- Following Donald Trump’s failed assassination attempt, the crypto market cap increased by 5.33%, with Bitcoin hitting $63K since July 13 (+9.29%).
- There was an increase of 261 wallets holding at least 10 $BTC in July alone, with whales accumulating over 85K $BTC, the fastest recorded rate since April 2023.
- Donald Trump’s speech at the Bitcoin 2024 conference on July 27 could further strengthen the market’s bullish sentiment.
Donald Trump’s failed assassination attempt at a Pennsylvania rally on July 13 fueled the largest Bitcoin 30-day accumulation since April 2023.
Bitcoin is up 12.58% in the last week and 9.29% since July 13, while the global crypto market has increased by 8.45%.
The meme coin market has also benefited, with the market cap pumping by 5.33% in the last 24 hours, while the 24-hour trading volume increased by 17.26%.
Could this mark the end of Bitcoin’s bottoming phase, and are we finally in bullish territory? Multiple analysts, including CryptoQuant, seem to think so.
Let’s discuss how the past few days have influenced crypto and what this could mean for its future.
Whales Accumulate 85K $BTC, the Fastest Yearly Recorded Rate
According to CryptoQuant, whales have accumulated over 85K $BTC in the last 30 days, the fastest rate recorded since April 2013.
#Bitcoin whales are accumulating at their fastest rate since April 2023: CryptoQuant
Dheet hodlers have accumulated 85K #Btc in the last 30 days. pic.twitter.com/UxewR8omHZ— Crypto India (@CryptooIndia) July 10, 2024
Donald Trump’s promise of becoming ‘crypto president’ and his staunch support for the crypto industry have further fueled the bullish market move following his assassination attempt.
Bitcoin is currently $63K, with a market cap of $1.24T (+4.53%) and a $26.32B (+22.98%) trading volume in the last 24 hours.
Ethereum has also followed suit, with a 5.05% daily increase to $3,364 and a 28.63% increase in its 24-hour trading volume.
While the Mt. Gox repayment and Germany’s Bitcoin sale painted a bleak picture for crypto, recent events have tipped the scales in favor of the bulls.
Trump’s scheduled speech at the Bitcoin 2024 conference on July 27 might solidify the bullish prospect, possibly bringing Bitcoin beyond the $71K resistance level.
Analytics Firm Santiment Noticed Significant Increase in Bitcoin Wallets
According to Santiment, there was an increase of 261 wallets with at least 10 $BTC in July, which could be a bullish indicator for traders.
Meanwhile, small traders have been selling their crypto during the recent dip, which gave whales the opportunity to buy cheaper and HODL for larger profits.
This could build up to the post-halving bull run everyone has been waiting for.
We’ve seen several reasonable arguments for a bullish crypto scenario, like the Bitcoin whale accumulation and Trump’s speech at the Bitcoin 2024 conference.
The lack of significant downward action caused by the Mt. Gox repayment should have also strengthened investor confidence, pushing toward a bullish scenario.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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