BTC Holds Steady at $64K as Probability of Biden Withdrawal Increases

Bitcoin (BTC) traded around $64,000 during the day.

The increasing possibility that Joe Biden will drop out of the US presidential race has led to a pullback in the cryptocurrency, which briefly recovered to $66,000 earlier in the week. The possibility of Donald Trump winning a second term in the White House is considered a positive for the crypto industry. Bitcoin continues to be supported by factors such as the assassination attempt on Trump and Biden’s poor management of the campaign.

The possibility of a Biden pullback could mean that sentiment among crypto traders has softened somewhat. BTC is down about 0.9% in the last 24 hours, while the CoinDesk 20 Index (CD20) is shedding 1.9%.

Bitcoin and shiba inu traded at significant discounts on Indian crypto exchange WazirX following an attack yesterday by a North Korean-linked hacker.

The BTC/INR pair has fallen by 22 percent in the last 24 hours, while the decline on other local exchanges remained at 2 percent. The SHIB/INR pair has also lost 30 percent of its value. WazirX’s native token, WRX, has lost 40 percent of its value since the attack. According to blockchain data platform Lookonchain, the hacker who withdrew $230 million from WazirX converted most of the assets to ether.

The exploiter currently holds over 59,097 ETH, worth $200 million at current prices, with around $15 million more in other altcoins.

A global internet service outage has occurred, with internet services company CrowdStrike and Microsoft experiencing a “Blue Screen of Death” (BSoD) error.

Seizing the opportunity, many developers have released a number of meme coins on Solana and Ethereum. Data from DEXTools and DEXScreener show that tokens referencing CrowdStrike, STRIKE, Microsoft, bluescreenofdeath, and BSoD are being developed and actively traded as bettors hope to profit from the short-term interest in these topics.

Some of the tokens are reaching $50,000 worth of stablecoin liquidity and reporting a market cap of around $1 million.

Bitcoin has largely traded in the same range this week amid the ongoing Mt. Gox supply and falling stocks, which firms like QCP Capital have interpreted as a sign that the market is shaking off its concerns. “The market is betting big on the potential breakout from the US election,” QCP said, noting that volatility has eased as BTC has returned to its familiar $61,000 to $71,000 range. FxPro senior market analyst Alex Kuptsikevich said some bitcoin indicators suggest the asset is far from overbought and is poised for gains in the near term. Source: CoinGecko