A gunshot propelled Bitcoin to soar.
The occurrence of the Trump shooting incident not only caused a huge earthquake in the US political circle, but also caused a major turmoil in the financial market.
Investors are trying to find investment opportunities for the "Trump Trade," which has also reignited interest in the cryptocurrency market. After the shooting incident on Saturday, the price of Bitcoin rose sharply, breaking through the $65,000 mark; the second-largest Ethereum also briefly surpassed $3,500.
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What are the investment opportunities in the Hong Kong and US stock markets?
As the enthusiasm of the cryptocurrency market has been ignited, ETFs and concept stocks related to Bitcoin in the Hong Kong and US stock markets have also erupted.
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Overnight,$Marathon Digital (MARA.US)$rose more than 18%.$Riot Platforms (RIOT.US)$Increased by over 17%.$CleanSpark (CLSK.US)$,$MicroStrategy (MSTR.US)$up over 15%, $TeraWulf (WULF.US)$up nearly 13%, $Coinbase (COIN.US)$Up more than 11%.
![](https://postimg.futunn.com/news-editor-imgs/20240716/public/17211159954561020466331.png)
Hong Kong's cryptocurrency ETFs have also performed well, including $CSOP Bitcoin Futures ETF (03066.HK)$,$Harvest Bitcoin Spot ETF (03439.HK)$,$ChinaAMC Bitcoin ETF (03042.HK)$,$Bosera HashKey Bitcoin ETF (03008.HK)$up over 10% yesterday, $CSOP Ether Futures ETF (03068.HK)$,$Harvest Ether Spot ETF (03179.HK)$,$Bosera HashKey Ether ETF (03009.HK)$,$ChinaAMC Ether ETF (03046.HK)$up over 9%.
Trump and his deputy are both backing cryptocurrencies.
In fact, as a non-traditional safe-haven asset, cryptocurrencies are an important component of the "Trump Trade."
At the beginning of this election campaign, Trump has already shown his support for the crypto industry. He even shouted the slogan of "making cryptocurrencies in America", winning the support of crypto enthusiasts.
In order to consolidate the market's support for him, Trump also plans to give a speech at the Bitcoin conference on July 27th. Currently, it is widely expected that Trump will bring some unexpected surprises to investors in the cryptocurrency industry during the speech. It can be said that the crypto industry, which has been tormented by the strict regulatory policies of the Biden administration, is earnestly hoping for Trump to come back to power.
In addition, on July 15th local time, former US President Trump announced that Ohio federal senator James David Vance will be his running mate, the candidate for Vice President, in the 2024 presidential election.
James David Vance is also known for his support of cryptocurrencies, primarily due to his active social media posts and voting record supporting cryptocurrencies. This move further reflects Trump's stance on supporting cryptocurrencies.
According to relevant information, in the mandatory annual report for the 2022 calendar year submitted by James David Vance in October 2023, as of 2022, he owned between $100,000 to $250,000 worth of Bitcoin tokens, which are held via Coinbase. In addition, he also holds a Bitcoin ETF. $Fidelity Wise Origin Bitcoin Fund (FBTC.US)$.
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In addition, according to Politico, JD Vance recently drafted a bill to reform the way the US regulates digital assets. Insiders say that this bill will be more favorable to the cryptocurrency market than a bill passed by the House in June.
Reportedly, like the House bill, JD Vance's plan will completely reform the way the US SEC and CFTC regulate the cryptocurrency market, which is a major priority for cryptocurrency companies and investors dissatisfied with Washington's current policies.
Seize the opportunity? The Ethereum ETF is reportedly going to be listed in the United States next Tuesday.
In addition to the hot "Trump Trading", there is another bullish news in the cryptocurrency industry.
According to media reports, the US Securities and Exchange Commission (SEC) has issued final guidelines to asset management companies preparing to launch Ethereum exchange-traded funds (ETFs). These companies need to submit final prospectuses by July 16 in order to launch new ETF products on July 23.
Eric Balchunas, an ETF analyst at Bloomberg, wrote on X platform: "It is reported that the SEC has finally replied to the issuers and asked them to return the final S-1 document (including fees) on Wednesday, and then apply for effectiveness after Monday's market close so that it can be issued on July 23 Tuesday."
He also pointed out that interestingly, July 23 happens to be the time of the biggest bitcoin conference of the year, and Trump himself will attend, as cryptocurrencies have become one of the biggest political topics.
![](https://postimg.futunn.com/news-editor-imgs/20240716/public/17211151979689844335113.png)
Market forecasts show that Ethereum ETFs will attract huge capital inflows. Analysts predict that the Ethereum ETF will generate great interest among investors and may attract as much as $10 billion in new inflows within the first few months of its launch. Tom Dunleavy, Managing Partner at MV Global predicts:
We see an inflow of 15 billion US dollars into Bitcoin, and I believe the inflow of funds into Ethereum ETF may be between 5 billion and 10 billion US dollars.
How do you see the future of the cryptocurrency market?
Analysts at Standard Chartered Bank said that the US presidential election is the next key catalyst for Bitcoin prices, and Trump's victory could push it up to $0.15 million.
Grzegorz Drozdz, a market analyst at Conotoxia, said that the cryptocurrency market has not been good in recent months. We are currently in a downturn of capital inflows to this market from the previous boom, which can be measured by the market value of stablecoins, which has been frozen in the past two months.
Due to the increased likelihood of Trump's victory and the decreased likelihood of American riots and instability, Drozdz now sees the possibility of "confidence influx" in the market, which may have a positive impact on cryptocurrencies and Bitcoin in the coming weeks.
In addition, looking at the trend of Bitcoin's performance in the year after the past three halvings, Bitcoin often experiences about four months of volatility after halving before a sharp increase. If this trend continues, we may see Bitcoin start to climb at the end of summer.
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In addition, a new report from Bernstein Research shows that the Bitcoin mining industry is forming a very favorable "Goldilocks Scenario", with analyst Gautam Chhugani saying that the golden age of Bitcoin miners is coming. His report outlines several favorable factors for the mining industry:
1. Investors are increasingly accepting the miner's "up time" argument, seeing it as a vibrant electricity asset and more versatile data center facility.
2. Mining chip technology is constantly innovating in the United States, with Block's latest 3nm mining chip and Core Scientific becoming Block's main customer.
3. Bitcoin miners and AI data center companies have announced several transactions, including partnerships with Core Scientific, Hut 8, and Soluna Holdings.
However, the virtual currency market is highly risky and occasionally experiences volatile fluctuations. Investment needs to be cautious.
Mooers,
Do you bullish on the future development of cryptocurrencies?
Feel free to leave your thoughts in the comments section~
Editor/Somer