Bitcoin has recovered to the $69,000 mark after being shaken by President Joe Biden’s withdrawal from the presidential race.
Industry insiders have speculated that Bitcoin could surpass $73,000 if former President Donald Trump wins re-election. As of the morning of July 22, Bitcoin was trading around the $69,000 level on Upbit, a domestic cryptocurrency exchange.
Previously, Bitcoin surged to the $69,000 range due to the rising advantages of blockchain technology amid an IT crisis triggered by the American cybersecurity firm CrowdStrike. However, following Biden’s withdrawal announcement, the price dipped to $66,000 but quickly rebounded, recovering to $69,000.
Analysts interpret the influx of buyers as a response to Trump’s strengthened re-election chances due to Biden’s withdrawal. The sharp increase in Bitcoin began right after Biden announced his withdrawal.
Trump’s re-election, as a now pro-cryptocurrency candidate, has been considered the biggest boon for the latter half of the year. In fact, after the first U.S. presidential candidate TV debate on the night of June 27, the probability of Trump’s election increased, and Bitcoin prices rose in tandem.
Nigel Green, CEO of the financial advisory firm deVere Group, predicts it will surpass $100,000 by the end of 2024, marking over a 52% increase from its current price of $60,000. He believes the top digital asset by market cap “could do extremely well” due to factors such as the demand from spot Bitcoin exchange-traded funds (ETFs) and global uncertainty.
Meanwhile, Upbit’s Fear and Greed Index indicated a Greed level today. The Fear and Greed Index, calculated using cryptocurrency prices and trading volume indicators on Upbit, signifies that the index is gradually rising, increasing price volatility and trading volume. The index ranges from 0 (extreme fear) to 100 (extreme optimism).
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