July 22 2024: Bitcoin’s price saw a slight increase on Monday, stabilizing after a significant rally over the weekend driven by President Joe Biden’s announcement to withdraw from the reelection race, which added uncertainty to the U.S. political outlook.
The world’s largest cryptocurrency rose 0.9% in the past 24 hours, reaching $67,622.5 by 02:00 ET (06:00 GMT). Bitcoin had tested $69,000 over the weekend but pulled back to the current levels by Monday.
Bitcoin Steadies as Biden Endorses VP Harris, Trump Reacts
Bitcoin and the broader crypto markets are now facing heightened uncertainty regarding the 2024 elections after Biden endorsed Vice President Kamala Harris as the Democratic presidential nominee. Although Harris still needs to be officially nominated during the Democratic National Convention in August, several top Democrats have already endorsed her.
Trump, who was polling slightly ahead of both Biden and Harris last week according to CBS data, stated that Harris would be easier to defeat, as reported by CNN. The potential for a Trump presidency has been a major driver of crypto’s recent rally, given Trump’s supportive stance towards the industry in his recent campaigns.
Trump is scheduled to speak at the Bitcoin Conference in Nashville later in July and has emphasized that the future of Bitcoin should be built in the U.S. His campaign also accepts donations in crypto.
However, the expectation that Harris might effectively compete against Trump has tempered some of the optimism surrounding a potential Trump presidency.
Bitcoin traders remain cautious over distributions by the defunct exchange Mt Gox, which mobilized billions of dollars worth of Bitcoin earlier in July.
Crypto Prices Today: Altcoins Steady with Ether ETFs in Focus
Among other cryptocurrencies, major altcoins mostly traded steadily, following Bitcoin’s weekend rally.
Ether, the world’s second-largest cryptocurrency, fell 0.3% to $3,491.74, with attention largely focused on the potential approval of a spot Ether exchange-traded fund (ETF) for U.S. markets. Media reports suggest that a spot ETF could begin trading as soon as this week.
Other altcoins displayed mixed performances. XRP and ADA remained in a flat-to-low range, while SOL surged 3.9%, driven by speculation over a possible SOL ETF.
In the realm of meme tokens, DOGE increased by 6.6%, while SHIB remained flat.
