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⚡Bitcoin Price Jumps🦘

Croxroad

15 Jul 2024 — 5 min read

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🎯 Crypto Market Reacts

Bitcoin has rocketed higher after former U.S. president and 2024 White House hopeful Donald Trump suffered an injury during an assassination attempt. The bitcoin price has topped $60,000 per bitcoin, up from lows of $53,000 earlier this month, as Trump's chances of retaking the White House in November spiked on the crypto-based Polymarket prediction platform. Trump, who was injured during a shooting at a Pennsylvania rally on Saturday, saw his chances of winning November's presidential election jump around 10 points to 70% on the Polymarket platform that allows users to bet cryptocurrency on the outcome of almost anything. President Joe Biden's Polymarket odds of winning the election are currently at 16%.

Trump has emerged as the preferred candidate for the bitcoin and crypto community, promising to protect people's right to hold bitcoin and being announced as a headline speaker at the Bitcoin 2024 conference later this month. "I will make sure that the future of bitcoin will be made in the U.S. and not driven overseas," Trump said during an event in Washington, D.C. last month. "I will support the right to self-custody." This pro-bitcoin stance has garnered significant attention from the crypto community, which sees Trump's potential presidency as a safeguard for their investments and interests.

In recent months, Trump has leaned into bitcoin and crypto after making millions from a series of crypto-based digital trading card non-fungible tokens (NFTs). This puts him starkly at odds with the Biden administration's anti-crypto stance. Trump declared support for crypto in late May and began accepting campaign donations in bitcoin, ethereum, solana, dogecoin, and shiba inu. This move has further solidified his position as a crypto-friendly candidate, promising a more favourable regulatory environment for digital currencies if he were to be elected.

👀 Bitcoin Hits $60.4K

Bitcoin traded above $60,000 on July 14 as an assassination attempt on United States presidential candidate Donald Trump sparked BTC price volatility. Data from Cointelegraph Markets Pro and TradingView tracked a crypto market surge as news of the attack, which Trump survived, came in. Local highs of $60,423 on Bitstamp marked Bitcoin’s highest value since July 4. Amid uncharacteristically strong performance for a weekend, traders looked to the weekly close and the start of legacy market trading for proof that the rally had legs. “$60,500 reclaim would be awesome to see today for the bulls. Real sign of strength if we get it,” popular trader Crypto Tony argued in a post on X.

Trader and analyst Rekt Capital placed importance on the same area as BTC/USD fought to maintain a post-halving “reaccumulation range” now under threat. “Bitcoin is less than -1.5% away from positioning itself for an all-important reclaim of $60,600 as support,” he wrote overnight. “Bitcoin has 24 hours to do so to protect the ReAccumulation Range.” With price now up 5% versus the July 12 close, a significant “gap” in CME Group Bitcoin futures lay potentially waiting to be filled. For popular trader Daan Crypto Trades, however, there was a chance of a different outcome — a bear trap. “Still a weekend move, but if there’s ever a place to just run away with it and keep a lot of market participants sidelined, I couldn’t think of a much better spot to do so,” part of his latest X content stated.

The latest live data from monitoring resource CoinGlass showed ask liquidity clustering at $60,660 at the time of writing, with support thickening below the $60,000 mark. The move to 10-day highs meanwhile allowed BTC/USD to attempt a reclaim of the key 200-day moving average, at $59,207 as of July 14. This formed one of several “bull market trend lines” lost in recent weeks. As Cointelegraph reported, others include the short-term holder realised price — the aggregate cost basis of Bitcoin market speculators. Around the same level as the 200-day trend line is the average purchase price for investors in the US spot Bitcoin exchange-traded funds. Per data from onchain analytics resource Checkonchain, uploaded to X by its founder Checkmate, this stood at $58,240 on July 10.

👜 Custodial Wallet

A custodial wallet, often provided by exchanges like Coinbase, is managed by a third party that stores users' private keys on their behalf. This arrangement offers convenience and security assurances, including insurance on holdings up to specified limits. However, custodial wallets have faced frequent security breaches over the years, prompting exchanges to implement rigorous security measures. These include storing keys in enterprise-level secure data storage to prevent unauthorised access. Custodial wallets can operate as either hot wallets (connected to the internet for easy access) or cold wallets (offline for enhanced security).

🤣 Crox Road Memes

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