Optimism Dominates Crypto Traders After Biden’s Withdrawal
The digital markets saw a significant surge in Bitcoin prices, reaching their highest levels in over a month following President Joe Biden’s announcement to withdraw from the presidential race. Traders swiftly reacted to the news, stabilizing Bitcoin around $67,600 this morning in New York.
Topic
Trump’s Support for Cryptocurrencies
Trump Prepares for Bitcoin Conference in Nashville
Trump’s Support for Cryptocurrencies
Tony Sycamore, a market analyst at IG Australia, stated that this upward move reflects market expectations that Democrats, led by Kamala Harris, will not be able to defeat Donald Trump, known for his support of cryptocurrencies. Sycamore emphasized that this bolsters optimism for Bitcoin’s future under a Trump administration.
Benjamin Sillermager, co-CEO of investment at Magnet Capital, echoed this sentiment, predicting that the market could become more attractive for investment under Trump’s leadership. He expects cryptocurrencies with real value drivers, such as Maker, Aave, and Lido protocols, to perform well.
Trump Prepares for Bitcoin Conference in Nashville
Trump is set to deliver a speech at a major Bitcoin conference in Nashville on July 27. Following the conference, he will host a fundraising campaign where potential attendees are expected to contribute $844,600 per seat.
Harris’s Unclear Stance
On the other hand, Kamala Harris’s positions on cryptocurrencies remain unclear.
Caroline Bowler, CEO of BTC Markets, mentioned that Harris’s views might be revealed in the coming weeks.
Market Optimism
Social media platforms celebrated the rise in Bitcoin prices, with Elon Musk expressing his enthusiasm on X by using a profile picture with laser eyes. Teong Hng, CEO of Satori Research, predicted that Bitcoin could soon reach its all-time highs again.
Hng noted increased interest in December 2024 options with a strike price of $100,000, indicating growing optimism among institutional investors. Chris Weston, head of research at Pepperstone Group, wrote in a note that the underlying momentum behind recent flows into Bitcoin-backed ETFs suggests a possible attempt for Bitcoin to reach $70,000 soon.
Optimism Dominates Crypto Traders After Biden’s Withdrawal