Bitcoin Sees Strong Recovery as Pro-Crypto Donald Trump's Favourability Soars in US Presidential Race

Bitcoin is trading at $62,796 (roughly Rs. 52.4 lakh) after its price rose by 4.82 percent over the past 24 hours.

Written by Radhika Parashar, Edited by David Delima | Updated: 15 July 2024 12:33 IST

Bitcoin Sees Strong Recovery as Pro-Crypto Donald Trump's Favourability Soars in US Presidential Race

Photo Credit: Unsplash/ Kanchanara

The valuation of the crypto market stands at $2.29 trillion as of July 15

Highlights

Shiba Inu, Avalanche saw gains
Polygon, Uniswap recorded profits
Neo Coin saw losses

Bitcoin saw a strong recovery on Monday, after the currency hit a slump in market momentum last week owing to macro-economic conditions that imposed selling pressure on investors. At present, Bitcoin is trading at $62,796 (roughly Rs. 52.4 lakh) after seeing a price rise of 4.82 percent over the last 24 hours. The asset is trading at $66,037 (roughly Rs. 55 lakh) on national exchanges like WazirX, with an increase of four percent since Sunday. Ether joined BTC on the route to recovery. Ether, at the time of writing, is trading at $3,331 (roughly Rs. 2.78 lakh) on international exchanges after seeing a gain of 4.11 percent in the last 24 hours. As per the crypto price tracker by Gadgets360, the value of ETH stands at $3,531 (roughly Rs. 2.95 lakh).

“An assassination attempt on the former US President Donald Trump has significantly influenced market sentiment, as Trump's odds of winning the 2024 election have risen to 70 percent according to various analyses. Trump's pro-crypto stance, emphasising the protection of individual's rights to own cryptoassets, has further fueled positive sentiment within the crypto community,” the CoinSwitch Markets Desk told Gadgets360.

“Ethereum outperformed Bitcoin in weekly gains with a rise above $3,300 (roughly Rs. 2.75 lakh). Market participants are also optimistic about the approval of spot Ether ETFs expected this week, which could boost interest in Ethereum,” Mudrex CEO Edul Patel said.

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The prices of Solana, Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche saw a notable increase on Monday.

Meanwhile, Polkadot, Chainlink, Leo, Polygon, Uniswap, Stellar, and Cronos also rose in value.

In conversation with Gadgets360, Avinash Shekhar, Co-Founder and CEO of Pi42 said, “The selling pressure for Bitcoin from German government is now over. About 50,000 BTC was offloaded in this process. This impacted the prices negatively. There's still a few more scares remaining, especially related to the Mt. Gox reimbursement plan.” Shekhar said, predicting some volatility in the coming days.

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The overall crypto market cap grew by 3.80 percent over the last 24 hours. With this, the valuation of the crypto market has risen to $2.29 trillion (roughly Rs. 1,91,30,394 crore), as per CoinMarketCap.

Cryptocurrencies that have dropped in value over the past 24 hours include Status, Braintrust, Binance Coin, and Tether.

In other developments, Partior, a blockchain payment network backed by JPMorgan, DBS, and Standard Chartered, has secured $60 million (roughly Rs. 500 crore) in Series B funding led by Peak XV Partners. The joint venture aims to establish unified blockchain-based interbank payment rails for instant clearing and settlement. The newly raised capital will be used to enhance Partior's capabilities in intraday foreign-exchange swaps and cross-currency repurchases.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More