Bitcoin Gets Bullish Momentum, How's the Sentiment This Week?

Previously, the price of Bitcoin managed to touch USD 61,000 or equivalent to IDR 983 million (assuming an exchange rate of IDR 16,115 per US dollar after the shooting incident that sparked speculation that the chances of former pro-crypto US President Donald Trump to win re-election have increased.

Data from Coinmarketcap shows Bitcoin has strengthened 2.9 percent in 24 hours and 8.33 percent in a week. Currently, the price of Bitcoin is at the level of USD 61,131 or equivalent to Rp 985.1 million. This is the highest price of Bitcoin in a week.

As reported by Yahoo Finance, Monday (7/15/2024), several analysts anticipate that sympathy and anger over the incident will likely rally support for the Republican presidential candidate, who said he was “fine” after the incident and was looking forward to attending the Republican National Convention which begins Monday in Milwaukee.

One of the main questions in global markets today is whether Trump's trade will gain momentum, based on the argument that Donald Trump's return to the White House will result in tax cuts, higher tariffs and looser regulations.

Trump has also increasingly embraced the crypto industry in his bid to woo voters. Last week, organizers of a Bitcoin conference set to take place in Nashville, Tennessee on July 27 said he was scheduled to speak at the event.

IG Australia Pty market analyst Tony Sycamore said in a note that Bitcoin was “gaining momentum” after the assassination attempt boosted Trump’s chances of re-election.

Trump also met with Bitcoin miners in June and in a subsequent post on his Truth Social account said Bitcoin mining may be our last line of defense against CBDCs, referring to central bank digital currencies.