Bitcoin, which experienced sharp declines at the beginning of July and dropped to $53,000 on 5 July, rose to $63,000 this morning. The price of the largest cryptocurrency reached up to $63,200 in the USDT pair on the Binance exchange.
Trump’s strengthening benefited Bitcoin
The failure of the assassination attempt on Donald Trump, one of the US presidential candidates, on the night between Saturday and Sunday has further increased Trump’s chances in the presidential race. In the prediction markets, Trump’s probability of winning the election increased up to 70%. Known for his support for cryptocurrencies, Trump, who hosted Bitcoin miners and stock exchange executives at his home and gave photos, was both “victim” and powerful, allowing Bitcoin to rise above $59,000 on Sunday morning.
The largest cryptocurrency continued to rise yesterday evening and rose above $62,000 in the night hours. While the Bitcoin price rose above $63,000 on some exchanges on Monday morning, it returned from $62,999 in the BTC / USDT pair on the Binance exchange with the highest volume.
Will the positive trend continue?
The most important factor for the Bitcoin price to rise is expected to be the Fed’s possible interest rate cuts. The lower-than-expected CPI figures in the US increased the likelihood that the Fed would cut interest rates in September. However, the termination of the German government’s sales, Mt. Gox distributions, unlike the German government, is one of the obstacles preventing the price from falling sharply.
Support from Elon Musk and Bill Ackman
It was learned that Donald Trump will continue his election campaign despite his injury, will continue his rallies and did not cancel his speech at the Bitcoin Conference next week. In other words, Trump will continue his work on the presidential road more strongly.
Trump’s assassination attempt also gained him support from the business world. Bill Ackman, a famous US businessman, tweeted many tweets yesterday, stating that Trump is the best presidential candidate for the USA and officially announced his side.
Elon Musk, who clearly showed this support with his previous tweets, also gave the messages that he was behind Trump with his tweets.
It is also highly anticipated how the US stock markets, which will open today at 4.30 p.m., will react to what happened.