Bitcoin Price Hits $64K Amid Rising Odds of Biden Withdrawal

The crypto markets saw Bitcoin trading around $64,000 after a slight dip from $65,000. Concerns over Joe Biden potentially exiting the U.S. presidential race have impacted BTC’s momentum, which briefly touched $66,000 recently. The crypto industry views a second term for Donald Trump favorably, leading to BTC’s support due to Biden’s campaign struggles and the attack on Trump. The potential withdrawal of Biden has slightly subdued trader sentiment, resulting in a 0.9% drop in BTC and a 1.9% decline in the broader CoinDesk 20 Index in the past day.

Indian crypto exchange WazirX witnessed Bitcoin and shiba inu trading at significant discounts following an attack by a North Korea-linked hacker. The BTC/INR pair dropped by 22% within 24 hours, with other local exchanges experiencing a 2% decrease. The SHIB/INR pair saw a 30% decline, while WazirX’s native token, WRX, plummeted by 40% post-attack. The hacker converted most of the stolen funds into ether, holding over 59,097 ETH valued at $200 million and an additional $15 million in alternative tokens.

In response to a global internet outage linked to a Crowdstrike software update causing the “Blue Screen of Death” error on Windows systems, tokens themed around CrowdStrike and the error were issued on Ethereum and Solana. Despite widespread Windows user disruptions, no crypto companies reported service issues. Creating tokens based on trending news events is a common practice in the crypto market, often resulting in initial profits before losing value.

Bitcoin’s trading range this week remained stable amid Mt. Gox supply concerns and declining equities, indicating market resilience according to QCP Capital. The market anticipates a breakout leading up to the U.S. elections, with BTC’s volatility decreasing and returning to the $61,000 to $71,000 range. FxPro’s Alex Kuptsikevich noted that bitcoin indicators suggest room for gains, with sentiment not yet reaching euphoric levels.

The crypto landscape continues to evolve, with market participants closely monitoring developments and trends within the industry.

– Shaurya Malwa