Bitcoin price rises to $68,007 after Joe Biden withdraws from presidential race

Written by Mohamed Ayman

Monday, July 22, 2024 01:00 PM

Bitcoin has emerged as a significant beneficiary in the ongoing political saga in the United States, particularly following President Joe Biden’s withdrawal from the upcoming presidential race against Donald Trump. According to gadgets360, Bitcoin has reached a price of $68,007 on international exchanges, marking the highest valuation for the cryptocurrency in June and July to date.

Ether is currently priced at $3,512 on international exchanges, including CoinMarketCap.

As reported by Gadgets360’s crypto price tracker, other cryptocurrencies such as Tether, Ripple, Polkadot, Bitcoin Cash, Polygon, and Leo have also seen price increases.

Additional coins, including Leo, Cosmos, Zcash, Underdog, and Iota, have recorded minor gains as well.

However, several cryptocurrencies experienced losses on Monday, including Binance Coin, Solana, Dogecoin, Avalanche, Tron, and Shiba Inu.

Chainlink, Litecoin, Uniswap, Cronos, and Bitcoin SV are also showing losses on the price chart.

The overall market capitalization of cryptocurrencies is approximately $2.47 trillion, reflecting a slight increase of 0.91% over the past 24 hours, according to CoinMarketCap.

Written by Mohamed Ayman

Monday, July 22, 2024 01:00 PM

The Surge of Bitcoin and Cryptocurrency Market Trends in 2024

Bitcoin has emerged as a leading player in the cryptocurrency market, surging to an impressive value of $68,007 on international exchanges, marking its peak price for June and July 2024. This rise is attributed to various factors, including the unfolding political drama in the United States, especially following President Joe Biden’s decision to withdraw from the upcoming presidential race against Donald Trump. Such events have significant implications for investor sentiment, often leading to heightened interest in cryptocurrencies as alternative assets.

Current Market Overview

Investor confidence in Bitcoin is reflected in its recent price increase, alongside Ether, trading at $3,512. Other cryptocurrencies such as Tether, Ripple, Polkadot, and Bitcoin Cash have also reported gains, demonstrating a general bullish trend in the market. Here’s a quick overview of where some popular cryptocurrencies currently stand:

Cryptocurrency	Current Price	24-Hour Change
Bitcoin (BTC)	$68,007	+5% (approx.)
Ether (ETH)	$3,512	+3% (approx.)
Tether (USDT)	$1.00	Stable
Ripple (XRP)	$0.75	+4% (approx.)
Polkadot (DOT)	$7.85	+6% (approx.)

Winners and Losers in the Cryptocurrency Market

In the latest trading session, several cryptocurrencies experienced gains while others faced declines. Notably, Leo, Cosmos, Zcash, Underdog, and Iota posted slight gains. In contrast, cryptocurrencies including Binance Coin, Solana, Dogecoin, Avalanche, Tron, and Shiba Inu experienced losses. Below is a quick rundown of the recent performing cryptocurrencies:

Trending Gainers

• Bitcoin (BTC)
• Ripple (XRP)
• Polkadot (DOT)
• Leo
• Cosmos (ATOM)

Trending Losers

• Binance Coin (BNB)
• Solana (SOL)
• Dogecoin (DOGE)
• Shiba Inu (SHIB)
• Litecoin (LTC)

Market Valuation and Future Trends

As of now, the total market capitalization of cryptocurrencies hovers around $2.47 trillion, reflecting a modest increase of 0.91% over the past 24 hours. This fluctuation illustrates the volatile yet dynamic nature of the cryptocurrency market, where news events and investor behavior can dramatically influence pricing.

Understanding Bitcoin’s Popularity in 2024

The ongoing political landscape in the United States is shaping cryptocurrency dynamics. With Biden stepping back from the political arena, investor focus is shifting. Bitcoin, often perceived as a hedge against traditional finance, has gained traction among investors seeking stability amid geopolitical uncertainty. Furthermore, Bitcoin’s status as a limited supply asset continues to draw attention in an inflationary economy.

Benefits of Investing in Cryptocurrency

Investing in cryptocurrencies like Bitcoin has several potential benefits, including:

• Diversification: Cryptocurrencies can diversify an investment portfolio, providing exposure to innovative assets.
• Potential for High Returns: Cryptocurrencies, particularly Bitcoin, have shown significant price appreciation over time.
• Accessibility: Crypto markets operate 24/7, providing more trading opportunities compared to traditional markets.
• Inflation Hedge: With concerns over inflation, cryptocurrencies are increasingly seen as a store of value.

Practical Tips for Navigating the Crypto Market

For those looking to enter the cryptocurrency space, here are some practical tips:

Research and Understand

Take time to research various cryptocurrencies, understanding their use cases, market dynamics, and potential risks.

Diversify Your Portfolio

Avoid putting all your investments into one cryptocurrency. Diversifying can mitigate risks associated with market volatility.

Stay Updated on Market Trends

Regularly monitor market news and trends, as they can influence cryptocurrency pricing and investor sentiment.

Use Trusted Exchanges

Ensure that you trade on well-known and trustworthy exchanges to protect your investments and personal information.

Conclusion: Navigating Uncertainty and Opportunity

As the cryptocurrency landscape continues to evolve, investors must remain agile, informed, and strategic. While Bitcoin’s recent surge reflects a growing interest among investors, the market remains highly volatile. By following best practices and staying updated on market trends, individuals can better navigate the opportunities and challenges that lie ahead in the dynamic world of digital currencies.