Bitcoin surges on 'Trump pump'? 📈

Debate rages over whether Bitcoin's price was due to a 'Trump pump' or wider macro factors.

Author

Stephen Graves
July 15, 2024

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📝 What you need to know

Bitcoin saw its biggest price jump in two months over the weekend, with debate raging among analysts as to the cause.

While some attribute the surge to the aftermath of an assassination attempt on U.S. presidential hopeful Donald Trump—the theory being that it boosts the chances of the pro-crypto candidate in the upcoming election—others point to wider macro conditions.

That line of argument holds that Bitcoin’s tailwind results from the conclusion of Germany’s BTC fire sale, alongside seasonal trends.

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From Our Partner

Decentralized oracle provider API3 has announced the launch of the OEV Network, billed as “the first on-chain solution to recapture oracle extractable value (OEV) for lending protocols.”

Now live and fully integrated with the API3 Oracle Stack, the OEV Network is a layer 2 platform that aims to establish an efficient market for oracle updates.

“Instead of competing in blockspace auctions to get your transaction included first, searchers will compete for the right to perform oracle updates that allow for liquidations, with the proceeds of these auctions being programmatically returned to dapps,” said API3 Strategy Lead Ugur Mersinlioglu, adding that it could enable dapps to recapture “multi-million dollar opportunities.”

💬 Quote of the Day

“We believe price weakness due to the German Government bitcoin sales and a turnaround in sentiment due to lower than expect CPI in the US prompted investors to add to positions.”

James Butterfill, head of research, CoinShares

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