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How Bitcoin Price Surges After Donald Trump Uses Crypto Payment for Dinner

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2 months ago

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The Bitcoin price today is up as Donald Trump made a crypto payment using the flagship crypto while buying food for supporters during a campaign stop in New York. This development again highlights how much the former US President could impact the crypto’s price, with analysts predicting a Bitcoin price surge if Trump wins.

Bitcoin Price Surges Following Donald Trump’s Crypto Payment

Bitcoin is up over 9% since the former US President used the crypto to make a payment at the PubKey bar in New York during a campaign stop. Trump bought almost $1,000 worth of burgers and drinks for the supporters at the bar.

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The moment was historic as Donald Trump became the first president to transact in BTC. As such, this explains why the BTC price has surged following this event. Nate Geraci, the President of the ETF Store, highlighted how “highly noteworthy” this was for the cryptocurrency. He claimed that this shows that Bitcoin now matters.

Earlier this year, Trump declared his support for flagship crypto and other cryptocurrencies. He has gone as far as calling himself the ‘Crypto President.’ His newfound love for crypto is also believed to have led him to launch his DeFi crypto project – World Liberty Financial.

Based on Trump’s pro-crypto stance, experts like Bernstein analysts have projected that the flagship crypto could rise to as high as $90,000 if he wins the November elections. The Bitcoin price today proves that these analysts might have a point, seeing how it has surged since Donald Trump’s crypto payment in New York.

Specifically, Trump’s victory could spark a bullish sentiment towards BTC, just like it did following his payment. A crypto community member, known as ‘Chairman’ on the X platform and with over 800,000 followers, stated that Bitcoin would hit $100,000 if Trump wins. Jake Gagain, a crypto influencer, remarked this was “so bullish.”

Meanwhile, although Trump’s crypto payment could have impacted the Bitcoin price today, it is also worth mentioning the Fed rate cut, which has also provided bullish momentum for the flagship crypto.

Bitcoin’s Fate Rests On The Elections

Economist Alex Krüger stated that Bitcoin’s path is still “heavily dependent” on who wins the US presidential elections. The economist suggested that the Bitcoin price would surge if Donald Trump wins in November. Besides BTC, Krüger also indicated that altcoins will enjoy a parabolic rally if the former US President comes out on top. He advised market participants to max long these coins if Trump is coming up ahead in the counts on Election night.

The latest Polymarket data shows that Donald Trump has a 48% chance of winning the elections while Kamala Harris has a 51% chance. Following his stop at the Bitcoin bar in New York, Trump urged crypto voters to go out and vote. He added that they cannot lose if they vote.

Indeed, the crypto voters will have a say in the upcoming elections. During an event organized by the ‘Stand With Crypto’ non-profit organization, Coinbase’s CEO Brian Armstrong stated that the crypto electorates exist and that they will have a voice in this election.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin Price Reaches $80k, Will BTC Continue To Rally?

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3 hours ago

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November 10, 2024

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Bitcoin price has reached a new all-time high of $80,000, marking a critical milestone in its price journey. This surge in value comes amid heightened trading volume and growing interest from both retail and institutional investors. However, as Bitcoin enters a phase of price discovery, there are mixed views on whether the asset will continue to rise or face a potential correction.

Bitcoin Price Reaches New ATH At $80k

The Bitcoin Fear and Greed Index has reached 78, signaling “Extreme Greed” among market participants. This high reading suggests increased enthusiasm and optimism, which can drive prices up in the short term.

Yet, extreme greed often precedes corrections as traders look to lock in profits, especially when prices reach historical highs. Ki Young Ju, CEO of CryptoQuant, pointed out that with 100% of Bitcoin addresses currently in profit, some investors may soon take advantage of the opportunity to sell.

“Bitcoin just entered the price discovery phase. We often see a correction when prices hit these levels,” Ju noted in a social media post, referring to previous instances when large investors opted to sell at peak prices, leading to pullbacks. With Bitcoin nearing $80,000, Ju and others expect a potential “wave-4 correction” before further upward movement.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC, US Elections, & Ripple’s XRP Spark Buzz

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9 hours ago

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November 10, 2024

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The dynamic realm of crypto closes yet another week, primarily with attention-nabbing developments unfolding across the broader sector. Bitcoin (BTC) price saw a considerable pump post-U.S. elections, whereas the broader market mirrored immense bullishness in light of Donald Trump’s win as the 47th president. Simultaneously, Ripple’s XRP stole the spotlight this week, witnessing remarkable developments.

So, here’s a brief overview of some of the top market headlines reported by CoinGape Media over the past week.

BTC & Crypto Market Mirrors Bullishness Post-US Elections

Notably, this week saw Republican Donald Trump winning the U.S. presidential elections 2024, proving highly bullish for the broader cryptocurrency market. CoinGape Media reported that BTC scaled a new ATH this week in light of the Republican’s recent win. Moreover, with the American elections concluding, a total of 242 pro-crypto candidates were elected to the U.S. House of Representatives. Also, 14 pro-cryptocurrency candidates were elected to the Senate. Overall, the latest U.S. presidential elections saw a substantial influence due to policies and standings on digital assets, ultimately proving bullish for the broader industry.

Meanwhile, market speculations that the U.S. SEC will drop a majority of the digital asset lawsuits persist in light of the pro-cryptocurrency candidate’s victory. Further, even speculations of SEC chair Gary Gensler’s resignation under Trump’s presidency persisted across the market this week.

In the interim, Dogecoin caught the eyes of market watchers globally, primarily in the wake of Elon Musk’s D.O.G.E. role under Trump’s cabinet. The meme coin soared nearly 50% over the past week, cementing investor optimism on the asset’s price movement.

Simultaneously, it’s noteworthy that new BTC wallets embarked upon an accumulation spree this week, bagging nearly $145 million worth of coins. Also, the U.S. Fed announced slashing the interest rates by 0.25 bps, adding to the optimism surrounding risk assets this week. In turn, BTC price soared to hit a new ATH this week at $77,507. Weekly gains for the flagship crypto totaled 13% amid the U.S. election buzz.

Ripple’s XRP Garners Attention

Meanwhile, Ripple’s XRP sparked significant market discussions this week, seeing notable developments in light of Trump’s win with a pro-crypto stance. Ripple CEO Brad Garlinghouse reflects immense optimism for the cryptocurrency industry in the wake of the Republican’s win.

Further, the odds of an XRP ETF gained substantial weight this week in light of Trump’s pro-cryptocurrency administration. Also, Ripple recently hinted at plans to launch a Dirham-backed stablecoin in the UAE. In addition, XRP price witnessed a 14% upsurge over the past week, reaching the $0.57 level.

Overall, the abovementioned developments set off waves of discussions across the digital asset industry this week.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US CPI, Fed Powell Speech Among 5 Key Crypto Events To Watch This Week

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11 hours ago

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November 10, 2024

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The crypto market eagerly awaits the US CPI inflation data this week, which is likely to decide the future path of the Federal Reserve’s monetary policy plans. Besides, a flurry of other key events, including Fed Chair Jerome Powell’s speech is also scheduled later this week. Notably, this comes a week after the US FOMC decided to cut interest rates for the second time this year.

US CPI, Fed Chair Powell Speech, And Other Events To Watch This Week

The US CPI is one of the most awaited events for this week, as it would shed light on the inflationary pressure on the nation. Besides, speculations also soared as the US Fed announced a 25 bps rate cut at last week’s FOMC, with many expecting a similar cut in December. According to CME FedWatch Tool data, there is about a 65% probability of the Fed announcing another quarter-basis rate cut next month.

In addition, the US PPI inflation data is also scheduled for next week, which would further provide cues on the country’s economic health. However, it’s worth noting that this set of inflation figures is likely to set the path for future Fed rate cuts despite the market anticipation over a 25 bps point cut again in December.

The recent Jerome Powell speech from last week was closely watched by the investors. Following last week’s US FOMC, the Fed Chair said that the central bank’s monetary stimulus remains restrictive while saying that the bank should maintain “an appropriate recalibration” of its policy plans.

Having said that, the market will closely watch this week’s speech of Fed President Jerome Powell. If Powell indicates any future hawkish move in this week’s speech, scheduled for November 14, it could significantly impact the market sentiment.

Monthly US Federal Budget And Fed Officials Speeches In Focus

Apart from the above-mentioned developments, the market will also keep a close track of other Fed official’s comments for clarity on the Central Bank’s future moves. On Tuesday, Fed Governor Christopher Waller, Richmond Fed President Tom Barkin, and Philadelphia President Patrick Harker are scheduled to speak.

Following that, the Dallas Fed President and St. Louis Fed President will speak just after the US CPI inflation release. Their comments will be closely watched by the traders who are seeking clarity on the potential impact of inflation on the central bank’s future decisions.

In addition, the weekly initial jobless claims are expected also scheduled for Thursday, which will shed light on the Labor market health in the US. Having said that, the market will keep a close track of these events, especially after a strong rally in the crypto market last week.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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