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First Mover Americas: Bitcoin Rises Above $62.5K Following Trump Shooting
The latest price moves in crypto markets in context for July 15, 2024.
Updated Jul 15, 2024, 12:09 p.m. Published Jul 15, 2024, 12:09 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Bitcoin rose to over $62,500 following the weekend attack on Donald Trump, which seems to have also boosted the former president's chances of winning a second term in November. Having cemented himself as the pro-crypto candidate compared with President Joe Biden, Trump's election prospects have become a metric for the cryptocurrency market. BTC has rallied over 7% since the failed assassination attempt in Butler, Pennsylvania. At the time of writing, it is priced at $62,476, an increase of 3.95% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), has risen by 3.32%.
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The probability of Donald Trump retaking the White House jumped to an all-time high on Saturday after the shooting at the Pennsylvania rally, according to traders on Polymarket. "Yes" shares in Polymarket's contract on whether Trump will win the presidency climbed 10 cents after the incident to 70 cents, meaning the market now sees a 70% chance he will prevail in November's election. Each share pays out $1 if the prediction comes true, and zero if not. Meme tokens named after Trump also surged after the shooting. MAGA, for example, rose 34% on a 24-hour basis to $8.38, according to CoinGecko data, and the satirical TREMP added 67% to $0.6471. BODEN, a joke asset named after Biden, slipped about 15% over 24 hours to $0.0333115.
Alexey Pertsev, the co-founder and developer behind Tornado Cash, was denied bail by a Dutch court on Friday. Pertsev's lawyers were seeking bail to allow the Russian to prepare for his appeals process, but the court said "that continuing his detention does not obstruct his possibility to prepare his defense,” Keith Cheng, Pertsev's lawyer said according to the report. Pertsev was found guilty of money laundering by a Dutch judge at the s-Hertogenbosch court in May and handed 64 months prison time by the court. The verdict sent shock waves within the community leaving several outraged. The case has been described as the most pivotal legal case in crypto.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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