Bitcoin Surges to Two-Week High After Trump Campaign Shooting
Market Rebounds After Failed Assassination Attempt on Trump
Short Position Liquidations Reach Over $100 Million
Cryptocurrency Market Cap Sees 4% Daily Gain
Bitcoin, the world’s largest cryptocurrency, surged to a two-week high on Monday morning, hitting a price of $63,218, following a failed assassination attempt on Donald Trump. The sudden price recovery caused a cascade of short liquidations on major centralized cryptocurrency exchanges, with over $100 million in short positions being liquidated.
According to data from Coinglass, nearly 40,000 operators were liquidated, with total settlements amounting to $126.7 million. Bitcoin alone faced liquidations of almost $60 million, with around $50 million corresponding to liquidations of short positions.
The broader cryptocurrency market also saw gains, with Ethereum rising 4.99% to $3,366, and Solarium rising 5.75% to a price of $153. The cryptocurrency market cap rose 4% on the day.
Trump’s Support for Cryptocurrency Industry
The incident is believed to have had a positive impact on the cryptocurrency market, as investors may have seen it as a sign of Trump’s support for the industry. Trump has been a vocal supporter of the local sector of blockchain and cryptocurrencies, and his campaign accepts donations in digital currencies.
Republican-Inspired Tokens Fall
However, Republican-inspired tokens, such as the Trump token, saw significant falls in price immediately after the incident, with some seeing even wider losses.
Market Outlook
Despite the recent correction, analysts agree that the market could head towards a bullish cycle in the second half of the year, as bearish factors are left behind and bullish events take the stage.
WARNING
This article is for informational purposes only and should not be considered as investment advice. Investments in cryptoassets are not regulated in some countries and may not be appropriate for retail investors.
