Bitcoin Price Prediction: Surges to $68,500 Amid Biden’s Exit and Trump’s Pro-Crypto Stance
Bitcoin (BTC), the world’s most valuable cryptocurrency, began this week on a bullish note, trading around $67,500 and reaching an intra-day high of $68,418.
The surge is linked to President Joe Biden’s announcement that he will not seek reelection, increasing the chances of pro-crypto candidate Donald Trump winning the election.
This development has positively impacted the Bitcoin price prediction, with the market viewing Trump’s potential return as favorable for the crypto industry.
Bitcoin’s price fell sharply from $67,450 to $65,880 on Sunday after President Joe Biden unexpectedly announced he would not seek reelection in 2024. This news triggered a sell-off among traders, causing a swift decline in major cryptocurrencies, including Ethereum and Solana.
President Biden’s abrupt decision to end his reelection campaign has sent shock waves through the political world. We’re following these extraordinary developments in the United States live from DC @SkyNews #Biden pic.twitter.com/1k7Yw2aEhX
— Yalda Hakim (@SkyYaldaHakim) July 22, 2024
However, the market quickly rebounded when Biden endorsed Vice President Kamala Harris as the Democratic candidate. Bitcoin surged back up to $68,420, while Solana neared $185. This sudden shift resulted in $159 million in liquidations, with Bitcoin alone accounting for $46 million in losses.
Bitcoin surged above $68,000, driven by strong performance from U.S. Bitcoin ETFs, which saw record inflows exceeding $17 billion, boosting investor confidence.
The rally was further bolstered by the conclusion of major sales, such as the German government’s sale of 50,000 BTC, easing market supply pressures.
Additionally, the anticipated launch of Ethereum ETFs and President Biden’s decision not to seek
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