Bitcoin surged by up to 2.7% to $60,160.71 as of 1:05 a.m. in New York. The leading cryptocurrency had stabilized recently, buoyed by optimism surrounding ETFs from major players such as BlackRock Inc. and Fidelity Investments, which are seen as providing stable demand that could mitigate price fluctuations.
Gupta further added, “As economic indicators point towards a likely interest rate cut by the Federal Reserve, there is heightened anticipation of increased investor interest in Bitcoin as a hedge against inflation. Despite recent inflationary pressures indicated by the Producer Price Index (PPI), Bitcoin’s upward trajectory confirms its status as a favored alternative asset.”
![](https://newspub.live/wp-content/uploads/2022/03/np-logo.png)
Crypto
Bitcoin Falls Below $63K, Recovers Swiftly To $64K: What Is Going On?
![Bitcoin Falls Below $63K, Recovers Swiftly To $64K: What Is Going On?](https://cdn.benzinga.com/files/images/story/2024/07/16/Halving-Crypto-Currency-Bitcoin-With-Lin.jpeg?width=1200&height=800&fit=crop)
Following a massive transfer of Bitcoin BTC/USD by the defunct exchange Mt. Gox, the world’s largest cryptocurrency briefly fell under $63,000 in Tuesday’s Asian trading session but has since rallied into the New York open.
What Happened: According to CoinDesk, an initial transfer of 0.021 BTC ($1,000) to a blockchain address was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet. This activity, tracked by Arkham Intelligence, is likely connected to Mt. Gox’s repayment plan. Crypto exchange Kraken has confirmed receiving funds and plans to distribute them over the next two weeks.
Mt. Gox, once the largest bitcoin exchange, collapsed in 2014 after losing a substantial amount of bitcoin in a hack. The exchange started repaying its debt on July 4, raising concerns about potential mass selling by creditors.
See Also: Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid
Why It Matters: The volatile price action comes after Todd Gordon, founder of Inside Edge Capital, predicted that Bitcoin could surpass $100,000 this year, driven by the formation of a pro-crypto Republican presidential ticket featuring Donald Trump and J.D. Vance.
However, analysts have cautioned that Bitcoin’s recent rallies may be short-lived. According to Bitfinex analysts, while Bitcoin breached the $64,000 level for the first time in over three weeks, the positive momentum might not sustain. They advised closely monitoring the situation before drawing any firm conclusions.
Bitcoin’s rebound has garnered attention from notable figures in the tech industry. Michael Dell, founder of Dell Technologies Inc. DELL, recently called Bitcoin “fascinating” in response to BlackRock CEO Larry Fink‘s bullish stance on the cryptocurrency. Dell’s comments echo growing interest and recognition of Bitcoin as a legitimate financial instrument among influential tech leaders.
Read Next:
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
Crypto
Donald Trump’s Cryptocurrency Critique is Shaping the Future of Trade
![Donald Trump’s Cryptocurrency Critique is Shaping the Future of Trade](https://img-cdn.thepublive.com/fit-in/1200x675/filters:format(webp)/smstreet/media/media_files/ix87gwLejvNWS4rRuHYD.png)
Cryptocurrency has become a pivotal topic in global financial discourse, with diverse opinions shaping its development and adoption. Among these influential voices is Donald Trump, the former President of the United States. Trump’s perspective on cryptocurrency, characterized by skepticism and caution, continues to shape policies and market sentiment in the US and globally. This article delves into how Trump’s views influence the future of cryptocurrency.
Donald Trump’s Stance on Cryptocurrency
Donald Trump’s stance on cryptocurrency is unequivocally critical. He has consistently expressed concerns about the stability, security, and legitimacy of digital currencies. His famous 2019 tweet stated, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” Trump’s skepticism extends to broader issues of financial security and the potential for misuse in illegal activities.
Regulatory Landscape Under Trump’s Administration
Stricter Oversight
During Trump’s presidency, regulatory bodies such as the Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) intensified their oversight of cryptocurrency activities. The administration’s focus was on preventing fraudulent activities, money laundering, and protecting investors from high-risk investments.
Impact on Innovation
While increased regulation aimed to safeguard the financial system, it also posed challenges for innovation within the cryptocurrency space. The regulatory environment under Trump’s administration led to significant compliance costs and operational hurdles for crypto businesses. This cautious approach slowed down the pace of innovation and made the US a less attractive destination for crypto startups.
Global Ripple Effects
Influence on International Policies
Trump’s critical stance on cryptocurrency influenced global regulatory approaches. Countries aligned with the US in financial policies, such as Canada and parts of Europe, adopted a more cautious regulatory stance. This created a global atmosphere of skepticism and wariness towards digital currencies, impacting their adoption and integration into mainstream financial systems.
Market Reactions
Trump’s comments and policies often led to volatility in the global cryptocurrency market. Statements from influential figures like Trump can trigger significant market movements, reflecting investor sentiment and confidence. Trump’s critical views contributed to periods of heightened volatility, affecting prices and market stability.
Post-Presidency Influence
Continued Criticism
Even after leaving office, Trump continues to voice his skepticism about cryptocurrencies. His ongoing criticism reinforces a narrative of caution and doubt within conservative and traditional financial circles. This persistent viewpoint maintains a level of apprehension about digital currencies, influencing both public opinion and policy discussions.
Political and Financial Impact
Trump’s influence extends to political and financial sectors where his opinions shape discussions on regulatory frameworks. His views contribute to the broader debate on how to balance innovation with security in the cryptocurrency domain. Policymakers and regulators consider such perspectives when designing regulations that aim to protect the financial system without stifling technological advancements.
The Future of Cryptocurrency Regulation
Potential for Balanced Regulations
While Trump’s critical stance highlights the need for stringent oversight, it also underscores the importance of balanced regulations. Future regulatory frameworks may seek to address the concerns raised by Trump, such as security and stability, while also fostering innovation and growth in the cryptocurrency industry.
Adoption of Central Bank Digital Currencies (CBDCs)
Trump’s skepticism towards decentralized cryptocurrencies may accelerate the adoption of Central Bank Digital Currencies (CBDCs). Governments worldwide are exploring CBDCs as a way to leverage blockchain technology within a regulated and controlled framework. The development of CBDCs could provide a middle ground, addressing concerns about stability and misuse while promoting digital currency adoption.
Conclusion
Donald Trump’s perspective on cryptocurrency continues to wield significant influence over the future of digital currencies in the US and globally. His critical stance has shaped regulatory approaches, market sentiment, and policy discussions. As the cryptocurrency landscape evolves, the balance between regulation and innovation will be crucial in determining its trajectory. Understanding Trump’s influence helps in navigating the complex interplay between skepticism and adoption in the ever-evolving world of cryptocurrency.
Note: By examining Donald Trump’s cryptocurrency perspective, this article aims to provide a comprehensive understanding of its impact on the future of digital currencies. It offers insights for investors, policymakers, and enthusiasts, highlighting the critical issues shaping the global cryptocurrency landscape. However, this is the author’s personal observation and can be disagreed or challenged by anyone.
Crypto
Greece Grapples With Cryptocurrency Tax Gap As Adoption Rises
![Greece Grapples With Cryptocurrency Tax Gap As Adoption Rises](https://greekcitytimes.com/wp-content/uploads/2021/01/istockphoto-487177963-612x612-1.jpg)
-
Movie Reviews1 week ago
Film Review: The Bikeriders – Soundsphere magazine
-
World1 week ago
After Moscow, Hungary's Orbán makes surprise visit to Beijing
-
Fitness1 week ago
Exercise with Purpose: Bar Talk with Eric Bartosz – Saucon Source
-
World1 week ago
Australia appoints special envoy to combat anti-Semitism
-
News1 week ago
Biden tells Hill Democrats he is staying in the race | CNN Politics
-
California1 week ago
Two arrested in connection to separate California wildfires
-
News7 days ago
How to fight shrinkflation? Pay attention to unit prices at grocery stores
-
World1 week ago
India’s Modi makes first Russia visit since Ukraine invasion