Crypto News Today- Bitcoin’s Market Reaction to Biden’s Potential Withdrawal

Crypto News Today- Bitcoin’s Volatility and Market Impact Following Biden’s Potential Withdrawal

Crypto News Today- Bitcoin traded around $64,000, retreating from a recent high of $65,000. The growing speculation of Joe Biden withdrawing from the U.S. presidential race has dampened BTC’s momentum, which had briefly surged to $66,000 earlier in the week. The crypto market sees a second term for Donald Trump as more favorable, hence Biden’s poor campaign performance and the assassination attempt on Trump had initially buoyed BTC. However, the possibility of Biden’s withdrawal has tempered crypto traders’ sentiment, leading to a 0.9% drop in BTC over the last 24 hours. The CoinDesk 20 Index, which tracks the broader crypto market, also fell by 1.9%.

WazirX Hack and Market Repercussions

In India, Bitcoin and Shiba Inu traded at significant discounts on the WazirX crypto exchange following a massive hack by a North Korea-linked hacker. The BTC/INR pair plummeted 22% over the last 24 hours, compared to a 2% drop on other local exchanges. The SHIB/INR pair suffered a 30% loss. WazirX’s native token, WRX, has plunged 40% since the attack. According to blockchain tracker Lookonchain, the hacker converted $230 million worth of stolen assets into ether and other alternative tokens, currently holding over 59,097 ETH valued at $200 million and another $15 million in various tokens.

Global Internet Outage and Crypto Tokens

A global internet outage, reportedly due to a problematic CrowdStrike software update, affected millions of Windows users and businesses from airlines to stock exchanges. Amid this disruption, dozens of crypto tokens themed after CrowdStrike and the infamous Microsoft Blue Screen of Death error were created on Ethereum and Solana. This trend of issuing tokens based on trending news narratives is common among crypto market participants, often resulting in profits for early adopters before the tokens lose all value. Despite the widespread internet issues, no crypto-related companies have reported errors or outages in their services.

Trending crypto chart today

• Range-bound Trading: Bitcoin has been trading within a specific range this week, influenced by continued Mt. Gox supply and declining equities.
• Market Resilience: Firms like QCP Capital view this as a sign that the market is starting to overcome previous concerns.
• Breakout Bets: QCP Capital noted that, while spot prices may remain within the current range in the short term, the market is placing significant bets on a potential breakout as the US elections approach.
• Volatility Trends: Volatility has decreased, bringing BTC back to its familiar range between $61,000 and $71,000.
• Analyst Insight: According to FxPro senior market analyst Alex Kuptsikevich, certain bitcoin indicators suggest the asset is not overbought, and market sentiment is not overly euphoric. This indicates there is room for potential gains in the near term.
• Source: CoinGecko.

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