Analysts from H.C. Wainwright noted a market uplift driven by increased optimism about Donald Trump’s election prospects, given his pro-crypto stance, especially on Bitcoin (BTC) mining. This sentiment followed a failed event that many believe boosted Trump’s chances in the November election.
This bullish trend coincided with the German government liquidating its remaining 50,000 BTC from the Movie2k case, alleviating selling pressure. U.S. spot BTC ETFs saw over $1 billion in net inflows, acquiring over 18,000 BTC. Additionally, the long-awaited Mt. Gox repayments began, adding to market dynamics.
In the week ending July 7, BTC prices surged 8.7% to $61,015, outperforming broader equity indices. The network hash rate climbed by 2.7% to 598 EH/s. Despite lower transaction fees, higher BTC prices raised hash prices by 5.2% to $0.049/TH/day.
This development highlights the strategic importance of political influence on crypto markets and underscores the resilience and adaptability of the Bitcoin ecosystem.
