Bitcoin keeps rallying two weeks after an assassination attempt on Donald Trump as the former president's pro-crypto stance inspires investor confidence. Bitcoin experienced the biggest daily gain since May 20, rising by as much as 5.2% last week to surpass $63,000 hours after the failed assassination attempt on Trump.
The Republican presidential nominee for the US elections in November was shot in the right ear following sniper gunshots at a Pennsylvania rally on July 12. The event has triggered nationwide and worldwide condemnation of political violence, shaking the US presidential campaign to its roots.
US President Joe Biden has stepped down from contesting for the Presidency, handling out Vice President Kamala Harris as a viable contender for the Democrats in the upcoming election against Trump. However, experts think that the failed assassination attempt could boost Trump's reelection chances.
Various analyses pegged Trump's odds of winning the 2024 US elections at 70%, more than ever since the beginning of the electioneering campaigns. Meanwhile, Trump has repeatedly presented himself as a crypto champion, with his latest public support for the emerging asset springing from a San Francisco fundraiser last month.
BTC price rallied one week after the incident, selling at $67,4200 as of this writing. Notably, Bitcoin isn't the only crypto coin experiencing a bullish ride following the failed assassination attempt. Other major altcoins have significantly followed Bitcoin's footsteps, depicting significant positive influences on general market sentiments.
How Other Major Altcoins Respond
Solana, Ripple, Dogecoin, Toncoin, Tron, and Cardano followed Bitcoin’s positive trajectory surging by up to 6% immediately after the unfortunate incident. The volume of all stablecoins in the market experienced a significant boost to $52.9 billion, about 90.36% of the total traded volumes in the crypto market immediately following the incident.
Bitcoin and other major altcoins defied bearish pressure to maintain an overall positive trend, as the flagship crypto asset thumps the $67,200 critical resistance level while advancing towards the $71,500 level.
A few weeks earlier, Bitcoin recorded large sell-offs from institutional investors, compelling a continuous correction in the asset's market value. Mt Gox, for instance, sees over $3 billion in BTC outflows in over two hours on July 23 to repay creditors. The highlighted transfer moved over 47,500 Bitcoin, extending a series of massive BTC sell-offs totaling $12 billion since July 16.
Arkham Intelligence data shows that the defunct exchange’s holdings now stand at around 42,744 BTC worth $2.85 billion. Meanwhile, financial analyst Jacob King speculates that over 99% of the creditors would sell their coins.
Meanwhile, the governments of Germany and the United States have also reportedly sold off significant portions of their crypto holdings. Last month, the German government sold over 6,000 BTC worth over $350 million it confiscated through its Federal Criminal Police Office. Similarly, the US moved over 3,900 BTC (top of $240 million) within the last few weeks triggering a significant correction in BTC's price.
News from the US presidential electioneering changed the tide as spot Bitcoin ETFs attracted massive inflows surpassing $300 million within one week. The lifetime net inflows into Bitcoin ETFs exceeded $16 billion, with all indicators suggesting a continuous spike in the short-term future.
In a Nutshell
BTC price rallies after Trump survived a failed assassination attempt during a presidential rally. The asset gained over 3%, defying massive whale sell-offs from defunct Mt. Gox exchange, and national governments like Germany and the US. Bitcoin spot ETFs attracted massive inflows in a trend looking poised to continue.