Crypto Week Ahead: Joe Biden’s Sudden Withdrawal Drives Bitcoin To Above $68,000

Crypto Week Ahead: Over the past seven days, Bitcoin achieved a high of $68,356.58.

Crypto Week Ahead: It seems like the US Presidential election won’t stop influencing the crypto market anytime soon. Last week, Donald Trump’s assassination attempt helped Bitcoin (BTC) see a much-needed rally. This week, President Joe Biden’s sudden withdrawal from the electoral race led to a further rally for BTC as pro-crypto Trump’s chances of winning strengthened further. As this author surmised earlier, it’s best to keep an eye on all the latest developments on the US Presidential election to get a rough understanding of BTC’s movements in the coming days. In case you were wondering, Biden endorsed Vice President Kamala Harris as he withdrew from the US presidential race.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (July 15), the overall crypto market cap stood at $2.29 trillion. BTC price stood at around $62,700. ETH price stood at around $3,300.

A week later, the overall market cap rose to $2.46 trillion.

DeFi's total volume stands at $4.74 billion, at 6.72 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $63.31 billion, at 89.78 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greedl’ with 64 points (out of 100).

BTC dominance, at the time of writing, stood at 54.31 percent.

Over the past seven days, Bitcoin achieved a high of $68,356.58 (on July 22) and a low of $62,498.81 (July 15).

Ethereum, on the other hand, saw a high of $3,558.57 (July 22) and a low of $3,340.69 (July 15).

Crypto Events To Note

US President and Democrat candidate Joe Biden withdrew from the upcoming November election early on Monday. This led to further bolstering of rival Donald Trump’s already growing chances of winning the polls. Owing to Trump’s pro-crypto stance, the news resulted in a rally in Bitcoin prices, taking the price up to $68,000. 

Additionally, Mumbai-headquartered cryptocurrency exchange Wazirx has launched a $23 million bounty program aimed at retrieving assets stolen during a cyberattack on its multisig wallet. In a statement highlighting the role of community engagement, co-founder Nischal Shetty detailed the rewards for those who can track, freeze, and ethically recover the stolen funds.

Shetty emphasised that the breach was not a result of phishing attempts. Instead, it involved multiple compromised hardware wallets and signatories. Liminal, the custody provider for Wazirx, identified the source of the breach as compromised machines within the exchange.

Lastly, while intended to safeguard consumers, existing regulations often complicate operations for cryptocurrency companies, leading to a poorer user experience, according to Ivo Georgiev, co-founder and CEO of Ambire Wallet. 

Georgiev contends that regulatory frameworks, such as the Eurozone’s Markets in Crypto-Assets (MiCA), inadvertently foster an environment where fraudulent and dubious entities can thrive.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Bitcoin started this week trading above the $68,000 level, driven by optimism surrounding Donald Trump's potential election win. If BTC can break above the $70,000 level, we are likely to see it surge towards $73,000 soon. Furthermore, the market could receive an additional boost from the launch of Ethereum ETFs, set to start trading on July 23.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.