Ramazan Eles 
The crypto market has experienced a significant uptick today as traders anticipate a potential Trump victory in the upcoming November elections, following a failed assassination attempt on the former president.
The crypto market’s rebound gained momentum over the weekend, with intraday gains fueled by the shocking news of an assassination attempt on former president Donald Trump during his Pennsylvania rally. Trump survived the attempt, which has seemingly bolstered his reelection bid and, in turn, increased demand for cryptocurrencies.
Trump’s Reelection Boosts Crypto Demand
Hours after the incident, the crypto market’s valuation jumped by 2.88%. Bitcoin’s price surged above $60,000 for the first time in ten days. Additionally, MAGA (TRUMP), the largest Donald Trump-themed memecoin, soared by over 30%.
This upward trend suggests that many crypto traders are betting on a Trump victory in November, anticipating that his administration might introduce more favorable crypto regulations compared to the current stringent policies under Joe Biden’s administration. Will Clemente, founder of crypto research firm Reflexivity Research, noted, “Based on Bitcoin’s reaction so far, it looks like markets are going to begin pricing in a full Trump victory.”
Bullish Sentiment in the Crypto Derivatives Market
The open interest (OI) of top-ranking cryptocurrencies has risen in the past 24 hours, especially after the news about Trump. Most of these assets show positive funding rates, indicating that long traders are paying fees to short traders to maintain their bullish positions.
The rise in OI and positive funding rates reflect a strong bullish sentiment among traders. They are willing to pay a premium to keep their long positions open, showcasing their confidence in the market’s upward trajectory.
In the past 24 hours, the crypto market has seen a relatively higher liquidation of short positions compared to long ones. As of July 14, the market witnessed $65.41 million in short liquidations versus $22.93 million in long liquidations.
When a short position is liquidated, the trader must buy back the asset to cover their position, increasing the asset’s demand and driving up its price.
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