The crypto market generally performed poorly in June. After Bitcoin hit $58,402 on June 24, it continued to fluctuate in the range of $61,000. However, with the beginning of July, BTC continued to rise after breaking through $62,000 at 6 o'clock in the morning on the 1st. It was reported at $63,392 at the time of writing, up 3.61% in the past 24 hours.
QCP Capital: Many signs point to bullish outlook for July
In this context, digital asset trading company QCP Capital tweeted on the social platform that there are multiple signs that July is a bullish month for the following reasons:
- After the Bitcoin spot ETF ended seven consecutive days of net outflows on the 23rd, capital inflows reached US$73 million on the 28th, setting the highest single-day inflow in two weeks.
- From a seasonal perspective, Bitcoin's median return in July was 9.6%, especially after experiencing a negative return (-9.85%) in June, it tends to rebound strongly.
- QCP Capital's options trading department observed on the 28th that capital flows are preparing for a rise at the end of the month, presumably in anticipation of the imminent launch of the Ethereum spot ETF.
The community is discussing that the reason for the rise of cryptocurrency is related to Biden’s withdrawal from the election.
On the other hand, some communities are discussing that the reason for Bitcoin’s rise today may also be related to Biden’s withdrawal from the US election. We know that during the Biden administration, regulatory agencies such as the U.S. Securities and Exchange Commission (SEC) continued to increase their supervision of the cryptocurrency industry; but if Biden withdraws from the election, Trump, who openly supports cryptocurrency, may have a higher chance of winning the election. Will continue to improve.
Biden's poor performance in the first televised debate last Friday sparked concerns within the Democratic Party about whether the candidate should be removed. Against this background, a large amount of fake news has begun to spread in the community. For example, the well-known political commentator Bill O'Reilly tweeted this morning on the social platform X that Biden has decided to withdraw from the campaign:
Here's the latest Biden update from BillOReilly.com news headquarters. The president has decided to withdraw from the campaign. There are two reasons for this: Internal Democratic polls show he can't recover from the debates, and fundraising is drying up.
Then, it's all over for Biden. But the White House doesn't yet know how or when the announcement will be made.
In response to this, even Tesla CEO Musk replied under the tweet: "!" However, many people in the community confirmed that the news source quoted by Bill O'Reilly was false. He just wanted to use Biden's resignation to The selected messages increase traffic for yourself.
But this did spark discussion in the community, and a small DeFi miner tweeted :
There were rumors that Biden had withdrawn from the presidential race, and Musk left a message under the tweet!
So this is the reason why July turned around?
Feng Wuxiang, a well-known KOL in the community, also tweeted :
Just read this article. Biden announced that he would give up the campaign, and Musk replied in the comment area! .
It should be said that it is basically confirmed that Biden will give up the campaign, and Trump, who is good at cryptocurrency, is about to win.
