Trump and J.D. Vance Create a Pro-Crypto Presidential Ticket: Can Crypto's Strong Weekly Start Endure?

Bitcoin surged on Monday following an assassination attempt on Donald Trump as traders increased their bets on the former president winning November’s US presidential election.

The price of bitcoin rose more than 10 per cent to $64,763, its highest level in two weeks, after Trump was injured in the ear during an assassination attempt by a gunman at a campaign rally at the weekend. The Republican is seen as the more pro-crypto candidate, having hosted industry executives at Mar-a-Lago and voiced enthusiasm for US-based bitcoin mining.

“The probability of a Donald Trump victory has increased significantly,” said Grzegorz Dróżdż, market analyst at currency company Conotoxia, adding that a Trump presidency would “positively impact” crypto.

The implied odds of Trump winning in November jumped shortly after the shooting, according to live trading on political betting site PredictIt.

Vance, brings his own crypto street cred to the presidential race. Since being elected to the Senate in 2022, he's introduced and voted in favor of pro-crypto legislation, is a holder of the number one digital currency, Bitcoin, and has been a staunch critic of SEC chair Gary Genlser’s regulatory crackdown on digital assets.

The SEC has provisionally approved at least three Ethereum-based exchange-traded funds. The trading for which could begin as early as July 23.

BlackRock, VanEck and Franklin Templeton are among the eight asset managers whose applications are likely to be approved by the SEC next Monday afternoon, July 22, with trading in the products expected to begin the next day, according to Reuters.

Additionally, Bloomberg ETF analyst Eric Balchunas revealed that the SEC got back to applicants, asking them to submit final S-1 documents, including the information on fees, by Wednesday this week. He too anticipated a July 23 launch provided “no unforeseeable last min issues” occur.

Cryptocurrency exchange Gemini anticipates a bright future for Ethereum with the imminent launch of spot ETFs in the United States. Gemini’s research report suggests a surge of investor interest, estimating net inflows of up to $5 billion within the first six months of trading. This influx of capital could push Ethereum's value in U.S.-based spot ETFs to $13-$15 billion by the end of the year.

Source: moomoo

However, analysts from cryptocurrency exchange Bitfinex warning that Bitcoin's encouraging start to the week could evaporate sooner than expected.

The analysts stated that weekend-driven mini-rallies have been common over the past few months, but most fizzle out by mid-week, according to a note shared with Benzinga. "We are therefore watching closely how the start of this week plays out before drawing any firm conclusions about the market's possible future trajectory," the analysts cautioned.

The analysts have also mentioned the risk of Bitcoin sell-offs from Mt. Gox, suggesting that any news related to the event could increase downward pressure.

Source: Reuters, Financial Times, Business Insider, Benzinga