Crypto market rebounds as Trump survives bid on life

Hola folks!

Hope you are enjoying the rebound in the crypto market over the weekend. BTC is back, trading above the $60k mark as the market reacts to the German government finally selling its entire BTC stash. In another positive development, US presidential candidate and 2024 White House hopeful Donald Trump, who is widely seen as pro-crypto, survived an assassination attempt over the weekend.

Donald Trump's chances of winning the presidential polls jumped around 10 points to 70% on the Polymarket platform, which allows users to bet cryptocurrency on the outcome of almost anything. 

The crypto market saw a broad base rally as inventors cheered the increased likeness of having a pro-crypto president in the White House. Let’s dig in further to read some other significant developments during the past week and how the crypto sector reacted. 

After two weeks of crypto markets taking a heavy beating on the supply overhang of MtGox and German government selling, BTC finally found a strong footing and led to a sharp recovery in the broader markets.

Specifically for Bitcoin, the three big triggers were 

• The exhaustion of the relentless selling by the German government 

• The softer-than-expected US inflation numbers 

• The failed assassination attempt on Donald Trump. 

The German government sold more than $3bn worth of BTC in the last few weeks, which was seized from Movie2k, ending a major supply overhang on BTC prices. Then came the inflation cooldown in the US, which has sparked the possibility of Fed interest rate cuts sooner than expected. But the biggest shocker came over the weekend when US Presidential candidate Trump survived a failed attempt at his life during an election rally. The bullet braised his ear, but Trump got back up and showed strong determination to continue his fight. Pollsters are now predicting a strong chance of him winning the election, which bodes well for BTC and crypto, as he has been vocal about his support for the industry. 

BTC was up 10% and trading above the $62k level, erasing a lot of losses accumulated over the past few weeks. Overall, the broader crypto markets also recovered sharply, as altcoins saw a huge surge in prices after several weeks of downward pressure, resulting in the total market cap bouncing back to surge past the $2.4 trillion mark.

Even Ethereum's prices rebounded sharply, up by 15% in the week, and back above the crucial $3.3k level. All the spot ETH ETF applicants have re-filed their S-1 offerings to the SEC and it is expected that trading in ETFs should begin in July.

In the broader altcoin universe, several outperformers traded strongly in the green, driven by specific triggers. 

Ton ecosystem's NOT token also continued to surge as Tap-to-Earn games continued to gain new users. 

Other notable positive performers include Ethereum competitors like SEI (up 25%) on the news of partnering with Particle network for seamless Web3 integration; SUI (up 25%) after publishing their first State of DeFi report; and also NEAR and ICP (both up 25%) on the back of increased AI integration in their roadmaps. 

Celestia's TIA token was also gaining massively in price as one of its DA clients Orderly crossed all-time high trading volumes. 

DeFi Giants like AAVE and MKR too gained steam and surged by 25%, after top crypto analysts posted long-term bullishness and also witnessed continued whale buying. 

Stacks' STX token surged by 40% as the SEC withdrew its case against the token and foundation.

AI Giant BitTensor's TAO had a very volatile week after it slid 15% on the back of an $8mm wallet drain attack, but made a strong comeback later in the week. Technical upgrades too resulted in positive price action for VeChain's VET ( up 30%) and Cardano's ADA (up 20%) which is rolling out the Chang Hard Fork upgrade. DYDX token also surged as its trading volume surpassed Uniswap. 

• BTC $62,734 ⏫ 8.35%

• TIA $6.38 ⏫ 6.95%

• STX $1.88 ⏫ 33.94%

• TAO $287.18 ⏫ 25.06%

(All data here is as of 3.00 p.m., 15 July 2024)

Before we conclude, here’s a quick look at some important news from around the crypto world.

• Bitcoin has rocketed past $60k after former US president and 2024 White House hopeful Donald Trump suffered an injury during an assassination attempt. Read more here. 

• Crypto lending platform MakerDAO, the protocol behind the $5 billion stablecoin DAI, is planning to invest $1 billion of its reserves in tokenized US Treasury products. Top players in the space, including BlackRock’s BUIDL, Superstate, and Ondo Finance, are lining up to apply for the proposal. Read more here. 

That’s it for now. Thanks for sticking around.

See you later, folks! 👋

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