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.
Trump and his vice-presidential pick, J.D. Vance, are both crypto-friendly
“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.
Besides, Donald Trump's vice-presidential pick, JD Vance, is also a "strong" supporter of cryptocurrency.
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.
Moreover, good news spurred the second-largest market-cap cryptocurrency, Ethereum, to rise 8.5% on Monday.
Spot Ethereum ETFs are likely to launch on July 23
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.
Furthermore, Crypto stocks such as $Coinbase (COIN.US)$ and $MicroStrategy (MSTR.US)$ are soaring, MicroStrategy climbed 15% on Monday, while shares of Coinbase jumped 12% to $242.85. Bitcoin miner $Riot Platforms (RIOT.US)$ surged 17%, whereas rival $MARA Holdings (MARA.US)$ soared 18.34%.
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.
The likelihood of Trump winning the election has significantly increased, and a victory could positively impact cryptocurrencies. For more information on digital currency market trends and fundamentals, check the Digital Currency Concept sector, which includes blockchain technology, cryptocurrency mining, exchanges, digital wallets, and payment solutions. Give it a spin>
Source: Reuters, Financial Times, Business Insider, Benzinga
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Buy Out Wallstreet : Trump should be in Jail. JD Vance should be the leader on the ticket.
74858182 : CAN someone please
74858182 : I will like to trade with you guys
Skulltrader : who was the doctor who tented to Trumps I juries anyone know?
Buy Out Wallstreet 151391620willo168 : lol I should be in jail??? Why though? That's the exact response I would expect from a Trump supporter honestly... Don't answer for the issues just point the finger and deflect it back. We don't have to worship our politicians in America. Just respect them IMO
151391620willo168 Buy Out Wallstreet : not worshipping no-one. there is big difference between a leader for change in better for the country ..rather than a muppet strung along by a puppeteers.
Buy Out Wallstreet 151391620willo168 : Well I'm sorry for insinuating that you worship Trump. but I think the last 4 years have been good for me financially, my house tripled in value, good bipartisan legislation passed and we supported Ukraine in the face of an invasion. I respect your right to vote and whoever you choose to vote for. Butttt Donald Trump has 26 sexual misconduct allegations. His known public affairs include a pornstar and a Playboy bunny while he was married to his current wife. Trump was mentioned more than any single person in the Epstein files. More than seven photographs of him hanging out with a known pedophile and trafficker, along with seven signatures in Epstein's flight log. I am not making this up it's fact. He's really not a good guy. There's a reason his wife is never by his side. The people that know him the best hate him the most.
gooood1o Skulltrader : Probably someone at Walter Reed.
Buy Out Wallstreet gooood1o : Why... Are you looking for Trump? lol This guy needs some answers...
Buy Out Wallstreet 74858182 : Buy SMMT
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