Reuters “Trump approval rating exceeds Biden’s approval rating by 2% points”
BTC rebounds after faltering despite Mt. Gox exchange transfers
XRP soars after 'anti-Gensler' congressman appoints vice president candidate
Joo Ki-young “BTC rises, Mt. Gox cannot stop it”
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![[Coin market] Bitcoin rises due to Trump’s power and prospects for a U.S. interest rate cut](https://img.blockstreet.co.kr/photo/2024/07/17/20240717000003_0800.png)
On the 16th, Mt. Gox again deposited approximately 48,641 bitcoins into the digital asset (cryptocurrency) exchange Kraken, temporarily halting the rise of bitcoin.
However, Bitcoin rose again as former President Trump, who claims to be a 'pro-digital asset candidate', recovered after the shooting and gained an even higher approval rating. In an online poll conducted on the 15th to 16th with Reuters Ipsos on the 16th (local time), 43% of registered voters supported former President Trump, the Republican presidential candidate, and 41% supported Democratic candidate President Joe Biden. It was reported that it was 2% points ahead.
In addition, the U.S. financial market predicted that the Federal Reserve would cut interest rates by 100%.
According to FedWatch of the Chicago Mercantile Exchange (CME) on the 16th (local time), the interest rate futures market reflected the probability that the Federal Reserve will freeze the base interest rate at the current 5.25-5.50% at the September monetary policy meeting as 0%. Just a week ago, the interest rate futures market reflected the probability of an interest rate freeze in September as 27%, but adjusted it downward to 0%, making an interest rate cut before September a fait accompli.
Bitcoin surpassed $65,000, and Ripple (XRP) led the rise of altcoins.
This is because on the 16th, a video of Senator James David Vance, who was selected by former President Trump as a vice presidential candidate for the US presidential election to be held in November, criticizing Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), began to resurface.
Rep. Vance attended a closed conference hosted by Bloomberg and Y Combinator in February of this year and criticized Chairman Gensler. He said, "Gary Gensler is the worst character, always contradictory in nature."
Ripple has been in a lawsuit with the SEC for about three and a half years now, and Ripple rose on the interpretation that Chairman Gensler, who is continuing the lawsuit, will be dismissed if Rep. Vance is elected vice president.
◇Bitcoin = As of 5 p.m. on the 17th, the Bitcoin price is trading at 91.02 million won on Upbit. Bitcoin market share (dominance) was 54.94%.
It has been revealed that Bitcoin's upward trend will continue for some time due to Bitcoin's rebound.
CryptoQuant CEO Joo Ki-young recently argued that the continued repayment of Mt. Gox will have a very limited impact on the market.
On the 16th, CEO Joo explained on his
He continued, “Even if Mt. Gox sells $3 billion worth of Bitcoin on Kraken, this is only about 1% of the increase in realized value during a bull market, so it is an amount that the market can sufficiently digest.”
◇ Rising Coin = As of 5 PM on the 17th, the cryptocurrency that recorded the largest increase compared to the previous trading day was WAVES, which showed an increase of about 8%.
Wave is a platform created for the development and transfer of digital assets, trading, and DApp development.
It can function as a decentralized exchange (DEX) through its built-in P2P (Peer to Peer) digital asset trading function and supports cryptocurrency trading such as Bitcoin and Ethereum.
Wave tokens are used as a fee when exchanging with other digital assets or creating or issuing tokens.
◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Greed’ stage with 69 points. The greed stage is the stage where price volatility and trading volume increase, and is the stage where prices rise. There is a high possibility of a short-term peak forming, so one must be cautious when selling.
Reporter Seungwon Kwon ksw@
