Share this article
Bitcoin Plunges More Than 10% Since Hitting $70K 72 Hours Ago
The slide in the odds of a Donald Trump victory in November might have bulls rethinking some bets.
Updated Aug 1, 2024, 3:47 p.m. Published Aug 1, 2024, 3:39 p.m.
Bitcoin continued its sharp pullback after a fast start to the week, with the price retreating to a two-week low of of $62,700.
At press time, bitcoin was lower by 5.5% over the past 24 hours, outperforming the broader CoinDesk 20 Index's 6.1% decline. Ether was off 5.8%, Solana 10% and XRP 10%. It was roughly 72 hours ago when bitcoin touched more than a four-month high just above $70K.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Markets received what nominally was good news on Thursday morning, with the U.S. July ISM Manufacturing PMI falling far more than economist expectations, sending interest rates to multi-month lows across the board. Also, U.S. initial jobless claims jumped to their highest level in about one year. Taken together, the data adds to ideas that the U.S. in on the cusp of a monetary easing cycle by the Federal Reserve – usually thought of as bullish for risk assets, bitcoin among them.
Speaking yesterday following the Fed's policy meeting, Chairman Jerome Powell indicated that a rate cut for September is very much on the table should the data continue to show slowing economic growth and inflation.
In other news, the Bank of England Thursday joined the monetary easing campaign begun earlier in 2024 by the Bank of Canada and European Central Bank as it trimmed its benchmark lending rate for the first time in four years.
Bitcoin bulls mull Trump's sliding victory chances
Looking at the bigger picture, bitcoin's pump to $70,000 on Monday followed the excitement of the Bitcoin 2024 conference in Nashville and the pledge of GOP nominee Donald Trump to be supportive of all things Bitcoin and even consider having the government hold the crypto as a strategic asset.
That's all well and good, but bitcoin bulls now need to consider that Trump's victory chances are not what they were two weeks ago when his foe was to be Joe Biden. New Democratic nominee-apparent Kamala Harris' odds of winning the election have steadily risen throughout the week to the current 44%, according to Polymarket. Trump's victory chances have faded to 55% versus 70% just two weeks ago.
Whether a Harris administration would fight Bitcoin and crypto with the same ferocity as that of the Biden administration remains to be seen, but the odds of an industry-friendly new president in 2025 have gone down.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Stellar Edges Higher to $0.251 Despite Altcoin Market Apathy
Trading volume surged 19% above weekly averages as XLM consolidated around critical $0.25 support level.
What to know:
- XLM gained 0.85% to $0.251 while underperforming broader crypto market by 0.45%.
- Trading volume spiked 19.36% above 7-day average, signaling institutional interest.
- Price established volatile consolidation pattern with $0.25 emerging as key support.
Top Stories
