Since the failed assassination attempt on former U.S. president Donald Trump, the crypto world has been buzzing with fervor as several cryptocurrencies including Bitcoin and MAGA coin have witnessed spectacular jumps.
In the wake of upcoming presidential elections, the failed attack on Trump has drastically increased his odds for winning the race later this year in November. Trump has also fiercely advocated for crypto holders in the U.S. in hope of gaining support from over 50 million voters who have crypto holdings. Despite the assassination attempt on him, Trump has confirmed that he will be attending the upcoming Bitcoin 2024 event at Nashville.
In this article, we will be analyzing the performance of BTC right after the failed attempt on Trump and the reasons behind the jump.
Why did BTC Price Pump?
Following the incident, Bitcoin price catched a sharp price rally coincidently and reached as high as $65,000 from the low of $58,000 before Trump’s rally. Incidentally, the pump in BTC price has coincidentally come at the same time Donald Trump started praising Bitcoin in his political campaign speeches.
The probable reason for the latest pump is associated with completion of the German government’s BTC sale. They have reportedly sold over $2.3 billion of BTC in the past two weeks and crypto markets showed a relief when the selling came to end on 13th July.
Coincidently, the Trump incident also occurred over the weekend which fueled the rally further. The news of a US Presidential candidate advocating Bitcoin sent bullish signals among investors, thus the spikes in BTC price lead it to reclaim $60,000 and the rally continued furthermore on Monday.
Donald Trump’s political campaign accepting cryptocurrency payments also sent the buzz in the finance markets. Such a move from the party raised hopes that the potential win of the Republican party could be friendly towards crypto and its underlying regulations.
BTC Price Back to Range
With this pump, Bitcoin has now also reaccumulated the March range where it was trading at the major support at $59,000 and range high of $73,600, it’s current all-time high. After failing to hold $60,000 in the market turmoil in the past two weeks, BTC price has now reclaimed the range following the Trump incident.
This range had been maintained for the past 6 months with the BTC price reaching an all-time high in March and been trading in high-volatility since. In this range, BTC price failed to hold above $71,000 while rebouncing from $60,000 and $62,500 a couple of times.
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