Affected by the news that Biden withdrew from the 2024 presidential election, Bitcoin reached a peak of $68,470, and Ethereum reached $3,560. Solana also broke through $180, showing a very strong performance.
Altcoins as a whole also saw a rebound, with the strongest performance coming from the MEME coin sector, with both MEW and TURBO rising by more than 20%.
The news worth noting is:
1. Biden announced his withdrawal from the 2024 presidential election and said he would fully support Harris for the presidential nomination.
He said on social media that he had originally planned to seek re-election, but in the best interests of the Democratic Party and the United States, he decided to withdraw from the presidential race and will focus on completing his presidential duties during his term.
After announcing his withdrawal from the race, Biden expressed his full support and endorsement of US Vice President Harris's nomination as the Democratic presidential candidate.
Minutes after Biden announced his withdrawal from the 2024 presidential race, Trump responded in a call with CNN: He is by far the worst president in the history of our country.
Trump also said he thought Vice President Harris would be easier to defeat than Biden.
It can be seen that the US presidential election will become an important driving force for the crypto market in the second half of 2024. With Biden's withdrawal from the election, Trump's election as president is a sure thing.
From July 25 to July 27, Trump will attend the Bitcoin 2024 conference and deliver a speech, which may further boost market sentiment.
In addition, Musk also changed his Twitter profile picture to the laser eye of Bitcoin. The market speculates that he may attend the Bitcoin conference held in Tennessee, USA this week, which is a major positive for the market.
Vivek also tweeted that Trump is considering appointing BlackRock CEO Larry Fink as Treasury Secretary.
If this comes true, the next US administration will be a crypto-friendly one.
2. Ethereum spot ETF will be officially launched for trading on July 23.
There may be relatively large fluctuations in the short term. Early investors will choose ETF products with lower management fees, and there will be certain selling pressure in the market.
But this pressure will be absorbed by multiple ETFs in the market, so it will rise in the long run.
After the Ethereum ETF is officially launched, it will attract more investors and funds into the Ethereum ecosystem, which will drive up the price of Ethereum in the long run.
Projects in the Ethereum ecosystem, such as LDO, SSV, and ENS, may benefit from the increase in ETH prices.
3. Mentougou's gradual repayment of creditors remains one of the sources of market pressure.
Since creditors may sell some of their assets after receiving payments, this process is linear and will bring more volatility to Bitcoin.
This is consistent with Coinbase's report. That is, before the end of the third quarter of 2024, the short-term top of Bitcoin may be $73,000, and the price of Bitcoin will fluctuate within a certain range.
Market conditions may start to recover in late September or early October.
4. Over-the-counter (OTC) transactions have continued to grow recently, which means that large institutions are buying large amounts of Bitcoin.
CryptoQuant’s CEO noted that the number of new wallets with more than 1,000 bitcoins has increased, which means that large Bitcoin investors are continuing to buy Bitcoin.
Weekly inflows now exceed total inflows during the 2021 bull run, suggesting that institutional interest in Bitcoin continues to increase.
5. It should be noted that this week ALT, WLD, YGG and others will have a one-time large-scale token unlocking, with a total release value of over US$100 million.
Among them: ALT will unlock 684 million tokens at 18:00 on July 25, worth about 110 million US dollars, accounting for 42.08% of the circulation
WLD will unlock 5.32 million tokens at 8:00 on July 24, worth approximately US$14.04 million, accounting for 1.88% of the circulation.
YGG will unlock 14.08 million tokens at 22:00 on July 27, worth approximately US$7.51 million, accounting for 3.74% of the circulation.
ENA will unlock 14.89 million tokens at 16:00 on July 28, worth approximately US$7.48 million, accounting for 0.87% of the circulation.
Large-scale unlocking of tokens may affect their short-term price trends.
6. ApeCoin DAO initiated a proposal to open an Ape theme hotel in the center of Bangkok, Thailand.
The purpose is to increase the exposure of ApeCoin and BAYC IP and generate actual income for ApeCoin DAO. The relevant voting will end on August 1st, and the current approval rate is 92.14%.
Overall, the US presidential election has become a direct catalyst for the bull market.
Next, we can pay attention to how much new funds will enter the market after the Ethereum spot ETF is launched.
And Trump’s speech on Bitcoin 2024.
Some media reported that Trump might declare Bitcoin as a strategic reserve asset, just like the United States has a large amount of gold reserves.
This will be more important than institutional adoption because this is a resource that is fought over at the national level.
In terms of operating strategy, 80% of the long-term positions are used to hold coins and wait for appreciation, and 20% of the short-term positions can be used to buy low and sell high based on market sentiment.
