Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

What Biden’s Exit Means for Bitcoin: A $100K Dream?

Daniel Kim Views  

Ruiton AI

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).

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Honda's NSX Returns: A 1,000-Horsepower Electric Rival to Lexus LFR
  • Honda’s S7 Electric SUV: A Major Player in the Race for EV Dominance
  • Lamborghini's First EV: A 2,000-Horsepower Beast Built for Speed and Emotion
  • Ford Revives Classic Design with the 2025 Bronco Heritage Edition
  • ID.EVERY1: Volkswagen's $21K Electric Vehicle Aims to Make Green Driving Accessible
  • Toyota’s bZ3X SUV Surges with 10,000 Pre-Orders: A New Era in EVs

You May Also Like

  • 1
    Snoring May Be Hurting Your Memory More Than You Think

    LIFESTYLE 

  • 2
    Superfoods Gone Wrong: What Not to Overeat

    LIFESTYLE 

  • 3
    Stop Peeling Your Kiwi—Here’s Why You Should Eat the Skin

    LIFESTYLE 

  • 4
    Ovarian Cancer’s Hidden Threat? It’s in the Fluid, Not the Tumor

    LIFESTYLE 

  • 5
    New Study Says Everyday Plastic Could Be Wrecking Your Sleep

    LIFESTYLE 

Popular Now

  • 1
    Why Doctors Call Syphilis the Great Pretender

    LIFESTYLE 

  • 2
    This Tiny Organ Can Cause Big Trouble—Here’s How to Catch It Early

    LIFESTYLE 

  • 3
    Think Smoothies Are Healthy? You Might Want to Rethink That

    LIFESTYLE 

  • 4
    Your Morning Coffee Might Actually Be Helping Your Bones

    LIFESTYLE 

  • 5
    Managing Carbohydrates: What to Know Before You Cut

    LIFESTYLE 

Must-Reads

  • 1
    Snoring May Be Hurting Your Memory More Than You Think

    LIFESTYLE 

  • 2
    Superfoods Gone Wrong: What Not to Overeat

    LIFESTYLE 

  • 3
    Stop Peeling Your Kiwi—Here’s Why You Should Eat the Skin

    LIFESTYLE 

  • 4
    Ovarian Cancer’s Hidden Threat? It’s in the Fluid, Not the Tumor

    LIFESTYLE 

  • 5
    New Study Says Everyday Plastic Could Be Wrecking Your Sleep

    LIFESTYLE 

Popular Now

  • 1
    Why Doctors Call Syphilis the Great Pretender

    LIFESTYLE 

  • 2
    This Tiny Organ Can Cause Big Trouble—Here’s How to Catch It Early

    LIFESTYLE 

  • 3
    Think Smoothies Are Healthy? You Might Want to Rethink That

    LIFESTYLE 

  • 4
    Your Morning Coffee Might Actually Be Helping Your Bones

    LIFESTYLE 

  • 5
    Managing Carbohydrates: What to Know Before You Cut

    LIFESTYLE 

Share it on...