$BTC Update - 22 July 2024

Bitcoin (BTC), the world’s most valuable cryptocurrency, began this week on a bullish note, trading around $67,500 and reaching an intra-day high of $68,418.

The surge is linked to President Joe Biden’s announcement that he will not seek reelection, increasing the chances of pro-crypto candidate Donald Trump winning the election.

This development has positively impacted the Bitcoin price prediction, with the market viewing Trump’s potential return as favorable for the crypto industry.

Bitcoin surged above $68,000, driven by strong performance from U.S. Bitcoin ETFs, which saw record inflows exceeding $17 billion, boosting investor confidence.

The rally was further bolstered by the conclusion of major sales, such as the German government’s sale of 50,000 BTC, easing market supply pressures.

Additionally, the anticipated launch of Ethereum ETFs and President Biden’s decision not to seek reelection contributed to the upward momentum.

However, potential repayments from the Mt. Gox exchange could still impact Bitcoin’s price in the short term.

Bitcoin ETFs in the U.S. attracted over $17 billion

German government sale of 50,000 BTC concluded

Mt. Gox repayments might affect short-term prices.

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