BTC has experienced a rally of over 9% since a recent incident, surging to a high of about $63,790 on Monday. At the same time, mining stocks recorded a gain of approximately 10% during the session on Monday. Many individuals believe that the recent event has immediately boosted the election odds for Trump in November. Trump is widely seen as the pro-crypto candidate, having publicly supported Bitcoin mining in the U.S. Analyst Mike Colonnese, CFA, wrote that the markets rallied post the incident due to these factors.
The overhang on BTC prices has been relieved, with U.S. spot BTC ETFs witnessing over $1 billion in net inflows last week, acquiring more than 18,000 BTC. The movement of 47,228 BTC from a Mt. Gox-associated cold wallet has triggered market reactions. Additionally, the selling pressure from miners continues to impact prices following a recent halving that reduced mining rewards by 50%.
The network hash rate has increased by 2.7% to 598 EH/s, while the network difficulty has remained at 79.5T following a 5% adjustment on July 4.
