BTC was unable to consolidate, and Trump's words detonated the MAGA coin

Original author: BitpushNews Mary Liu

The Crypto Assets market continued to Fluctuation Thursday, with Bitcoin regaining $62, 000 support after midday, alts long pump, with meme zone linked to the U.S. election leading the pump. trend.

Bitcoin rebounded from a daily low of $60, 623 in the early hours of the morning, pumping up 3.4% to hit a daily high of $62, 663 before falling back to the $62, 500 support level. At the time of writing, BTC is trading at $62, 395, a 24-hour pump of 1.15%.

The alts market was pump fall mixed on the day, market capitalization the long of the top 200 Token all recorded pump. Akash Network (AKT), Livepeer (LPT) and Arweave (AR) pumped by 17.4%, 15.3% and 11.9%, respectively. Render (RNDR) and Toncoin (TON) both pumped 11%. FTX Token (FTT) fall the most, down 7% fall, Tellor (TRB) fall 5.4%, and GuildFi (GF) fall 4.2%.

Secure Digital Markets analysts said: “Bitcoin has rebounded from its recent lows this morning and is poised to challenge its previous peak of $65, 000. Overall volume, including spot and derivation markets, fell for the first time in seven months, down 44% to $6.58 trillion. The decline was attributed to heightened geopolitical tensions and reduced investment in US-listed Spot ETF, which cast a shadow over the Crypto Assets market.”

The U.S. labor market continues to cool, with the latest jobless claims coming in at 231, 000, up 22, 000 from the previous week and the highest level since August, pushing the U.S. stock market pump. This suggests that many long see this as a positive sign that one or long rate cuts are still possible in 2024, although long Fed officials have recently reiterated the possibility that Intrerest Rate need to remain high for longer, citing resistance to Inflation.

However, Bert Dohmen of Dohmen Capital Research said that the recent sharp rise in the M2 Money Supply means that the Fed will not be able to achieve the expected rate cuts this year, and investors should start preparing for that possibility.

Dohmen said the Fed is “caught between a rock and a hard place” as they are forced to finance a record deficit in Treasuries while continuing to fight stubbornly high inflation. “The Fed was forced to step on the gas pedal to finance the record deficit of the US Treasury,” he said. “They know it’s going to trigger Inflation, but they don’t have a choice.”

At the close, the S&P, Dow Jones and Nasdaq were all pump, pump 0.51%, 0.85% and 0.27%, respectively. The dollar index falls 0.5% from its daily high to 105.218 at press time as markets improved, while the US 10-year Treasury yield falls 142 basis points from its daily high to 4.457%.

Rebound strongly from memecoin MAGA

Following yesterday’s comments on Crypto Assets by US Republican presidential candidate Donald Trump, the Trump-themed meme coin MAGA (TRUMP) surged 78% on May 9, with its 24-hour volume jumping 620% to $281.8 million and TRUMP market capitalization of $281.8 million, ranking 248th on CoinGecko. As of press time, the Token became the 13th largest meme coin by market capitalization.

Mr. Trump’s presidential campaign does not currently accept encryption donations, but he said he was open to it during an impromptu audience Q&A at a dinner yesterday. When asked, “Can we donate with Crypto Assets?” He replied, “If you can’t do it (with encryption donation), I’ll make sure you can.”

TradingView data shows that MAGA is trading at $6, up 46% in the last 24 hours pump.

Other Token related to U.S. politics also pump on May 9, led by Donal Tremp (TREMP), which recorded a triple-pump Token and pump 136% in the last 24 hours. Independence Token (RFKJ) — the Token dedicated to supporting the presidential election of Robert F. Kennedy Jr. — pumped 24.4% over the same period.

The meme coin achieved a huge rise in 2024, becoming the encryption narrative with the highest returns in the first quarter.

According to anonymous X user Crypto Koryo, CoinMarketCap listed a record 138 ERC-20 MEME coins in April 2024, a 666% rise from 18 in April 2023.

“The number of Memecoin ERC-20 Tokens will rise parabolically in 2024,” the analysts said. Last month, 138 new memecoins were registered on CoinMarketCap, compared to 18 in April 2023."

As of press time, there are more than 2, 230 memecoins on CoinMarketCap with a total market capitalization of more than $52, 325, or 2.15% of the global Crypto Assets market capitalization.

The overall market capitalization of Crypto Assets is currently $2.31 trillion, with Bitcoin dominating 53.3%.

“The next rise may have begun”

Market analyst Rekt Capital said the next rise may have already begun, as “over the past year and a half, a long-term downward trend ending more than -20% correction has often been the key to future price reversals.”

He added that “following last week’s downward candlestick, Bitcoin is still only supporting the range lows,” a fact that suggests that the bottom may have arrived.

Twitter Big V il Capo Of Crypto also believes that Bitcoin could form a solid support base at current levels and could start moving higher soon. “After deviating from the range lows, the price rebounded, touched the resistance level and is now retraced to an interesting supporting zone, which could form the first higher low,” he wrote on Twitter.

“The price is between $59,000 and $61,000 with strong demand and the indicator looks big long bullish, so there could be Rebound and if BTC breaks above the $65,000 resistance level, I will be looking for $68,000 to $69,000 as the first target and $74,000 to $75,000 as the second target,” the analyst said.