Cryptocurrency prices on July 22: The total market value of all cryptocurrencies rose to $2.46 trillion.
As Joe Biden announced his withdrawal from the US Presidential election race, Bitcoin (BT) experienced a notable price rally, driven by the increased likelihood of pro-crypto candidate Donald Trump’s victory. The world’s oldest and most valued cryptocurrency briefly surged above $68,000 early Monday before stabilizing around $67,000.
Mixed Altcoin Performance as Bitcoin Rallies Amid Political Developments
This surge in Bitcoin prices comes amid a mixed performance among other popular altcoins. Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) all showed varying degrees of gains and losses. According to CoinMarketCap data, the Market Fear & Greed Index stood at 64, indicating a state of Greed.
Among the altcoins, Avalanche (AVAX) emerged as the biggest gainer, with a 24-hour increase of over 13 percent. In contrast, Arweave (AR) saw the largest loss, with a 24-hour decline of over 5 percent.
As of this writing, the global crypto market cap stands at $2.46 trillion, reflecting a 24-hour increase of 1.01 percent. This growth highlights the dynamic nature of the cryptocurrency market and the impact of political developments on digital asset prices.
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin bounced back to $68,000 as people in the market are hopeful about Donald Trump winning the election. Bitcoin is now aiming for $70,000, showing positive vibes. But, there might be some pushback between $70,000 and $73,000. Bitcoin’s rise has also helped some altcoins recover. Additionally, Ethereum ETFs are set to start trading on July 23, which might boost the market further.”
Bitcoin Jumps During IT Outage and Strong ETF Trading
CoinSwitch Markets Desk noted, “Bitcoin (BTC) hit a one-month high of $66,700 due to a global IT outage caused by a software update from CrowdStrike. This 4% rise in 24 hours also saw strong trading volumes for BlackRock’s spot bitcoin ETF. Solana also did well, increasing 8.5% to over $170. Currently, Bitcoin is priced at $68.09k.”
ETF Inflows and Good Market Conditions Push Bitcoin Higher
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin recently rose to $67,567, its highest in a month, due to big ETF inflows, including BlackRock’s $116.2 million addition, and good economic news like lower US CPI data. Bitcoin is currently trading at $66,762, supported by steady hash rates and more miner holdings. With the ETF now holding over 900,000 BTC worth $60 billion, investor confidence is rising. Key levels are the pivot at $66,284 and resistance at $67,580, $68,000, and $68,424. Support is at $66,000, $65,120, and $64,300. RSI at 63.53 and 50 EMA at $63,899 suggest a bullish outlook if Bitcoin stays above $66,250.”
Crypto Market Sees Positive Growth with Rising Bitcoin Dominance
Shivam Thakral, CEO of BuyUcoin, said, “The crypto market has seen a positive rise, with the global market cap increasing by 0.85% to $2.47 trillion. Bitcoin’s dominance also grew to 54.27%, up 0.09% over the day, showing investor confidence in the leading cryptocurrency. Market reactions were mixed, with Bitcoin and Ethereum steady while Dogecoin rose, possibly due to President Joe Biden’s announcement of his withdrawal from the 2024 presidential race, sparking investor interest.”
Market Stays Positive with Focus on Trump’s Possible Return
The CoinDCX Research Team expressed that, “Over the weekend, the crypto market stayed positive after President Biden announced he won’t seek re-election. This news is seen as good for the crypto space as it increases the chances of Trump’s return, who is seen as more crypto-friendly. Technically, Bitcoin is now aiming for the early $70k level. Despite an open CME gap down at around $58-61k, the focus is on moving towards the higher range. The upcoming Bitcoin conference this weekend is expected to bring more market changes. Key support levels to watch are around $63,200 and $60,300. On the upside, resistance levels are at $72,000 and $73,800.”
