Failed Assassination on Trump Triggers Massive Crypto Gains
The post Failed Assassination on Trump Triggers Massive Crypto Gains appeared first on Coinpedia Fintech News
An assassination attempt on Donald Trump has become a hot topic not just in the media but also in the crypto world. Following this failed attempt, Bitcoin suddenly broke through resistance and surged past $60k. Additionally, Trump-themed meme coins saw a significant pump. Let’s take a look at the coins that got an unexpected boost.
Bitcoin Broke Resistance
Bitcoin had been falling since it touched $72k on June 7. On June 24, it bounced back from the $59,500 support level but got pushed back down by the $63,000 resistance. Negative sentiment among traders and investors, due to market and non-market reasons, affected not just BTC but altcoins as well. Bitcoin touched $59,900 after a long time. As mentioned in our previous article, the $59-60k range became a high resistance zone, and despite multiple attempts, BTC couldn’t break above it.
BTC Technical Analysis
After the failed assassination attempt on Trump, BTC got a boost and broke the $60k resistance, touching $63k. However, it is currently stuck in that zone, which is another old high resistance area. The 20 MA has crossed above the 50 and 100 MA.
Source : TradingView
The Bollinger Bands show a very open zone, indicating high price volatility. This could mean the jump was temporary, and the price might drop back down. The RSI, currently at 76.91, confirms this, indicating BTC is overbought and may need a correction.
Source : TradingView
Fibonacci analysis also highlights high resistance in BTC’s current zone.
Source : TradingView Trump-themed Meme Coins Rally MAGA Meme Coin
Immediately after the failed attack on Trump, the MAGA meme coin, ticker TRUMP, jumped 68.38%, rising from $6.17 to $10.37. It moved up seven ranks on CoinMarketCap to 219th. Currently, MAGA is trading at $8.00.
Source : Dexscreener Super Trump Coin
This meme coin has risen 28.64% in the past seven days and is now trading at $0.01067. Its market cap is now $24.9M. Due to the assassination attempt, this coin saw a 38.87% rise.
Source : Dexscreener Donald Tremp
This meme coin on Solana saw the highest jump, soaring 121.54% to reach $0.85. The number of Tremp holders has increased to 35,000. Currently, it is trading at $0.4447, with a market cap of $44.2M.
Final Thoughts
Even though all these tokens saw a significant jump along with Bitcoin, they all got pulled down. Bitcoin is the only coin still on the rise, showing the power of strong fundamentals. However, this doesn’t mean people can’t make money from meme coins. They are highly volatile, and with careful steps, they can help investors make a lot of money. They just need to perform due diligence.
Bitcoin Markets: Michael Saylor Tells the German Government, ‘You Do Not Sell Your Bitcoin’
Michael Saylor, a renowned Bitcoin maximalist, has commented on the massive Bitcoin sales made by the German Government. According to Arkham Intelligence data, the European nation’s wallet reached zero on Friday afternoon.
Also Read: BTC whales added 71K BTC to their wallets this week
The BTC transfers appear to be linked to the German government’s plan to sell the 50,000 BTC it seized earlier this year from the now-defunct film piracy website Movie2K. Germany seized the BTC, which were estimated to be worth more than $2 billion.
Arkham Intelligence data shows that Germany’s BKA made its last BTC sales and now holds 0.04 BTC, which is worth $244 at current prices. Michael Saylor has weighed on on the sale, saying “Du verkaufst deine Bitcoin nicht.” which translates to “You do not sell your Bitcoin.”
Source: X – Michael Saylor
Earlier this year, Saylor sent a similar message to the global Bitcoin community when the BTC sell-off began, and the price began to fall. According to the @lookonchain analytics account, the German government has disposed of 50,179 BTC worth around $3.3 billion in the last 24 days.
Over the last 24 hours, the German government has transferred about 10,000 BTC worth more than half a billion US dollars to centralized crypto exchanges (CEXs) such as Bitstamp and Coinbase.
Also, the government received back approximately 500 BTC worth $28.6 million. That was subsequently sold because, according to the on-chain data account, German authorities today own zero Bitcoin. All of this cryptocurrency was seized from the pirate Movie2k website in January of this year.
Source: Arkham Intelligence
Last month, Germany started performing a series of staggered BTC transfers to several exchanges. At least one German legislator opposed the intention to sell the confiscated bitcoin.
Despite the German government’s exhaustion of BTC reserves, selling pressure from the $9 billion Mt. Gox payment plan may keep Bitcoin prices low in the next weeks, perpetuating the market’s mood of fear, uncertainty, and doubt.
Also Read: Bitcoin fees drop by 18% in one week
The exchange crashed in 2014 when BTC was still worth hundreds of dollars.
During the increased selling pressure, institutional investors purchased the dip. CoinShares data shows that US exchange-traded funds (ETFs) saw $300 million in inflows during the week of July 8, reversing many weeks of depressed inflows into investment funds.