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Bitcoin Briefly Tops $68K as Biden Dropout Riles Up Crypto Bulls
The general possibility of a crypto-friendly government coming into power is bumping sentiment among professional traders, one firm said.
Updated Jul 22, 2024, 3:48 p.m. Published Jul 22, 2024, 7:17 a.m.
- Bitcoin briefly surged above $68,000, driven by positive U.S. election predictions, before settling around $67,500 during early Asian trading hours on Monday.
- The broader crypto market, as represented by the CoinDesk 20 index, saw a 1.25% increase.
- President Biden’s announcement of not running in the upcoming election was seen as potentially favorable for the digital asset industry, regardless of the election outcome, among some traders.
Bitcoin briefly rose above $68,000, before falling to $67,500, at the start of Asian trading hours Monday as bullish sentiment largely rose among traders driven by a favorable U.S. election outlook.
Majors rose higher driven by BTC strength. Ether briefly crossed $3,500, Cardano’s ADA and Solana’s SOL added as much as 5%, while dogecoin jumped more than 8% before paring gains.
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The broad-based CoinDesk 20 (CD20), a liquid index that tracks the largest crypto tokens, minus stablecoins, rose 1.25%.
BTC gains started late Sunday, as incumbent U.S. president Joe Biden said in an X post that he would not contest the upcoming November elections. However, this dropped the odds Republican candidate Donald Trump from Sunday’s 71% to 65% in Asian morning hours Monday on the crypto betting application Polymarket. Meanwhile, odds of sitting Vice President Kamala Harris rose from 16% to 30%.
Read More: Polymarket Trading Explodes as 2024 Election Enters Uncharted Territory
My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best… pic.twitter.com/x8DnvuImJV
— Joe Biden (@JoeBiden) July 21, 2024
“Biden’s withdrawal has opened up a possibility where, regardless of who sits in the White House, the U.S. government embrace a more constructive stance towards the digital asset industry after November,” Singapore-based crypto research firm Presto shared in a Monday note to CoinDesk.
“Whether Harris or any other contenders will pursue such a path remains to be seen, but the optionality that hardly existed before is now there,” Presto added.
Trump’s favorable view of cryptocurrencies has attracted massive support from industry players in the past months. He is slated to appear at the Bitcoin 2024 conference later this week in Nashville, a move that has furthered sentiment among market watchers.
“We would expect the market to rally higher as Trump's key economic policy would be a lower interest rate and cheaper borrowing costs. This would surely boost all risky assets, including BTC,” shared Lucy Hu, senior analyst at Metalpha, in a Telegram message.
“In the mid-long term till the 2025 election, we would expect BTC to continue to rally,” Hu added.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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