Bitcoin (BTC) Price Rallies 10% as Bulls Charge نحو $68,000

Bitcoin (BTC) price action follows Unites States President Joe Biden's announcement of not running in the upcoming election which is viewed as potentially favorable for the digital asset industry

Bitcoin price eyes 2021 highs as Biden opts out, Trump odds slide

Bitcoin (BTC) bulls pushed the cryptocurrency toward the highs last seen in 2021 on Monday as traders anticipated a continued rally in the lead-up to the 2024 presidential election following an announcement by President Joe Biden.

BTC price briefly surged above $68,000 during the early Asian trading hours on Monday before settling around $67,000. The largest cryptocurrency was trading at $67,353 at the time of writing, up 0.83% over the last 24 hours.

Bitcoin’s price action follows Unites States President Joe Biden’s announcement of not running in the upcoming election, which is viewed as potentially favorable for the digital asset industry, regardless of the election outcome, among some traders.

However, this dropped the odds of Republican candidate and former President Donald Trump from Sunday’s 71% to 65% in Asian morning hours Monday on the crypto betting application Polymarket.

Meanwhile, odds of sitting Vice President Kamala Harris rose from 16% to 30%. Market analysis and commentators expect BTC to continue to rally in the mid-long term till the 2024 election.

Another factor behind Bitcoin’s upward momentum is the substantial inflows into US-based spot Bitcoin ETFs, with these investment products logging more than $382 million in net inflows on Friday, July 19.

These products have now amassed a total of nearly $19 billion in net inflows since their launch in October 2021, according to a report by Blockworks.

The eleven consecutive days of positive flows, as noted by Farside Investors, indicate a strong demand for Bitcoin among institutional investors.

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