The recovery trend is making last month’s fear seem unfounded. Bitcoin has recovered to its price of $65,132 from a month ago.
Trump nominates Silicon Valley veteran as Vice President
According to the global coin market platform CoinMarketCap, as of 10 a.m. on July 16, the price of Bitcoin is recorded at $64,550.59, up 5.23% from 24 hours ago. It’s the highest in about a month since the 21st of last month. The domestic virtual asset exchange Bithumb is trading at $65,600, up 2.32% from the previous day. It’s the first time Bitcoin has recovered to the 90 million won mark on Bithumb since June 24.
Bitcoin, which had been hovering below $60,000, began to rise after Donald Trump, the confirmed Republican candidate in the U.S. election, was shot during a campaign rally. This increase is due to the growing possibility that Trump, who has maintained a favorable stance towards cryptocurrencies, will win this election.
Trump has also nominated J.D. Vance, a Republican senator, as his running mate. Eleanor Terrett of Fox News reported that they have built a crypto-friendly election partnership. Vance, who comes from a poor working-class family, graduated from Yale Law School and became a successful venture entrepreneur in Silicon Valley.
Ethereum spot ETF trading starts on July 23
Additionally, news that an Ethereum spot exchange-traded fund (ETF) will start trading on the 23rd (local time) contributes to Bitcoin’s rise. According to CoinMarketCap, Ethereum is up 5.57% from the previous day, reaching $3,465.99.
Foreign media reported that the U.S. Securities and Exchange Commission (SEC) had given preliminary approval to at least three asset management companies’ ETFs for Ethereum spot ETF trading on July 23.
Eric Balchunas, an ETF specialist analyst, said, “Unless an unexpected issue arises at the last minute, the Ethereum (ETH) spot ETF is scheduled to launch on July 23,” adding, “The SEC today informed ETH spot ETF issuers to submit the final prospectus (S-1), including management fee information, again by Monday’s market close for the 23rd launch.”
This has led to opinions that the Bitcoin adjustment trend has ended. Cryptocurrency trader Rekt Capital said, “Bitcoin has completed a 25.6% adjustment that lasted for 42 days.” Analysts believe the completion of the Mt. Gox repayment and the German government’s sale of seized Bitcoin were influential factors.
