Connect with us
  • tg

Cryptocurrency

Bitcoin Pushes $66K Following Donald Trump Assassination Attempt, and More: This Week’s Crypto Recap

letizo News

Published

on

It’s been a good week for the cryptocurrency market. Its total capitalization increased by more than $250 billion, currently sitting above $2.5 trillion, thanks to considerable gains across the board.

But what seems to have triggered this recovery is an event that many describe as one of America’s darkest days. Indeed, it was the assassination attempt of US Presidential candidate Donald Trump that fueled the market’s recovery. The reason is pretty simple. Many seem to believe that the events that transpired over the past few days cemented Trump’s chances of becoming the next US President.

He has recently shown great positivity toward the cryptocurrency industry and will even make an appearance at the Bitcoin conference in Nashville later this month. This has given investors optimism that the industry will flourish under Trump’s presidency.

And flourish they did…

Bitcoin’s price is up a whopping 14% compared to this time last week. It is currently pushing to break above the important resistance at $66K. It’s worth noting that it failed to do so earlier in the week when the bears stepped in and pushed the price down toward $63K.

However, buyers were successful in recovering and are now attempting to chart a 1-month high. The same can be said about Ethereum, which is up about 12% and is trying to break above the critical $3.5K level.

But it wasn’t all good. Today, the leading cryptocurrency exchange in India, WazirX, was hacked. The attack stole around $230 million, almost half of its reserves reported last month, meaning that the exchange’s entire future is in jeopardy.

Elsewhere, market participants are eagerly anticipating the launch of spot Ethereum ETFs that is expected to take place next week – on July 23rd.

All in all, a lot happened this week, but it’s also true that we are likely to have an exciting ride in the next few weeks as well!

Market Data

Market Cap: $2.5T | 24H Vol: $88B | BTC Dominance: 51.5%

BTC: $65,318 (+14%) | ETH: $3,441 (+10.4%) | BNB: $578 (+9%)

market_update_cover

This Week’s Crypto Headlines You Better Not Miss

Massive Volatility in Crypto Markets Amid Donald Trump Shooting. There was an unsuccessful assassination attempt on US Presidential candidate Donald Trump. The markets took it as a sign that he would win and rallied in response.

Unpacking the WazirX Hack: What Happened and How Much Crypto Is Lost. The leading Indian cryptocurrency exchange – WazirX, got hacked today. This resulted in more than $230 million being compromised, begging the important question if the trading venue will be able to recover.

Vitalik Buterin Urges Crypto Community to Look Beyond Pro-Crypto Stance in Political Support. The founder of Ethereum, Vitalik Buterin, is calling on the cryptocurrency community to look beyond the mere pro-crypto stance in showing their political support. He emphasized values such as individual freedoms and more.

Here’s When Polygon Will Migrate from MATIC to POL Token. Polygon will go through a mainnet upgrade on the 4th of September this year following the community’s approval of the proposal. This upgrade will mark the transition from the native MATIC token to the one with a ticker POL.

Bitcoin ETFs Records Over $422M in Daily Net Inflow, As BTC Sees 10% Weekly Gains. Earlier this week, Bitcoin exchange-traded funds (ETFs) recorded a whopping $422 million in daily net inflows. Leading the pack was, as almost always, BlackRock’s IBIT ETF.

OKX to Discontinue Services in Nigeria, Here’s What Users Need to Know. The popular cryptocurrency exchange OKX will be discontinuing its services in the country of Nigeria. Users have until August 30th to fully withdraw their assets.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Shiba Inu, and Toncoin – click here for the complete price analysis.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

Analyst: Skip Bitcoin FOMO, Altcoins Offer Better Gains Now

letizo News

Published

on

Bitcoin (BTC) has sent the crypto community into delirium, hitting a new all-time high (ATH) of almost $119,000 after brief stops around $113,000 and $116,000.

However, despite the excitement, prominent analyst CrediBULL Crypto has cautioned traders not to chase the rally blindly, suggesting that the real opportunity lies in altcoins, not Bitcoin.

Why BTC FOMO Could Be Costly

With BTC currently over 650% above its ideal accumulation zone, CrediBULL posted a stark warning on X:

“The big opportunity for gains is on ALTS even if Bitcoin is the one that is ‘leading’ this move.”

He added that anyone buying the asset at this particular point should only do so for an active trade with a clear setup.

“If you can’t identify a trade setup then there is no reason to buy Bitcoin at these levels as there are much better opportunities in alts from a R/R perspective at current levels.”

His comments echoed a broader sentiment emerging from key market voices, including former BitMEX CEO Arthur Hayes and YouTuber Crypto Rover, who likened the current market cycle to November 2024, when a major altcoin rally followed Bitcoin’s price surge.

In a recent tweet, Hayes said he had reversed his previously bearish stance, citing Bitcoin’s strong breakout and the rising dominance of Ethereum (ETH).

“Get ready for a monster alt szn,” he wrote, signaling increased institutional confidence. The crypto entrepreneur also reported that his Maelstrom Fund is ramping up altcoin exposure amid expectations of favorable political and macroeconomic shifts.

Observers have described the flagship cryptocurrency’s latest move as structurally different from past bull cycles. According to CryptoQuant, it isn’t driven by speculative angst, but rather by strategic accumulation and restrained selling activity.

Additionally, metrics like the MVRV ratio, currently 2.2 vs. over 2.7 in previous tops, SOPR, and MPI all hint at a sustainable rally with long-term potential. The drop in exchange balances, down over 21% in four months, also suggests that holders are in no rush to exit their positions.

Altcoins on the Mend

However, even with BTC in price discovery mode, Ethereum and several other altcoins are beginning to outshine it in percentage gains. ETH, for instance, is up by more than 18% in the last seven days, beating Bitcoin’s 8.9% rise in the same period. It has also reclaimed the $3,000 level and is setting its sights on $3,350–$3,500.

Meanwhile, Cardano (ADA) has pumped 23.7% across the week, reclaiming critical support at $0.64 and eyeing a return to $1. Hyperliquid (HYPE) is up nearly 19%, having set a new all-time high at $46.25, and is now targeting the $50 psychological threshold.

Even Solana (SOL) is catching a bid, with prices climbing above $164 and showing potential for a rally beyond $180.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Cryptocurrency

XRP Breaks Free With Double-Digit Gains — Flips USDT in Market Shake-Up

letizo News

Published

on

TL;DR

  • The consolidation phase for many altcoins, including XRP, seems to be over, and Ripple’s native token is on the run again toward $3.
  • On its way up, it managed to surpass USDT in terms of market cap and is now back in the third spot after months of hiatus.
XRPUSD. Source: TradingView
XRPUSD. Source: TradingView

The graph above clearly demonstrates the price stagnation XRP had to endure for the past month or so. Its upper boundary was at around $2.6, while it also tested the lower one at $1.9 during the darkest hours of the war between Israel and Iran.

Nevertheless, each attempt met immediate rejections, and the cryptocurrency was pushed south to a tight range between $2.2 and $2.3. However, there were multiple signs that the consolidation could be coming to an end, and one analyst even warned that most traders will miss the breakout.

Such a price surge indeed started to materialize in the past few days, and especially today. XRP has been among the top performers on a daily scale, having surged by 20% at one point and coming close to $3 on most exchanges.

Although it was stopped there and now sits just under $2.8, it’s still up by over 12% since yesterday. Its market cap has spiked above $160 billion for the first time in months, and XRP has now become the third-largest cryptocurrency, by overtaking Tether’s USDT.

The move north was quickly picked up by the XRP Army, many of whom praised the asset’s performance and provided some bullish (and outrageous) predictions.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Cryptocurrency

Bitcoin Breaks ATH, Hayes Flips Bullish: ‘Maelstrom Is Backing Up the Truck’

letizo News

Published

on

BitMEX co-founder Arthur Hayes has decisively flipped bullish and even announced that Maelstrom Fund is “backing up the truck.” The exec’s comments came as Bitcoin (BTC) broke through its all-time high above $118K on strong volume.

He also revealed that Ethereum (ETH) began to follow with potential outperformance, and markets began pricing in a Trump administration’s readiness to ease trade tensions.

From Bearish to Bullish

This pivot follows Hayes’ prior cautious stance, which was rooted in concerns about a Treasury General Account (TGA) refill draining liquidity.

In his previous essay, Hayes explained that the US Treasury Secretary, whom he calls “The Big Bessent Cock (BBC),” faces an impossible task: funding ballooning deficits without causing a bond market revolt. To manage this, the government is turning to innovative liquidity engineering, including stablecoin adoption by “too big to fail” (TBTF) banks, which could unlock up to $6.8 trillion in T-bill buying power.

Hayes also noted that if the Fed stops paying interest on reserves, it could unleash another $3.3 trillion, bringing the total potential liquidity injection to $10.1 trillion.

He argued this approach was the modern replacement for QE, by maintaining equity markets and crypto afloat despite the Fed’s tightening posture. The exec warned that the TGA refill could briefly interrupt crypto’s bull momentum.

Despite this, Bitcoin’s resilience in busting through resistance while Ethereum appears to be positioning for a “monster alt season.”

“Frontloading Ahead of Trump Tariffs”

Adding to this backdrop, QCP Capital, in its latest analysis, also identified frontloading ahead of potential Trump tariffs as a key macro driver. Manufacturers are accelerating imports and production to preempt implementation, which has led to increased trade and manufacturing credit and improved liquidity conditions.

The firm views the current environment as supportive for continued crypto upside, with steady ETF inflows and strong structural demand boosting momentum.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved