July 23 2024: Bitcoin’s price declined on Tuesday as the recent weekend rally lost momentum amid growing uncertainty over the U.S. presidential race. Traders are now keenly awaiting an address by Republican presidential nominee Donald Trump.
Bitcoin Price Drops:
Bitcoin fell by 2.2% in the past 24 hours, reaching $66,419.2 by 01:24 ET (05:24 GMT). The cryptocurrency had peaked at $69,000 over the weekend but started stalling on Monday.
Ether Also Declines:
Ether, the world’s second-largest cryptocurrency, also dropped 2.2%, trading at $3,432.21. Despite the SEC approving six spot Ether ETFs set to begin trading later in the day, the token saw limited positive activity and faced potential selling pressure as major ETF issuers prepared for the launch.
Bitcoin’s Rally Stalls:
The weekend’s rebound for Bitcoin, driven largely by lower trading volumes, ran dry as the new week began. The cryptocurrency still holds some gains over the past week, partly fueled by speculation over a Trump presidency, which is anticipated to create a friendlier regulatory environment for cryptocurrencies.
Trump’s Upcoming Address:
Trump is scheduled to speak at the Bitcoin Conference in Nashville this Saturday. He has maintained a pro-crypto stance during his campaign, and his campaign accepts crypto donations. However, uncertainty about his prospects increased after President Joe Biden announced he would not seek re-election, endorsing Vice President Kamala Harris as the Democratic presidential nominee.
Harris’ Candidacy:
Harris is expected to receive enough support from Democratic delegates to secure the nomination, but she still needs to be officially appointed. According to CBS and HarrisX polling data from last week, Trump was polling ahead of Biden and Harris. The impact of Biden’s withdrawal on future polling remains uncertain, with some analysts suggesting Harris could be a stronger candidate against Trump.
Ether ETF Launch and Altcoin Performance:
The SEC approved six spot Ether ETFs, set to start trading on Tuesday, nearly six months after spot Bitcoin ETFs were approved. While the initial launch of Bitcoin ETFs drove Bitcoin to record highs in March, it has since hovered around the $60,000s, with trading volumes in the ETFs also declining. Ether might face selling pressure as Grayscale, set to convert its Ether trust into a spot ETF, moved $1 billion worth of the token onto exchanges.
Other altcoins mirrored the losses seen in Bitcoin and Ether:
SOL dropped 2.8%
ADA fell 3.3%
XRP rose 1%
Among meme tokens:
SHIB lost 5%
DOGE fell 3.8%
The cryptocurrency market remains volatile amid the ongoing political developments and regulatory changes.
