Following Donald Trump’s failed assassination attempt at a Pennsylvania rally on July 13, the cryptocurrency market experienced significant movements. The crypto market cap surged by 5.33%, spurred by Bitcoin’s climb to $63,000, marking a 9.29% increase since July 13. This uptick came amid the largest 30-day Bitcoin accumulation since April 2023, with whales acquiring over 85,000 BTC at the fastest recorded rate in over a year.
The bullish sentiment extended beyond Bitcoin, encompassing the entire crypto ecosystem. Ethereum also saw gains, rising by 5.05% to $3,364, accompanied by a substantial increase in trading volume. The meme coin market similarly benefited, showing a 5.33% increase in market cap and a notable rise in trading volume by 17.26% within 24 hours.
Donald Trump’s upcoming speech at the Bitcoin 2024 conference on July 27 is anticipated to further bolster market confidence. His outspoken support for cryptocurrency has already positioned him as a significant figure in shaping market sentiment, particularly among investors and traders.
After Failed Assassination Attempt, Trump’s Influence Spurs Crypto Market Surge
Analysts and market observers, including CryptoQuant and Santiment, have highlighted these developments as potential indicators of a shift into bullish territory. The increase in wallets holding substantial amounts of Bitcoin, as noted by Santiment’s report of 261 new wallets with at least 10 BTC in July, underscores growing investor interest and confidence.
Despite recent challenges such as the Mt. Gox repayment and Germany’s Bitcoin sale, which initially cast a shadow over the market outlook, recent events have tilted sentiment in favor of the bulls. The resilience shown in the face of these events, coupled with Trump’s anticipated pro-crypto stance, has set the stage for a possible continuation of the upward trend in cryptocurrencies.
As the crypto community awaits Trump’s address and monitors ongoing market dynamics, the accumulation by whales and the broader market reactions suggest a cautiously optimistic outlook. The potential for a sustained bullish trend, supported by recent data and upcoming events, remains a focal point for analysts and investors alike heading into the latter half of the year.
