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Why is the Crypto Market Rising Today?

The crypto market is experiencing an uptick due to traders anticipating a potential Trump victory in the upcoming November election following a failed assassination attempt.

• Main Points:

  • Trump's Reelection Bid: Crypto market surges post-assassination attempt.

  • Market Reaction: Bitcoin surpasses $60,000, and Trump meme-coin spikes.

  • Bullish Sentiment: Increased open interest and positive funding rates.

  • Liquidations: Higher short liquidations drive prices up.

  • Technical Analysis: The crypto market bounces within a descending channel pattern.

• Detailed Insights:

  • Trump's Reelection Bid: The crypto market's valuation jumped by 2.88% after an assassination attempt on former president Donald Trump at a Pennsylvania rally. Bitcoin rose above $60,000, and the MAGA (TRUMP) meme-coin surged by over 30%, reflecting traders' anticipation of a Trump victory and favorable crypto regulations.

  • Market Reaction: Bitcoin and the broader market saw intraday gains following the assassination attempt, indicating a bullish shift in sentiment.

  • Bullish Sentiment: Open interest (OI) and positive funding rates increased, showing traders' confidence and willingness to pay premiums to maintain bullish positions.

  • Liquidations: $65.41 million in short liquidations compared to $22.93 million in long liquidations boosted demand, driving prices up.

  • Technical Analysis: The market is bouncing within a descending channel pattern, targeting the 50-day EMA at $2.23 trillion as the next resistance level. A close above this could lead to further gains toward $2.42 trillion.

Related: Trump's 2024 Odds Soar to 66% on Polymarket; GOP Favored to Win Congress

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Michael Saylor Unveils Bitcoin's Role in US Treasury

Michael Saylor advocates for a Bitcoin-backed dollar, aligning with American values and supporting financial sovereignty.

• Main Points:

  • Bitcoin-Backed Dollar: Saylor proposes Bitcoin backing for the US dollar.

  • Response to CBDCs: Saylor and Senator Lummis oppose central bank digital currencies.

  • Financial Sovereignty: Bitcoin is seen as a tool for financial privacy and control.

  • Political Support: Former President Trump also supports the crypto sector.

• Detailed Insights:

  • Bitcoin-Backed Dollar: MicroStrategy’s Michael Saylor suggested that the US Treasury consider a dollar backed by Bitcoin, emphasizing the cryptocurrency's alignment with American values like privacy and property rights.

  • Response to CBDCs: Saylor’s remarks were a response to US Senator Cynthia Lummis, who opposes central bank digital currencies (CBDCs). Lummis highlighted Bitcoin’s role in preserving American financial sovereignty and personal financial control.

  • Financial Sovereignty: Both Saylor and Lummis believe Bitcoin can enhance the US financial system, offering a hedge against inflation and increased financial privacy through decentralization.

  • Political Support: The push for Bitcoin is gaining attention in the lead-up to the US elections. Former President Donald Trump has expressed support for the crypto sector and opposes the launch of a CBDC due to privacy concerns.

Related: Michael Saylor Warns German Community About Bitcoin

Bitcoin Traders Warn of Bear Trap as BTC Hits $60.4K High

Bitcoin price hits $60.4K following news of an assassination attempt on Donald Trump, sparking potential bullish momentum.

• Main Points:

  • BTC Price Surge: Bitcoin reaches a 10-day high of $60,423.

  • Market Reaction: Price spike linked to news of an attack on Trump.

  • Bullish Sentiment: Traders anticipate reclaiming key levels.

  • Bear Trap Potential: Possible trap for late sellers below key trendlines.

  • Key Levels: Importance of the 200-day moving average and support levels.

• Detailed Insights:

  • BTC Price Surge: Bitcoin traded above $60,000 on July 14, reaching a high of $60,423 on Bitstamp, its highest value since July 4. This followed news of an assassination attempt on Donald Trump.

  • Market Reaction: The market reacted strongly to the news, with BTC gaining over 5% since the July 12 close. Traders are watching for confirmation of this rally with the weekly close and the start of legacy market trading.

  • Bullish Sentiment: Traders, including Crypto Tony and Rekt Capital, emphasize the importance of reclaiming $60,500 and $60,600 as key support levels to sustain the bullish momentum.

  • Bear Trap Potential: Daan Crypto Trades suggests the possibility of a bear trap, where late sellers might get caught if BTC maintains its strength. Liquidity and volume remain low, leaving uncertainty about the market's direction as stocks reopen.

  • Key Levels: Bitcoin aims to reclaim the 200-day moving average at $59,207. This level, along with the short-term holder realized price and the average purchase price for US spot Bitcoin ETFs, forms crucial support for maintaining a bull market trend.

Related: Bitcoin Traders Hit by 'Extreme Fear’

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results