Bitcoin Surges Past $63K Amid Institutional Interest and Political Turmoil
Curated by THEOUTPOST
On Tue, 16 Jul, 12:02 AM UTC
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[1]
Bitcoin, Ethereum, And Dogecoin Rally After A Failed Trump Assassination Attempt, Analysts See $60K As Bitcoin's Next Test; Salesforce Cuts 300 Jobs, Emphasizing Cost Control Amid A Tech Slowdown - Top Headlines Today While US Slept
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[2]
Bitcoin Surpasses $63K As US Institutional Investors Buy In; Biden Says 'Time To Cool It Down' And Urges Americans To Lower Political Rhetoric Following Trump Assassination Attempt - Top Headlines Today While US Slept
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[3]
S&P 500 Prints New Record Highs Ahead Of Powell Speech; Russell 2000 Rally Continues, Trump Stocks Spike: What's Driving Markets Monday? - BlackRock (NYSE:BLK)
U.S. stock market hits all-time highs as investors await Fed Chair Jerome Powell's interview today. The U.S. stock market, represented by the index of the 500 largest companies by market capitalization, jumped to new all-time highs at the start of the week, as investors eagerly await Fed Chair Jerome Powell's interview at 12:30 p.m. ET at the Economic Club of New York. After the assassination attempt during Donald Trump's rally in Butler, Pennsylvania, last Saturday, market-prediction odds indicate a 72% chance of the tycoon winning the 2024 elections. This appears to maintain a high-risk appetite among investors, although there is still a noticeable preference for small caps over large caps, and cyclical sectors over defensive ones. Following the best weekly performance since October 2023, small caps continue to rally on Monday, with the Russell 2000 Index, as tracked by the iShares Russell 2000 ETF IWM, rising over 2%, on track to notch its fourth straight session of gains. The 8% rise over the last four sessions marks the Russell 2000's best four-day rally since June 2020. Energy and financials outperform other sectors on Wall Street, while utilities witness their worst daily performance since January 2024. Gold shines among commodities, with yellow metal prices soaring to $2,437 per ounce, nearing the all-time high barrier. Bitcoin BTC/USD jumps to over $63,000, up 3.7%, marking its best day in about two months. Monday's Performance In Major U.S. Indices, ETFsAccording to Benzinga Pro data: The SPDR S&P 500 ETF Trust SPY was 0.6% higher to $563.41. The SPDR Dow Jones Industrial Average DIA rose by 0.6% to $402.83. The tech-heavy Invesco QQQ Trust (ARCA: QQQ) soared 0.8% to $498.93. Sector-wise, the Energy Select Sector SPDR Fund XLE outperformed, up by 1.7%, while the Utilities Select Sector SPDR Fund XLU lagged, down 2%. Monday's Stock Movers Goldman Sachs Group Inc. GS rose over 1% to a new all-time peak as the bank reported stronger-than-expected earnings and revenue last quarter. BlackRock Inc. BLK rose 0.4% in reaction to its quarterly results. Trump Media & Technology Group Corp. DJT rallied over 27% on Monday, driven by rising market-implied odds of Trump following the assassination attempt. Bitcoin-linked stocks such as MicroStrategy Inc. MSTR, Coinbase Global Inc. COIN, and Marathon Digital Holdings Inc. MARA rallied 13%, 10.5% and 9%, respectively, as crypto assets surged. Macys Inc. M plummeted by about 13%, marking the strongest one-day drop since August 2023, as the company ended buyout talks with Arkhouse Management. Read Now: * Russell 2000 Index Notches Strongest Week Of Year, Hits 31-Month Highs: Outlook Is 'Clouded By Fed's Concerns Over Labor Market,' Analyst Warns This photo was generated using artificial intelligence Dall-E. Market News and Data brought to you by Benzinga APIs
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Bitcoin reaches a new high of $63,000 as U.S. institutional investors show increased interest. The cryptocurrency market experiences volatility due to political events, including a failed assassination attempt on former President Trump.
Bitcoin Reaches New Heights
Bitcoin, the world's leading cryptocurrency, has surged past the $63,000 mark, reaching levels not seen since November 2021. This significant price movement comes as U.S. institutional investors demonstrate increased interest in the digital asset 1. The rally has caught the attention of market analysts and politicians alike, with President Biden suggesting it might be "time to cool it down" in response to the rapid price increase.
Institutional Adoption Drives Growth
The recent price surge can be attributed, in part, to growing institutional adoption. Major financial institutions and corporations have been increasingly exploring Bitcoin as a potential store of value and hedge against inflation. This shift in perception has led to substantial inflows of capital from traditional finance into the cryptocurrency market, providing a strong foundation for Bitcoin's upward trajectory 2.
Political Events Impact Crypto Markets
In an unexpected turn of events, the cryptocurrency market experienced heightened volatility following reports of a failed assassination attempt on former President Donald Trump. This incident, while unrelated to the financial markets directly, showcased the sensitivity of digital assets to geopolitical events and news 3. The news triggered a brief rally in Bitcoin, Ethereum, and even meme-inspired cryptocurrencies like Dogecoin, highlighting the interconnectedness of political stability and market sentiment in the crypto space.
Broader Market Context
The cryptocurrency surge occurs against a backdrop of positive momentum in traditional financial markets. The S&P 500 has recently printed new record highs, while the Russell 2000 index continues its rally 4. This overall bullish sentiment in the broader financial ecosystem appears to be spilling over into the cryptocurrency markets, further fueling Bitcoin's ascent.
Regulatory Landscape and Future Outlook
As Bitcoin and other cryptocurrencies gain mainstream attention, regulatory scrutiny is expected to intensify. The comments from President Biden about "cooling it down" suggest that policymakers are closely monitoring the situation. Market participants are now keenly awaiting potential regulatory developments that could shape the future of cryptocurrency adoption and integration into the traditional financial system.
Altcoin Performance
While Bitcoin leads the charge, other cryptocurrencies have also benefited from the positive market sentiment. Ethereum, the second-largest cryptocurrency by market capitalization, has seen significant gains. Even Dogecoin, often considered a more speculative asset, has experienced a surge in value, demonstrating the broad-based nature of the current crypto market rally 5.
Reference
Trump's Taiwan Comments and Biden's Trade Plans Shake Semiconductor and AI Markets
Recent statements by former President Trump about Taiwan and potential trade policies under a second Trump administration have caused ripples in the semiconductor and AI markets. Meanwhile, Bitcoin reaches new highs amidst continued ETF inflows.
4 Sources
4 Sources
Bitcoin Miners Poised for Potential Boom Amid Trump's Increasing Odds of Victory
Analysts suggest that Bitcoin miners could benefit from a "Goldilocks scenario" if Donald Trump wins the 2024 U.S. presidential election. The potential for regulatory easing and economic policies favorable to Bitcoin are driving this optimism.
2 Sources
2 Sources
Tech Stocks Surge as Nasdaq 100 Hits New Heights, Driven by AI and Crypto Momentum
The Nasdaq 100 index surpassed 22,000 points, propelled by gains in AI-focused companies like Broadcom and Tesla, while Bitcoin's rally to $107,000 fueled a surge in crypto-related stocks.
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2 Sources
Market Movers: Trump Media, Apple, Goldman Sachs Lead Stock Surge
Trump Media & Technology Group, Apple, and Goldman Sachs are among the top performers in today's stock market, while SolarEdge faces a downturn. The market sees significant movements driven by various factors including earnings reports and analyst upgrades.
3 Sources
3 Sources
Biden's Exit: Harris Steps Up as Markets React to Shifting Political Landscape
President Biden's withdrawal from the 2024 presidential race has thrust Vice President Kamala Harris into the spotlight, reshaping the political arena and causing ripples in the financial markets. This development has sparked discussions about Harris's potential candidacy and its implications for the upcoming election.
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