BTC Surges to $68,000 Following Joe Biden’s Withdrawal from US Elections; Crypto Market Volatile

Bitcoin has surged to the price point of $68,007 (roughly Rs. 56.8 lakh) on international exchanges.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 22 July 2024 12:37 IST

BTC Surges to $68,000 Following Joe Biden’s Withdrawal from US Elections; Crypto Market Volatile

Photo Credit: Pixabay/ WorldSpectrum

The current crypto market valuation stands at $2.47 trillion

Highlights

Tether, Ripple saw gains
Shiba Inu, Chainlink saw losses
Cosmos, Zcash also recorded minor profits

Bitcoin became the beneficiary of the ongoing political drama unfolding in the US. After current US President Joe Biden dropped out of the upcoming Presidential race against Donald Trump over the weekend, Bitcoin surged to the price point of $68,007 (roughly Rs. 56.8 lakh) on international exchanges. This is the asset's highest pricing in the month of June and July so far. On Indian exchanges like BuyUCoin, meanwhile, Bitcoin is trading at $68,080 (roughly Rs. 56.9 lakh). The overall crypto chart, however, did not resonate with BTC's price hike and hinted at increased volatility with altcoins showing mixed movements.

“Bitcoin has bounced back to the $68,000 (roughly Rs. 56 lakh) mark as market participants show optimism about Donald Trump's potential election win. BTC is now eyeing the $70,000 level (roughly Rs. 58.5 lakh), signaling a continued positive sentiment,” Edul Patel, CEO of Mudrex told Gadgets360.

Ether also managed to see a notable escalation in its pricing from last week, stepping into Monday. The second most valuable cryptocurrency after Bitcoin, Ether is presently trading at $3,512 (roughly Rs. 2.93 lakh) on international exchanges like CoinMarketCap. In India, meanwhile, the price of ETH stands at $3,685 (roughly Rs. 3.08 lakh)

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“Bolstered by the upcoming trading of ETH ETFs, Ether is looking strong. For continued bullish momentum, ETH needs to clear the key level of $3,650 (roughly Rs. 3.05 lakh) and hold above $3,360 (roughly Rs. 28 lakh). This week is filled with several macro events, which will likely increase market volatility,” the CoinDCX market desk told Gadgets360.

As per the crypto price tracker by Gadgets360, Tether, Ripple, Polkadot, Bitcoin Cash, Polygon, and Leo recorded profits.

Leo, Cosmos, Zcash, Underdog, and Iota also registered minor gains.

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Loss-making cryptocurrencies on Monday included Binance Coin, Solana, Dogecoin, Avalanche, Tron, and Shiba Inu.

Chainlink, Litecoin, Uniswap, Cronos, and Bitcoin SV -- also reflected losses on the price chart.

The overall crypto market valuation stands at $2.47 trillion with a minor hike of 0.91 percent in the last 24 hours, as per CoinMarketCap.

“Five-spot Ethereum exchange-traded funds (ETFs), including offerings from Fidelity, are set to launch tomorrow, according to notices from the Cboe exchange. The ETFs will give investors direct exposure to Ethereum. The approval of these ETFs follows a growing interest in digital asset investments and regulatory advancements in the US market,” the CoinSwitch markets desk told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More