Bitcoin Trading at $64K Amidst Biden Withdrawal Rumors
Bitcoin (BTC) traded around $64,000 on Thursday, experiencing a slight pullback from its recent high of $65,000. The increasing possibility of Joe Biden withdrawing from the U.S. presidential race has impacted the market sentiment. BTC had previously rallied on Biden's weak campaign performance and the assassination attempt on Donald Trump, as a second Trump term is seen as more favorable for the crypto industry. However, the potential for Biden's withdrawal has tempered this optimism.
Key Points:
- BTC dropped 0.9% in the past 24 hours, while the broader crypto market (CD20) fell 1.9%.
- WazirX, an Indian crypto exchange, suffered a major hack, losing $230 million, primarily in Bitcoin and Shiba Inu. The hacker converted most of the stolen funds into Ether, holding over 59,097 ETH, worth $200 million.
- Dozens of crypto tokens themed around CrowdStrike and the Microsoft "Blue Screen of Death" error emerged on Ethereum and Solana. These tokens often profit early buyers before losing all value.
Market Analysis:
- Despite the recent volatility, analysts believe Bitcoin is still within a healthy range, trading between $61,000 and $71,000.
- While spot Bitcoin prices may fluctuate in the short term, the market is expecting a significant breakout before the U.S. elections.
- Technical indicators suggest that Bitcoin is not overbought, leaving room for further gains in the near future.
This article originally appeared in First Mover, CoinDesk’s daily newsletter. Subscribe to get it in your inbox every day.
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