BTC surges 1.5% after Biden withdraws from US presidential candidacy
It fell back to the 93 million won level due to the profit-taking selling trend that came in in the afternoon.
XRP maintains upward trend on expectations of agreement between Ripple and SEC
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![[Coin Market Status] Bitcoin begins to adjust after surging due to Biden’s resignation as candidate](https://img.blockstreet.co.kr/photo/2024/07/22/20240722000003_0800.png)
Bitcoin soared after President Joe Biden announced on the 21st (local time) that he would withdraw from his candidacy in the U.S. presidential election to be held in November. This is an interpretation that Bitcoin will benefit as former President Trump, who claims to be a 'pro-digital asset candidate', becomes more likely to be elected.
In fact, Bitcoin rose about 1.5% after President Biden's announcement, exceeding the 95 million won level. As Bitcoin soared, selling pressure for profit-taking flowed in in the afternoon, and Bitcoin retreated to the 93 million won level.
Ripple (XRP) rose on rumors that an agreement between Ripple and the U.S. Securities and Exchange Commission (SEC) was imminent.
The SEC announced that it would hold a closed meeting on the 25th (local time). Ripple rose on the interpretation that the meeting was a closed-door meeting with Ripple, which was canceled on the 18th. This is an interpretation that Ripple and the SEC will reach an agreement.
CEO Garlinghouse created positive expectations both inside and outside the market in an interview with Bloomberg on the 21st, saying, "The company's protracted lawsuit will be resolved soon."
◇Bitcoin = As of 5 p.m. on the 22nd, the Bitcoin price is trading at 93.89 million won on Upbit. Bitcoin market share (dominance) was 55.48%.
As President Biden's resignation from the candidacy and the subsequent election of former President Trump, who claims to be a 'pro-digital asset candidate', became likely, experts predicted that Bitcoin's price rise would clearly occur from a long-term perspective.
Markus Thielen, founder of on-chain analysis platform TenX Research, said to pay attention to the upcoming Bitcoin Conference 2024. He noted, “Former President Trump, who is attending the Bitcoin Conference 2024, is likely to make a surprise announcement at the event that he will incorporate Bitcoin as a reserve asset for the U.S. government.”
He continued, “If the U.S. government incorporates Bitcoin as a reserve asset, the U.S. government will at least double its current Bitcoin holdings and the impact will be almost the same as the inflow of funds through the Bitcoin spot ETF in the United States.” emphasized.
Fab Hundal, an analyst at the digital asset trading platform 'Swyftx', believes that although the possibility of President Trump being elected as President of the United States has increased, it will take a long time for a significant inflow of Bitcoin funds to occur.
He said, "If we were to analyze the current situation based on the lessons learned from the Bitcoin spot ETF, the price rise of Bitcoin will not occur dramatically in the short term. It is true that Trump's chances of being elected have increased, but there is nothing in the world that can be certain. "he said.
◇ Rising Coin = As of 5 PM on the 22nd, as of Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was TAIKO, up by about 6.36%.
Tyco is a layer 2 blockchain that adopts Zero-Knowledge Proof. It has usability mainly used in the field of computer network security by using the characteristics of zero-knowledge proof, and can especially be used for identity authentication.
Tyco Coin is the native token of the Tyco project.
◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Greed’ stage with 70 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@
