It’s been a good week for the cryptocurrency market. Its total capitalization increased by more than $250 billion, currently sitting above $2.5 trillion, thanks to considerable gains across the board.
But what seems to have triggered this recovery is an event that many describe as one of America’s darkest days. Indeed, it was the assassination attempt of US Presidential candidate Donald Trump that fueled the market’s recovery. The reason is pretty simple. Many seem to believe that the events that transpired over the past few days cemented Trump’s chances of becoming the next US President.
He has recently shown great positivity toward the cryptocurrency industry and will even make an appearance at the Bitcoin conference in Nashville later this month. This has given investors optimism that the industry will flourish under Trump’s presidency.
And flourish they did…
Bitcoin’s price is up a whopping 14% compared to this time last week. It is currently pushing to break above the important resistance at $66K. It’s worth noting that it failed to do so earlier in the week when the bears stepped in and pushed the price down toward $63K.
However, buyers were successful in recovering and are now attempting to chart a 1-month high. The same can be said about Ethereum, which is up about 12% and is trying to break above the critical $3.5K level.
But it wasn’t all good. Today, the leading cryptocurrency exchange in India, WazirX, was hacked. The attack stole around $230 million, almost half of its reserves reported last month, meaning that the exchange’s entire future is in jeopardy.
Elsewhere, market participants are eagerly anticipating the launch of spot Ethereum ETFs that is expected to take place next week – on July 23rd.
All in all, a lot happened this week, but it’s also true that we are likely to have an exciting ride in the next few weeks as well!
Market Data
Market Cap: $2.5T | 24H Vol: $88B | BTC Dominance: 51.5%
BTC: $65,318 (+14%) | ETH: $3,441 (+10.4%) | BNB: $578 (+9%)
This Week’s Crypto Headlines You Better Not Miss
Massive Volatility in Crypto Markets Amid Donald Trump Shooting. There was an unsuccessful assassination attempt on US Presidential candidate Donald Trump. The markets took it as a sign that he would win and rallied in response.
Unpacking the WazirX Hack: What Happened and How Much Crypto Is Lost. The leading Indian cryptocurrency exchange – WazirX, got hacked today. This resulted in more than $230 million being compromised, begging the important question if the trading venue will be able to recover.
Vitalik Buterin Urges Crypto Community to Look Beyond Pro-Crypto Stance in Political Support. The founder of Ethereum, Vitalik Buterin, is calling on the cryptocurrency community to look beyond the mere pro-crypto stance in showing their political support. He emphasized values such as individual freedoms and more.
Here’s When Polygon Will Migrate from MATIC to POL Token. Polygon will go through a mainnet upgrade on the 4th of September this year following the community’s approval of the proposal. This upgrade will mark the transition from the native MATIC token to the one with a ticker POL.
Bitcoin ETFs Records Over $422M in Daily Net Inflow, As BTC Sees 10% Weekly Gains. Earlier this week, Bitcoin exchange-traded funds (ETFs) recorded a whopping $422 million in daily net inflows. Leading the pack was, as almost always, BlackRock’s IBIT ETF.
OKX to Discontinue Services in Nigeria, Here’s What Users Need to Know. The popular cryptocurrency exchange OKX will be discontinuing its services in the country of Nigeria. Users have until August 30th to fully withdraw their assets.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Shiba Inu, and Toncoin – click here for the complete price analysis .
