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

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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.

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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

Bitcoin (BTC) Could Reach $205K in 2025 if Historic Growth Cycle Holds

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Macroeconomic uncertainty gripped markets after US President Donald Trump threatened Iran’s supreme leader, which caused Bitcoin and other cryptocurrencies to drop in response.

Despite this, BTC may be on track for significant gains in 2025 if it follows its long-established yearly performance pattern, according to new analysis of long-term price cycles.

BTC on Track for 120% Gain in 2025?

Data shows that since 2011, Bitcoin has followed a recurring four-year rhythm – three years of upward growth followed by one year of consolidation – mirroring the cryptocurrency’s halving cycle. With 2023 and 2024 already closing as positive years, 2025 would represent the third and typically strongest year in the cycle.

If this historical trend continues, BTC’s price could rise by roughly 120% by the end of 2025, according to the latest analysis by CryptoQuant. Starting from a base of $93,226, that would take the leading cryptocurrency to around $205,097, which could potentially mark the cycle’s peak.

The analysis stated that Bitcoin is now in the final bullish phase of its current cycle, which may have important implications for investor strategy and timing.

The latest prediction stands in contrast to the often short-term focus of on-chain metrics like MVRV ratios, UTXO bands, and SOPR readings, which, while valuable, can miss the broader structural forces shaping price action, CryptoQuant’s analysis explained.

Meanwhile, the long-term view is further supported by Realized Cap data, which continues to print new all-time highs this year, indicating steady market strength.

“Bitcoin adheres to a structural rhythm that repeats with striking consistency: three years of expansion followed by one of compression. This long-term lens helps investors stay grounded during short-term volatility and align better with Bitcoin’s historical performance.”

Strong Institutional Interest in Bitcoin

This long-term optimism is mirrored in institutional behavior, with continued capital inflows into spot Bitcoin ETFs despite the broader market pullback. Data from SoSoValue revealed that these funds recorded $216 million in net inflows on June 17th, which marked seven straight days of inflows.

Interestingly, more than $1.46 billion was added over the last five trading sessions.

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Is Bitcoin Done Falling? Market Metrics Say the Worst May Be Over

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Bitcoin (BTC) has been consolidating over the past few days following a significant correction triggered by geopolitical tensions last week. As the consolidation continues, analysts at the crypto exchange Bitfinex have found reasons to believe that the digital asset may have hit its bottom for this correction.

According to the latest Bitfinex Alpha report, market behavior, historical data, and certain metrics, such as Bitcoin Net Taker Volume, suggest that the correction may not extend further than it already has.

BTC Reacts to Geopolitical Tensions

Last week, BTC started with a strong rebound and recovery from earlier lows. The asset reclaimed key support levels around its previous all-time high (ATH) of $109,900, marking a 4.7% gain from the weekly open. This was supported by a temporary pause in profit-taking activity and improving market sentiment.

However, things took a turn for the worse after tensions in the Middle East increased and Israel attacked Iran. BTC experienced a 7.33% peak-to-trough decline, losing much of its early-week gains amid heightened uncertainty in the markets. The cryptocurrency ended the week at 0.09% despite earlier gains.

“The swift reversal highlights the marketʼs fragility in the face of exogenous shocks, and underscores how quickly sentiment can shift even during strong trend conditions. Heading into this week, all eyes are on the macro newsflow and whether BTC can maintain support above the $103-105K region,” Bitfinex stated.

Is The Bottom In?

While global markets continue to react to the effects of ongoing geopolitical tensions, Bitcoin is experiencing a spike in selling activity. This is evident in the Net Taker Volume, a metric that measures the balance between market buys and sells. The indicator has dropped to -$197 million, its most negative level since June 6, which suggests that traders are offloading BTC at market prices rather than waiting with passive bids.

Such low readings in Net Taker Volume, especially below -$160 million, have coincided with local BTC bottoms. This is because panic selling exhausts weaker market participants, allowing larger players to accumulate the asset.

One more reason for believing that BTC has hit its bottom for this decline is that the magnitude of this plunge closely aligns with the cycle median drawdown of roughly 7%, which is neither extreme nor anomalous. Analysts say this reflects a healthy consolidation phase during an ongoing uptrend rather than the onset of a deeper structural correction and that BTC is likely to recover soon.

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Cryptocurrency

Bitcoin Price Settles at $105K Ahead of US Fed’s Interest Rate Decision Today (Market Watch)

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The volatile bitcoin price moves continued in the past 24 hours due to the quickly developing situation in the Middle East, but the asset seemed to have calmed at around $105,000.

However, more fluctuations are expected today as the US Federal Reserve concludes its fourth FOMC meeting of the year, although most anticipate no changes in interest rates.

BTC Back to $105K

Israel’s rather surprising attack against Iran last Friday morning caused an immediate turmoil in the cryptocurrency market, as bitcoin slumped from $108,400 to under $103,000 within hours. Although both sides continued to exchange missile blows for the next several days, BTC started to recover some ground over the weekend and even went on the offensive at the start of the current business week.

The culmination transpired on Monday evening and Tuesday morning when the bulls drove the primary cryptocurrency to a multi-day peak of roughly $109,000.

However, the asset faced immediate rejection at that point and was pushed south hard once again. After the latest developments on the Middle East front, which include Trump’s threats against Iran, bitcoin plunged beneath $103,500 yesterday.

It has bounced off since then and even tapped $105,600, but that was short-lived, and the asset is back to just under $105,000 now. As mentioned above, volatility is expected to pick up later today as the US Fed will announce its interest rate decision.

For now, BTC’s market cap has dropped below $2.090 trillion on CG, while its dominance over the alts is close to 62%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Red

Most altcoins have registered further losses over the past day. Ethereum is close to breaking below $2,500 after another minor decline, while XRP has dumped to $2.15 following a 3% drop. SOL, HYPE, ADA, LINK, UNI, and PEPE have marked similar losses, while SUI has plunged by over 6%.

The top performers from the largest 100 alts include KAIA (5%), SEI (2%), and NEXO (2%). In contrast, SKY, FARTCOIN, TKX, and VIRTUAL have lost the most value.

The total crypto market cap has declined by another $60 billion in a day and is down to $3.380 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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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.

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