Despite the previous American assassination attempt, Donald Trump, and its relationship to the abnormal rise in the price of Bitcoin, there are various other factors that may have contributed to the doubling of Bitcoin during this week. Regarding some of the factors that could lead to a rise in the price of Bitcoin:
Increased global demand: Bitcoin has seen strong demand from investors and financial institutions in many countries. This increase is due to the increasing recognition of Bitcoin and thus its valuable storage and means of protection from everyone.
Domestic Adoption: Bitcoin is increasingly being adopted by large financial institutions to become global. Some major companies such as Tesla, Square, and MicroStrategy have discovered about significant investments in Bitcoin, which positively contributes to investor confidence and approves the price rise.
Allows laws and regulations: Some countries are adopting laws and regulations that support the use of Bitcoin and enhance its stability for payment and retention of value. For example, the Swiss authorities have diversified financial bodies related to Bitcoin, which increases their interest.
The new all-in-one treatment: New uses for Bitcoin are being explored in areas as diverse as startups and DeFi e-commerce. For some reason, new uses and cosmologies will demand more Bitcoin and push prices higher.
The net cash flow transactions of Bitcoin exchange-traded funds have a strong impact on the price and market value of Bitcoin. Recently, Bitcoin investments in the United States recorded net cash flows estimated at $16 billion within 6 months. This number exceeds the previous unseen future of flows of between $12 billion and $15 billion over 12 months.
Meanwhile, coin whales have also been important, where large amounts of Bitcoin are collected. On July 15, data from CryptoQuant saw whale addresses purchase around 10,800 Bitcoin, roughly $656.64 million.
Factors that fueled the rise of Bitcoin
Regarding Bitcoin trading, its price rose by 1.52% on Wednesday to reach about $64,731.40. The daily trading volume was $38,015,222,100. Amount, the total market value of Bitcoin is approximately $1,276,946,935,539. It should be noted that Bitcoin prices are subject to change quickly and are affected after automation, and it is absolutely recommended to pick up a financial badge before choosing an investment. The digital currency Bitcoin has succeeded in achieving strong gains during this week’s transactions and is close to breaking the $65,000 levels, due to some developments that have enhanced demand for the most famous digital currency in terms of market value.
Factors that strengthened the rise of Bitcoin: The assassination attempt on former US President Donald Trump contributed to the strong rise of Bitcoin, especially since this assassination attempt strengthened Trump’s chances of winning a new presidential term, and given that Trump is one of the most prominent supporters of the digital currency Bitcoin, Bitcoin rose strongly and exceeded The $60,000 levels during trading.
Also, net cash flows to Bitcoin traded funds contributed to enhancing the rise of the most famous digital currency in terms of market value, as Bitcoin traded funds in the United States achieved impressive performance during the last period, and Bitcoin traded funds recorded net cash flows of about $16 billion per year. Within 6 months, while estimates indicated inflows ranging from 12 to 15 billion dollars only within 12 months, these developments strengthened Bitcoin’s strength during trading.
Bitcoin price today: In terms of trading today, Wednesday, the price of Bitcoin rose by 1.52% and recorded about $64,731.40, with a daily trading volume of $38,015,222,100, bringing the capital value of Bitcoin to $1,276,946,935,539, and Bitcoin occupies first place in the ranking of the most popular digital currencies in terms of market value.
A sudden change in US interest expectations
Former President Trump had indicated in a post on the social media platform Truth Social that he would support the Bitcoin currency if he won the upcoming presidential elections, and that he wanted all remaining Bitcoins to be manufactured in the United States, reiterating that this would help the country become dominant in the field of Bitcoin. Energy, and that Bitcoin mining may be the last line of defense against central bank digital currencies. Sudden change in US interest rate forecasts: A cut has become 100% likely and a buying opportunity. Furthermore, Ki Young Joo, CEO of CrytoQuant, shared his insights on X (formerly Twitter) regarding the behavior of Bitcoin holders. Over the past 30 days, wallets that typically do not see any outflows have accumulated around 85,000 BTC. According to Joe, while some market participants are selling out of panic, others are taking advantage of the opportunity to buy as prices fall.
Amid these developments, concerns about “Mt. Gox” have resurfaced. The collapsed exchange recently transferred 91,755 bitcoins (about $5.8 billion) to new addresses, raising concerns among investors. Shortly after, Kraken announced that it would distribute Bitcoin and Bitcoin Cash (BCH) to those affected by the Mt. Gox collapse. Despite these concerns, experts like Gu believe the market has overestimated the potential disruptions caused by Mt.Gox sales. Since 2023, $224 billion worth of Bitcoin has been sold, yet the price has increased by 350%.”
Bitcoin ETF investments in exchange trading saw significant inflows on Tuesday, with investment funds reaching more than $422.5 million – inflows recorded in the last 30 days. The iShares Bitcoin Trust (IBIT) led the collaboration with BlackRock on this $260.2 million complex.
