This week has been notably positive for the cryptocurrency market, with total capitalization surging by over $250 billion to surpass $2.5 trillion. These gains have been broad-based, affecting many different coins and tokens.
A significant event that seems to have driven this market rebound was the assassination attempt on US Presidential candidate Donald Trump. This event, described by many as one of the most shocking in recent American history, has paradoxically boosted market sentiment. Many investors believe that the attempt on Trump’s life has increased his chances of winning the presidency, which is seen as a positive development for the cryptocurrency industry due to his supportive stance.
Trump has recently expressed favorable views toward cryptocurrencies and is scheduled to speak at a Bitcoin conference in Nashville later this month. This has bolstered investor optimism about the potential for the industry to thrive under a Trump administration.
Bitcoin and Ethereum on the Rise
Bitcoin’s price has surged by 14% over the past week, currently attempting to break the key resistance level of $66K. Earlier in the week, it faced resistance and dipped to around $63K but has since recovered as buyers pushed the price higher, aiming for a one-month high.
Ethereum has also seen significant gains, rising by approximately 12% as it attempts to surpass the crucial $3.5K mark.
Challenges in the Crypto World
Despite these gains, the week wasn’t entirely positive. The major Indian cryptocurrency exchange WazirX suffered a severe hack, resulting in the loss of around $230 million, nearly half of its reserves as reported last month. This incident has cast doubt on the exchange’s future viability.
Anticipation of Ethereum ETFs
In other news, the market is looking forward to the launch of spot Ethereum ETFs, which are expected to debut on July 23rd. This has added to the overall positive sentiment in the market.
Market Data Snapshot
Market Cap:$2.5T
24H Vol: $88B
BTC Dominance:51.5%
BTC: $65,318 (+14%)
ETH: $3,441 (+10.4%)
BNB:$578 (+9%)
Noteworthy Crypto Headlines This Week
Market Turbulence Amid Trump Shooting
The failed assassination attempt on Donald Trump has injected significant volatility into the crypto markets, with many seeing it as a sign of his potential electoral victory.
WazirX Hack: A Deep Dive
The leading Indian crypto exchange WazirX was hacked, losing over $230 million. This incident raises critical questions about the exchange’s ability to recover and secure user funds.
Vitalik Buterin’s Call to the Crypto Community
Ethereum’s co-founder, Vitalik Buterin, urged the crypto community to support political candidates based on broader values such as individual freedoms, rather than solely on their pro-crypto stance.
Polygon’s Token Transition
Polygon is set to upgrade its mainnet on September 4th, transitioning from the MATIC token to the new POL token, following community approval of the proposal.
Bitcoin ETFs See Massive Inflows
Bitcoin ETFs recorded an impressive $422 million in daily net inflows earlier this week, with BlackRock’s IBIT ETF leading the charge.
OKX Exits Nigerian Market
The popular crypto exchange OKX announced it would cease operations in Nigeria, giving users until August 30th to withdraw their assets.
