Bitcoin Trades at $64K as Biden Withdrawal Likelihood Increases

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Bitcoin has been trading on either side of the $64,000 level since retreating from $65,000 on Thursday. The increasing possibility that Joe Biden will drop out of the US presidential race has dampened BTC’s sails somewhat after it briefly regained $66,000 earlier this week. While Donald Trump getting a second term in the White House is seen as a much more beneficial outcome for the crypto industry, BTC has been supported by Biden’s poor performance in the campaign so far and the attempted assassination of the Republican candidate. The possibility of Biden’s withdrawal could mean that crypto investors’ sentiments have softened a bit. BTC is down about 0.9% in the past 24 hours, while the CoinDesk 20 Index (CD20), a measure of the broader crypto market, is down 1.9%.

Bitcoin and shiba inu traded at significant discounts on Indian crypto exchange WazirX after a hack by a North Korea-linked hacker on Thursday. The BTC/INR pair has fallen 22% in the past 24 hours, while other local exchanges are only 2% lower. SHIB/INR has lost 30%. Wazir’s native token, WRX, has fallen 40% since the attack. The hacker, who siphoned off $230 million from WazirX, converted most of the loot into ether, according to blockchain tracker Lookonchain. As of Friday morning, the exploiter held more than 59,097 ETH, worth $200 million at current prices, and another $15 million in alternative tokens.

Internet services company CrowdStrike and dozens of crypto tokens themed around Microsoft’s “Blue Screen of Death” bug have been released on Ethereum and Solana during a global internet outage. Millions of Windows users worldwide are experiencing the so-called BSOD error, which causes systems to suddenly shut down or reboot. The bug has affected businesses ranging from airlines to railroads to stock exchanges, and is reportedly related to a Crowdstrike software update gone awry. No crypto-related companies have yet reported any errors or outages. Creating tokens to profit from a trending news narrative is a niche behavior for crypto market participants. Many are making a profit for their creators and early adopters before they lose all their value.

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Bitcoin has largely traded in a range this week as supply at Mt. Gox continued to tank and shares have lost value, which firms like QCP Capital see as a sign that the market is shaking off its concerns.

“While spot could be volatile here in the short term, the market is definitely betting big on a breakout ahead of the US election,” the firm said, noting that volatility has eased as BTC has returned to its familiar range of $61,000 to $71,000.

FxPro senior market analyst Alex Kuptsikevich said that some bitcoin indicators show that the asset is far from overbought and sentiment is also far from enthusiastic, thus leaving room for gains in the near term.

Source: CoinGecko

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-Shaurya Malva

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