Why BTC plummeted after breaking through $70,000; here's the truth!

Political struggles have greatly affected the trend of the crypto market;

Former President Donald Trump had previously promised that the United States would retain its Bitcoin holdings, considering Bitcoin a strategic asset, which had a positive impact on the market. Bitcoin approached the $70,000 mark on July 29, reaffirming investor confidence. However, the Biden administration's recent $2 billion Bitcoin transfer offset this optimism, causing the price to fall 4% to $66,000.

The timing of the transfer, calling it an unwise move. The conflicting signals sent by the current administration, which could undermine confidence in the industry. These actions have created an uncertain environment for stakeholders and investors, who hope that the government's stance will remain stable.

The different attitudes of Trump and Biden on Bitcoin have also affected public and political sentiment. Polymarket's data even reflects that people are increasingly convinced that Trump may win the 2024 election, which is influenced by his supportive stance on Bitcoin, which is in stark contrast to the Biden administration's recent actions.

The Biden administration's move of $2 billion in Bitcoin has caused a strong reaction in the market and sparked widespread debate among experts and investors. Trump and Biden's very different attitudes towards digital assets highlight the continued impact of politics on the cryptocurrency market. As the situation develops, stakeholders are closely watching for more developments that will inform the future of U.S. cryptocurrency regulation and government holdings.

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