After a surprising rebound over the past two weeks, Bitcoin and the broader cryptocurrency market have quieted down, especially as BTC approaches the $70,000 mark once again.
The previous calls for a bear market in early July have faded as market sentiment shifts.
🤫 The crowd's gone silent after Bitcoin and crypto have enjoyed a somewhat surprising rebound the past 2 weeks. Those vocal about an impending bear market in early July have essentially disappeared as BTC has neared $70K once again. pic.twitter.com/i4x3KbQBDQ
— Santiment (@santimentfeed) July 21, 2024
Recent political news has had a brief but noticeable impact on crypto prices. Joe Biden’s rejection of the democratic representation in the upcoming U.S. election triggered a minor panic sell-off in the crypto market. This echoes a similar reaction seen two weeks ago when news of an attempted assassination of Donald Trump led to a comparable price dip, followed by a quick recovery. As the week began, crypto prices showed increased volatility, reflecting ongoing market sensitivity to political developments.
🇺🇸 The news of Joe Biden's rejection of the democratic representation in the upcoming US election led to an immediate small panic drop in crypto prices.
Though wildly different circumstances, the news of the Trump attempted assassination from 2 weeks ago caused a similar price… pic.twitter.com/X3fbWYSPwk
— Santiment (@santimentfeed) July 22, 2024
Looking ahead, Biden’s endorsement of Kamala Harris could further influence crypto trends. The social media buzz surrounding her and other potential political candidates may continue to affect cryptocurrency prices, demonstrating the fragile link between political news and market sentiment.
In positive news for the digital asset space, CoinShares reported that investment products for cryptocurrencies saw $1.35 billion in inflows last week, with a total of $3.2 billion over the past three weeks. Bitcoin investment products alone accounted for $1.27 billion of this figure. Ethereum also saw a boost, with $45 million in inflows last week, totaling $103 million for the year.
According to CoinShares, digital asset investment products saw inflows of $1.35 billion last week, bringing the total inflows over the past three weeks to $3.2 billion. Bitcoin investment products saw inflows of $1.27 billion. Ethereum investment products saw inflows of $45…
— Wu Blockchain (@WuBlockchain) July 22, 2024
About 93% Of Bitcoin Addresses Are Now In ProfitÂ
Additionally, 93% of Bitcoin addresses are now in profit following BTC’s rise to $67,000. In recent activity, Mt. Gox transferred 0.02 BTC ($1,379) to a new wallet, possibly in preparation for creditor repayments.
93% of Bitcoin addresses are in a profit again after Bitcoin's strong move to $67k pic.twitter.com/92LTWRzpdP
— IntoTheBlock (@intotheblock) July 22, 2024
In July, Mt. Gox deposited 1,545 BTC ($84.87 million) to Bitbank and moved 48,641 BTC ($3.27 billion) to a new wallet, possibly related to Kraken. The exchange still holds an estimated 138,985 BTC, valued at around $9.35 billion.
An hour ago, Mt. Gox moved 0.02 $BTC ($1,379) to new wallet 1C9Vd, likely preparing for the next creditor repayment!
To repay creditors this July as planned, Mt. Gox has so far:
➡️ Deposited 1,545 $BTC ($84.87M) to #Bitbank on Jul 5;
➡️ Moved 48,641 $BTC ($3.27B) wallet 3JQie,… pic.twitter.com/eRnB7ISctP— Spot On Chain (@spotonchain) July 22, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: zerezniy/123RF // Image Effects by Colorcinch
