Bitcoin experienced a significant surge this week, rising over 14% following the failed assassination attempt on Donald Trump.
A Week of Major Gains
The cryptocurrency market saw impressive growth this week, with its total value increasing by more than $250 billion, bringing it above $2.5 trillion. Notable gains were observed across various digital assets, but Bitcoin’s performance was particularly remarkable.
The Impact of Trump
The market rally was spurred by the attempt on Trump’s life, an event many consider a dark chapter in American history. This incident appears to have strengthened Trump’s prospects of becoming the next US President. Trump’s recent supportive comments about the cryptocurrency industry and his upcoming appearance at the Bitcoin conference in Nashville have boosted investor confidence, suggesting his potential presidency could benefit the market.
Bitcoin’s Climb
Bitcoin is currently trying to surpass the significant resistance level at $66K, marking a 14% rise from last week. Earlier in the week, attempts to break this level were unsuccessful as bearish forces pushed the price down to $63K. However, buyers have regained momentum, and Bitcoin is now aiming for a one-month high.
Ethereum’s Rise
Ethereum has also seen notable gains, increasing by about 12% as it attempts to break through the $3.5K resistance level. This reflects a broader positive sentiment in the cryptocurrency market.
WazirX Hacked
However, not all news was positive. WazirX, India’s leading cryptocurrency exchange, was hacked, resulting in a loss of around $230 million, nearly half of its reserves from last month. This breach has put the exchange’s future in jeopardy.
##Upcoming Ethereum ETFs
Market participants are eagerly looking forward to the launch of spot Ethereum ETFs, scheduled for July 23rd. This event is anticipated to be a significant milestone for Ethereum and could further boost the market.
### Looking Forward
In summary, this week has been filled with significant events for the cryptocurrency market, characterized by substantial gains and some setbacks. The upcoming weeks are expected to be equally dynamic as the market continues to evolve and react to these developments.
