July 22, 2024 – After Biden Withdrawal: Bitcoin Soars to Monthly High
Bitcoin's price has surged past $68,000, reaching its highest level in over a month. Last night, the oldest and most well-known cryptocurrency was briefly traded at nearly $68,500 on the Bitstamp exchange. Following the announcement of Joe Biden's withdrawal as the Democratic candidate for the U.S. presidency, Bitcoin initially fell below $66,000 on Sunday evening before rebounding, according to DPA.
After stepping down as a presidential candidate, Joe Biden endorsed his vice president, Kamala Harris, as the Democratic frontrunner for the White House. Analyst Tony Sycamore from IG Australia believes the market expects Harris to lose to Trump in the presidential election. Sycamore views Trump as a "crypto-friendly U.S. president."
The prospect of a possible Trump presidency appears to be boosting Bitcoin's price. Benjamin Celermajer, who oversees investment at Magnet Capital, told Bloomberg that the market is likely to become more investment-friendly under a Trump administration. This positive expectation is reflected in Bitcoin's price: since the attack on Donald Trump, the cryptocurrency has risen by about 17% and is currently around $67,000. Following President Biden's announcement on Sunday that he would not seek re-election after weeks of criticism, Bitcoin briefly surpassed $68,000, its highest level in a month.
As of the latest update from the analysis portal Coinmarketcap, Bitcoin was priced at $67,082.53 (as of 3:57 PM). Since the beginning of the year, Bitcoin has recorded a price increase of approximately 59%.
