Bitcoin (BTC) is up 6.5% to $65,170. Over the
past four days, BTC prices have surged by 11.0%, reaching $66,091, the highest
level since June 20.
The catalyst for this rally is the recent
assassination attempt on Donald Trump over the weekend, which has sent his
approval ratings soaring. According to Polymarket, Trump's ratings have climbed
to 71.0%, while Democrat Joe Biden's chances of winning the 2024 Presidential
election stand at just 17.0%.
Adding to the pressure on Democrats, Trump has
officially announced J.D. Vance as his vice-presidential pick. Vance is known
for his critical stance on the U.S. Securities and Exchange Commission’s (SEC)
approach to crypto regulation and his support for pro-crypto legislation. Vance
is also a Bitcoin holder.
Large investors seem to be anticipating this
political shift, increasing their holdings in spot BTC-ETFs last week. The IBIT
ETF from BlackRock and FBTC from Fidelity reported net inflows of $762.9
million, while the Grayscale Bitcoin Trust (GBTC) reported only $86.8 million
in outflows. This week has seen even more investment in the crypto industry,
with GBTC reporting net inflows of $23.0 million for the first time since late
May, bringing overall inflows to $258.4 million.
There was a slight retreat on Tuesday when the
defunct Mt. Gox exchange transferred $2.8 billion in BTC to its former clients,
and the German government reportedly sold off its seized Bitcoins. However,
Bitcoin resumed its rally later that day. Investors are now eagerly awaiting
the SEC’s decision on spot Ethereum-ETFs, expected by July 23.
Donald Trump has confirmed his attendance at
the Bitcoin conference in 2024 in Nashville. Notably, his announcement to
attend the conference came after the assassination attempt, marking a pivotal
moment for the crypto industry. Trump's involvement is expected to be a
significant boost for the industry, suggesting that a Bitcoin post-halving
rally towards $100,000 may have already begun.