Crypto Week Ahead: US Presidential Election Continues to Influence the Crypto Market

Last week, Donald Trump's assassination attempt helped Bitcoin (BTC) see a much-needed rally. This week, President Joe Biden's sudden withdrawal from the electoral race led to a further rally for BTC as pro-crypto Trump's chances of winning strengthened further.

As per recent reports, US President and Democrat candidate Joe Biden has withdrawn from the upcoming November election. This news has led to a further bolstering of rival Donald Trump’s already growing chances of winning the polls. Given Trump's well-known pro-cryptocurrency stance, the news sparked a rally in Bitcoin prices, pushing the primary cryptocurrency up to $68,000.

In other crypto news, Mumbai-headquartered cryptocurrency exchange WazirX has announced a $23 million bounty program to retrieve assets stolen during a cyberattack on its multisig wallet. In a statement highlighting the role of community engagement, co-founder Nischal Shetty detailed the rewards for those who can track, freeze, and ethically recover the stolen funds.

Shetty went on to emphasize that the breach was not a result of phishing attempts. Instead, it involved multiple compromised hardware wallets and signatories. Liminal, the custody provider for WazirX, identified the source of the breach as compromised machines within the exchange.

Lastly, while intended to safeguard consumers, existing regulations often complicate operations for cryptocurrency companies, leading to a poorer user experience, according to Ivo Georgiev, co-founder and CEO of Ambire Wallet.

Georgiev contends that regulatory frameworks, such as the Eurozone’s Markets in Crypto-Assets (MiCA), inadvertently foster an environment where fraudulent and dubious entities can thrive.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Bitcoin started this week trading above the $68,000 level, driven by optimism surrounding Donald Trump's potential election win. If BTC can break above the $70,000 level, we are likely to see it surge towards $73,000 soon. Furthermore, the market could receive an additional boost from the launch of Ethereum ETFs, set to start trading on July 23.”

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