Cryptocurrency Market Overview

Monday, July 22, 2024

Bitcoin traded between $65.8K and $68.5K over the past 24 hours.

Market Capitalization: $2.42 trillion

Dominance Index: 55.38%

Last night, news broke that Biden has withdrawn from the election campaign. This decision was anticipated since winter (before the failed debates and the assassination attempt on Trump), so it was expected. However, let's focus on the market's reaction.

Upon the announcement of Biden's withdrawal, Bitcoin dropped below $66.0K. However, the dip was quickly bought up, followed by a rise to a new local high above $68.4K.

Why did this happen?

The market views Trump's election as a positive outcome. When Biden was Trump's opponent, the election result seemed predetermined. Biden's withdrawal was initially negative for the market as it opened the possibility of a stronger candidate opposing Trump.

However, when it became clear that Kamala Harris would be the new opponent, markets regained optimism, believing she stands little chance against Trump. Any potential fraud would likely only affect the results marginally, with Trump's team prepared to counteract such attempts.

For now, Kamala Harris is the candidate, as confirmed by the Federal Election Commission.

Stock Markets opened positively with S&P 500 futures slightly up, 10-year bond yields falling, and the dollar index marginally decreasing but still above 104.

Major Events of the Week

🔹 Tech Giant Earnings Reports on June 23-24. These are expected to cause significant market movements.

🔹 Labor Market Data on Thursday and Inflation Expectations on Friday.

🔹 Key Date for the Crypto Market: July 23, when ETH-ETF trading begins.

Different scenarios are possible for the ETH-ETF launch. Given the lack of significant growth expectations, it could turn out quite well.

Elon Musk is also expected to speak.

Notably, altcoins are significantly undervalued.

Bitcoin trading within a range with a lower boundary at $66.2K - $65.5K and an upper boundary at $68.5K - $68.7K. An alternative scenario is consolidation above $68.7K.