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.

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.

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.

About 93% Of Bitcoin Addresses Are Now In Profit 

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.

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.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: zerezniy/123RF // Image Effects by Colorcinch