The failed assassination attempt on Donald Trump at a Pennsylvania rally on July 13 has led to significant movements in the cryptocurrency market, particularly Bitcoin. Following the incident, Bitcoin experienced its largest 30-day accumulation since April 2023, with whales amassing over 85,000 BTC.
This event sparked a notable rise in Bitcoin’s price, up by 9.29% since the assassination attempt and 12.58% in the past week. The global crypto market also saw an 8.45% increase, reflecting a broader bullish sentiment.
The meme coin market has mirrored Bitcoin’s performance, with a market cap increase of 5.33% in the last 24 hours and a 17.26% surge in trading volume. These gains suggest a revitalized interest in cryptocurrencies, potentially marking the end of Bitcoin’s bottoming phase and the onset of a bullish market.
Analysts from CryptoQuant and other firms are optimistic about this trend, pointing to the recent accumulation by large investors as a positive signal.
Donald Trump’s promise to be a ‘crypto president’ and his support for the crypto industry have further boosted market confidence. Following the failed assassination attempt, Bitcoin’s price climbed to $63,000, with a market cap of $1.24 trillion and a 22.98% increase in trading volume over 24 hours.
Ethereum also saw significant gains, with a 5.05% daily increase to $3,364 and a 28.63% rise in trading volume. These developments suggest a strong bullish sentiment despite previous concerns over the Mt. Gox repayment and Germany’s Bitcoin sale.
Trump’s scheduled speech at the Bitcoin 2024 conference on July 27 is anticipated to further solidify the bullish outlook, potentially pushing Bitcoin beyond the $71,000 resistance level.
The event could be a catalyst for sustained market enthusiasm and higher prices. Meanwhile, analytics firm Santiment reported an increase of 261 wallets holding at least 10 BTC in July, indicating growing confidence among larger investors.
The cryptocurrency market is experiencing a bullish phase driven by significant Bitcoin accumulation, rising prices, and supportive statements from influential figures like Donald Trump.
The lack of major negative impacts from recent challenges, such as the Mt. Gox repayment, has strengthened investor confidence. Upcoming events, like Trump’s speech, are expected to maintain or enhance this positive momentum, suggesting a promising future for Bitcoin and the broader crypto market.
