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Bitcoin (BTC-USD) has been on the rise again this week, 15.9% It soared to $66,000 on a weekly basis.
Cryptocurrencies rose sharply on Monday following the attempted assassination of former President Donald Trump on Saturday. The shooting His odds of winning the US presidential election in November have skyrocketed.
“The Bitcoin price rebound shows that the market is becoming more optimistic about the short-term macro environment. The market is encouraged by Trump’s vice presidential nomination, which suggests a more crypto-friendly administration and policies,” said Lucy Hu, senior analyst at Metalpha.
Trump chose Ohio Senator JD Vance as his vice presidential running mate. Vance is widely known as a cryptocurrency advocate.
BTC continued its rally through Tuesday, just above $65,000, but retreated below that level on Wednesday. The world’s oldest cryptocurrency fell below $64,000 on Thursday, with the Nasdaq and S&P 500 also seeing extended selloffs as investors continued to rotate out of tech stocks.
The sell-off comes amid growing speculation about Joe Biden’s possible run for US president.
As Trump’s popularity rises, Biden is losing support among top Democrats amid concerns about whether he can win the November election.
As Trump’s chances of winning the election increase, BTC could also benefit, as the former president believes that the best cryptocurrencies and other cryptocurrencies should be created in the United States. “If we don’t do it, China will figure it out. Or someone else will.”
“We think BTC could hover around the MA120 level of 65,000 in the short term. There is a possibility that the price could go up to 68,000 or even 70,000, but we will continue to closely monitor the Fed’s policies and the impact of Mt Gox,” Hu added.
Notable News
- Financial services and banking giant State Street (STT) is exploring the development of its own stablecoin as it looks to become more involved in blockchain-based payments.
- B. Riley Securities recently upgraded Core Scientific (CORZ) stock from Neutral to Buy as analyst Lucas Pipes believes the Bitcoin (BTC-USD) miner will be the future leader in high-performance computing hosting.
- According to media reports earlier this week, an exchange-traded fund (ETH-USD) that invests directly in Ether is likely to begin trading on July 23.
- BlackRock CEO Larry Fink says he has gone from being a “proud skeptic” of Bitcoin (BTC-USD) to someone who believes cryptocurrencies have a place in people’s portfolios.
Bitcoin, Ether price
Bitcoin (BTC-USD) 5.1% increase At $66.8K at 3:09 p.m. on Friday, a day when users around the world faced a major outage from Microsoft (MSFT) that hit backend operations across multiple industries. Ether (ETH-USD) ~2.9% increase Up to $3,500
“Bitcoin’s correction has thwarted a four-month bull run, but as long as the price remains above $50,600, a new all-time high is expected,” SA analyst Ryan Wildey said.
“Bitcoin could make a surprising comeback and potentially surge to $88,000, but caution is advised until we have a clear picture,” Wildey added.
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