Biden Withdraws from the Elections , What’s Next for Bitcoin?
| Date | Time | Currency | Event | Expectation | Previous Data |
|---|---|---|---|---|---|
| July 23, Tuesday | 14:00 | TRY | CBRT Interest Rate Decision | %50 | |
| July 23, Tuesday | ETH | VanEck, Invesco, Fidelity, 21Shares, and Franklin Templeton’s spot Ethereum ETFs to start trading. | |||
| July 24, Wednesday | LTC | Litecoin (LTC) Summit to begin. | |||
| July 25-27 | BTC | Bitcoin 2024 conference and Donald Trump as a speaker. |
IT Outages vs. BTC
-Cryptocurrencies lost value earlier this week along with declines in U.S. stocks. However, Friday’s rally occurred despite the major stock indices continuing their downward trend. Bitcoin surpassed $68,000, reaching a one-month high, while a significant IT outage was affecting the world. The global computer outages, caused by a software update from cybersecurity service provider CrowdStrike, brought airlines, banks, and businesses to a standstill. Some crypto observers highlighted the resilience of public blockchains, which are decentralized systems, compared to centralized networks.
Joe Biden Withdraws from Presidential Candidacy
– 81-year-old U.S. President Joe Biden announced via a written statement on his social media account that he will not run for re-election in the November 5, 2024, U.S. presidential election and endorsed Vice President Kamala Harris as the Democratic Party candidate. This decision came after pressure within the party, advised by former President Barack Obama and significant senators. Biden’s withdrawal caused significant fluctuations in the cryptocurrency market. In prediction markets, Harris’s chances of winning the candidacy rose to 26%, while Trump remained stable at 63%.
Immediately afterward, Trump made a statement: “He will go down as the worst president in our country’s history by far. Beating Vice President Harris will be easier than beating Biden.”
Donald Trump May Recognize Bitcoin as a Strategic Reserve Asset
-Former U.S. President Donald Trump is expected to make an important announcement at the Bitcoin 2024 Conference. According to industry sources, the former president may declare Bitcoin a strategic reserve asset for the U.S. This rumor is generating great excitement among crypto investors and supporters. Pro-Bitcoin political leaders have long advocated for BTC to be recognized as a strategic reserve asset.
Ethereum ETFs Expected to Trade This Week
-The first spot-based ETH exchange-traded funds (ETFs) in the U.S. are likely to begin trading this Tuesday, as indicated in regulatory filings by Cboe on Friday.
BTC Analysis:
-Evaluating Bitcoin using ITB analyses available on the EgeMoney website, we see that 93% of investors are currently in profit at the current price. The interest of large institutional investors in Bitcoin has increased significantly recently, which may support the upward movement of the price. Whale transaction volumes have also reached $98.46 billion. According to ITB analyses, there are 1 “Bearish,” 3 “Bullish,” and 3 “Neutral” expectations. It is worth closely monitoring Trump’s speech at the Bitcoin Conference this week. This speech could push Bitcoin above $70,000, potentially reaching new ATH levels.
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