Bitcoin Surges to $68,000 (Roughly Rs. 56 Lakhs) After US President Joe Biden Drops Out of Presidential Race

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

Bitcoin price rose on Monday as optimism builds around Donald Trump's chances in the upcoming US Presidential race. The world's largest cryptocurrency is now eyeing the $70,000 (roughly Rs. 58.5 lakh) price point, signaling continued bullish momentum in the market.

After dropping out of the upcoming US Presidential race against Donald Trump over the weekend, current US President Joe Biden saw Bitcoin surge to the price point of $68,007 (roughly Rs. 56.8 lakh) on international exchanges, marking the asset's highest pricing in the month of June and July so far. On Indian exchanges like BuyUCoin, Bitcoin is trading at $68,080 (roughly Rs. 56.9 lakh).

However, the overall crypto chart 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 mark as market participants show optimism about Donald Trump's potential election win. BTC is now eyeing the $70,000 level, 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).

“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 and hold above $3,360. 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.

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, according to 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.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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