Bitcoin Pushes $66K Following Donald Trump Assassination Attempt: Weekly Crypto Recap

This week’s cryptocurrency market experienced significant volatility and growth, largely influenced by an attempted assassination on US Presidential candidate Donald Trump, which many believe bolstered his prospects of winning the election. As a result, Bitcoin saw a remarkable 14% increase, pushing its price towards the $66K resistance level, while Ethereum also gained 12%, nearing $3.5K. However, the week’s events were not entirely positive; the notable Indian exchange WazirX suffered a substantial hack, losing $230 million. Furthermore, the market anticipates the forthcoming launch of Ethereum spot ETFs and major transitions like Polygon’s migration from MATIC to the POL token. As we navigate through these developments, it is clear that the cryptocurrency landscape continues to evolve rapidly. Have you ever wondered how geopolitical events impact the cryptocurrency market? This week provided a stark reminder when an assassination attempt on Donald Trump triggered notable fluctuations. Welcome to our weekly crypto recap.

Bitcoin Pushes $66K Following Donald Trump Assassination Attempt

This week, the cryptocurrency market experienced a significant rally, with its total capitalization soaring by over $250 billion. Currently, the market cap sits at an impressive $2.5 trillion. A primary catalyst for this market rebound was the assassination attempt on U.S. Presidential candidate Donald Trump, a traumatic event many have called one of America’s darkest days.

Market Recovery Inspired by Trump’s Stance

Why did the market react this way? The answer lies in Trump’s perceived future role in the cryptocurrency space. In recent times, Trump has expressed favorable views towards the crypto industry. He is set to attend the Bitcoin conference in Nashville later this month, sparking optimism among investors about the industry’s potential growth under his leadership.

Bitcoin’s Surge

Bitcoin’s price spiked dramatically, climbing 14% from the previous week. Currently, it is attempting to breach the crucial $66,000 resistance level. Earlier in the week, Bitcoin faced a downward push to approximately $63,000 due to bearish pressures. However, buyers managed to recover the price, with Bitcoin now aiming for a one-month high.

Ethereum Follows Suit

Similarly, Ethereum saw a substantial increase, rising by about 12%. It is currently striving to break past the critical resistance level of $3,500. The positive movement in leading cryptocurrencies has instilled renewed investor confidence across the board.

Impact on Other Cryptocurrencies

It wasn’t just Bitcoin and Ethereum that enjoyed the bullish trend. Altcoins like Binance Coin and Shiba Inu also saw significant gains, contributing to the overall positive market sentiment.

Setbacks: The WazirX Hack

Not all news was positive this week. The prominent Indian cryptocurrency exchange, WazirX, was hacked, resulting in the theft of around $230 million. This loss represents almost half of the exchange’s reported reserves from the previous month, casting doubt on the exchange’s future viability.

Details of the Hack

The intricacies of the WazirX hack revealed a significant vulnerability. Cybersecurity experts have since been probing the incident, looking into how the breach occurred and assessing the potential repercussions for WazirX and its users. This has raised crucial questions about the security measures in place within the crypto exchange ecosystem.

Upcoming Launch of Spot Ethereum ETFs

Another event stirring anticipation in the crypto community is the forthcoming launch of spot Ethereum ETFs, scheduled for July 23rd. Market participants are eagerly awaiting this development, which is expected to provide new avenues for institutional investment in Ethereum.

Market Data Overview

Let’s take a detailed look at the market data from the week:

These figures highlight the robust performance of the cryptocurrency market this week.

This Week’s Crypto Headlines You Better Not Miss

Massive Volatility in Crypto Markets Amid Donald Trump Shooting

The failed assassination attempt on Donald Trump resulted in considerable market volatility. The incident was interpreted by many as a boost to Trump’s presidential prospects, thus significantly influencing the market.

Unpacking the WazirX Hack: What Happened and How Much Crypto Is Lost

WazirX suffered a severe blow due to a large-scale hack, leading to a loss of over $230 million. This incident has raised crucial questions about the exchange’s security protocols and future operations.

Vitalik Buterin Urges Crypto Community to Look Beyond Pro-Crypto Stance in Political Support

Ethereum founder Vitalik Buterin urged the crypto community to evaluate political candidates beyond their pro-crypto stance. He emphasized the importance of considering candidates’ values, such as individual freedoms and governance principles.

Here’s When Polygon Will Migrate from MATIC to POL Token

Polygon will undergo a mainnet upgrade on September 4th, transitioning from its native MATIC token to the new POL token. This change follows community approval and is expected to enhance the Polygon ecosystem.

Bitcoin ETFs Records Over $422M in Daily Net Inflow, As BTC Sees 10% Weekly Gains

Bitcoin ETFs, led by BlackRock’s IBIT ETF, recorded a substantial net inflow of $422 million this week. This influx underscores the growing interest and confidence in Bitcoin investment products.

OKX to Discontinue Services in Nigeria, Here’s What Users Need to Know

Popular cryptocurrency exchange OKX announced it would cease its services in Nigeria by August 30th. Nigerian users are advised to fully withdraw their assets by this deadline to avoid potential losses.

Charts

Here’s a detailed analysis of the price trends for some major cryptocurrencies this week:

Ethereum (ETH)

Ethereum, initially lagging behind Bitcoin, climbed about 12%, currently testing the resistance at $3,500. Breaking through this level could pave the way for further gains.

Ripple (XRP)

Ripple experienced marginal growth. However, it is facing resistance around the $0.75 mark. Sustained bullish sentiment could push it beyond this barrier.

Binance Coin (BNB)

Binance Coin saw a 9% increase, now trading at $578. The coin is showing signs of potential further uptrend if market conditions remain favorable.

Shiba Inu (SHIB)

Shiba Inu also benefited from the market rally, albeit less dramatically. It is currently establishing a new support level around $0.000008.

Toncoin (TON)

Toncoin has been moving steadily upwards, with traders closely watching for any signs of a breakout.

Conclusion

This week was anything but dull in the cryptocurrency world. From significant market rallies inspired by geopolitical events to major security breaches like the WazirX hack, the crypto space remains as dynamic as ever. As we look forward to the launch of Ethereum ETFs and other upcoming developments, it’s clear that the road ahead promises to be just as exciting.

Understanding these complex interplays and staying abreast of market movements is crucial for any investor. We hope this recap provides valuable insights into the present and future of the cryptocurrency market.