BTC price climbs over $60k; Crypto whales amass ETH

Bitcoin (BTC) prices go over $60k following a shooting attempt on 2024 White House candidate, Donald Trump. This is because the crypto-based Polymarket prediction tool predicts Trump will win the White House again in November 2024. 

Key Takeaways

• After the attempted shooting of the previous US president, Donald Trump, the BTC price hiked to over $60k as crypto users believed he could win the election.
• Crypto whales start to amass ETH tokens, believing in the future growth of virtual currencies. 

After suffering injuries in the shooting at a rally in Pennsylvania, Trump's odds of winning the November presidential election increased. It increased by almost 10 points, up to 70% on the cryptocurrency betting platform Polymarket.

On the other hand, the odds of President Joe Biden winning the election on the Polymarket is 16%. After pledging to defend people's freedom of owning BTC, Trump has quickly become the favourite candidate of crypto users including those who play Bitcoin casino games at Gamdom.

‘I will make sure that the future of BTC will be made in the U.S. and not driven overseas. I will support the right to self-custody’, Trump said. After earning millions from a series of crypto-based virtual trading card non-fungible tokens (NFTs), Trump has become more involved in crypto. 

This placed him in direct opposition to Biden's anti-crypto stance. In late May 2024, Trump declared his endorsement of crypto and launched the acceptance of campaign donations in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE).

‘The announcement that Trump will be addressing the global BTC community is a recognition of its adoption and progress towards that original vision. This will be the most consequential political event in BTC’s history and a defining cultural moment for our society’, David Bailey, the chief executive of Bitcoin Magazine, said. 

Crypto whales amass ETH

The ETH ecosystem has recently experienced major financial shifts that garnered the attention of crypto market analysts. The significant amassing of tokens by whales and companies is a sign of an upsurge in confidence in the future of virtual assets.

LookOnChain, an emerging web-based tool for on-chain analysis, reported the account under ‘aavebank.eth’ recently withdrew huge amounts of ETH tokens from the Binance site. The account traded 21,027 AAVE tokens equivalent to $1.98 million. 

Along with 446 ETH tokens, which were worth $1.37 million, it provided 205,493 UNI tokens which are around $1.62 million. The account also moved 102,313 LINK tokens worth $1.28 million and 20,797 ENS tokens equivalent to $534,000.

Another account with an address '0x345f', also made big withdrawals from Binance. The tokens in the transaction include 508,001 PENDLE tokens worth $1.89 million, and 1.08 million LDO tokens equivalent to $1.77 million.

LookOnChain stated that the financial transactions carried out by big investors and major crypto holders indicate a higher level of trust and belief in the prospects of these virtual assets. ‘The substantial withdrawals suggest that influential crypto users are actively advocating for an increase in ETH tokens’. 

This buildup implies that investors predict a future rise in both the value and use of these tokens. They believe that the capital increase will boost interest and acceptance of the ETH ecosystem, drawing in new investors and promoting its growth.