Fun

‘Feels surreal’ — Bitcoin sticks to $68K as market ignores 200K BTC US election pledge

News Feed - 2024-07-28 09:07:00

William Suberg11 hours ago‘Feels surreal’ — Bitcoin sticks to $68K as market ignores 200K BTC US election pledgeBTC price gains fail to materialize as Donald Trump and others promise to build a giant Bitcoin strategic reserve if elected.10207 Total views22 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin headed for a crunch weekly close on July 28 after markets shook off United States presidential candidates’ crypto pledges.BTC/USD 1-hour chart. Source: TradingViewBTC price brushes off Trump crypto policy plans


Data from Cointelegraph Markets Pro and TradingView showed the Bitcoin (BTC) price stabilizing after flash volatility around the Bitcoin 2024 conference.


Anticipation of a snap price surge had built far in advance of the event. Two presidential candidates, Donald Trump and Robert F. Kennedy Jr., both stated plans to build a strategic Bitcoin reserve of at least 200,000 BTC. However, the impact was muted.


“There’s a 65% chance of a US strategic reserve for Bitcoin and you can still buy it for under $70K,” Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, reacted on X, referring to Trump’s election odds.


Popular trader Daan Crypto Trades suggested that the overall lack of market response could be a question of time.


“Think people are a bit surprised and confused by this timeline,” he wrote in his own X analysis of speeches by Trump and others.“Feels surreal what we just saw & heard. We basically got what we wanted. This was partially priced in but we saw a big flush of longs before Trump made the statement.”


Daan Crypto Trades added that was “heavily underpricing” the strategic reserve commitments.


“Even if they won’t buy any new coins, just holding their seized coins will rule out a ~$15B supply overhang,” he noted, referencing recent sell-side pressure from state actors.“This is more than the German Government & Mt. Gox together.”Bitcoin monthly close in focus


With the conference buzz dying down, Bitcoin traders thus turned their attention to the upcoming weekly and monthly close.


Related: Key altcoin season metric in accumulation mode as Bitcoin dominance peaks


The previous candle finish came in at nearly $68,200, leaving uncertainty over whether the week would ultimately see losses.


Analyzing relative strength index (RSI) data, popular trader MegaWhale Crypto nonetheless hoped for upside continuation.


“BTC weekly RSI has broken upward! This is a great sign, however to validate the breakout the RSI will need to sustain > the diagonal down trending resistance until weekly close and close above,” he summarized on July 27.BTC/USDT chart with RSI data. Source: MegaWhale Crypto


Keith Alan, co-founder of trading resource Material Indicators, was more conservative. Bitcoin, he said, was still rejecting from key resistance overhead.Source: Keith Alan


Data from monitoring resource CoinGlass showed BTC/USD up 7.8% in July, cancelling out the losses seen in June.BTC/USD monthly returns (screenshot). Source: CoinGlass


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# Elections# Donald TrumpAdd reaction

News Feed

HTC launches no-code game creator for ‘Viverse’ metaverse
Tristan Greene5 hours agoHTC launches no-code game creator for ‘Viverse’ metaverseCreators can build out massively multiplayer games and social spaces using the in-world VR user interface.518 Total views13 Total shar
ECB Hikes Interest Rates by 50bps; Signals Need for Further Hikes to Fight Inflation
ECB Hikes Interest Rates by 50bps; Signals Need for Further Hikes to Fight Inflation The European Central Bank (ECB) decided to hike three of its key interest rates by 50 basis poi
Crypto 101: How to Send and Receive Bitcoin Cash Via the Bitcoin.com Wallet
Crypto 101: How to Send and Receive Bitcoin Cash Via the Bitcoin.com WalletDuring the last few months in the midst of the coronavirus outbreak and faltering global economy, many ind
New Study Says BTC Outperformed Both S&P 500 and Nasdaq in September
New Study Says BTC Outperformed Both S&P 500 and Nasdaq in September Despite seeing a 3.11% drop in value in September, bitcoin still outperformed both the S&P 500 and Nasdaq, the
Senate proposal for crypto tax exemption is long overdue
Nicholas Anthony4 hours agoSenate proposal for crypto tax exemption is long overdueFour senators are fighting to exempt low-value crypto transactions from federal taxation. Congressional approval for their proposal is lo
Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000
Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000 Following a move below $19,000 on Thursday, BTC was able to rise above $20,000 during t
Marcel Pechman3 hours agoOptimism transactions surpass Arbitrum, but what’s behind the uptick in users?Transactions on Optimism recently eclipsed the Arbitrum network, but do the project’s fundamentals support a sust
Cryptocurrency Exchange Kucoin Raises $150 Million in Pre-Series B Funding Round, Reaches $10 Billion Valuation
Cryptocurrency Exchange Kucoin Raises $150 Million in Pre-Series B Funding Round, Reaches $10 Billion Valuation Kucoin, a Seychelles-based cryptocurrency exchange, has announced it
3 metrics suggest that Ethereum (ETH) price downside is not over
Nancy Lubale4 hours ago3 metrics suggest that Ethereum (ETH) price downside is not overEthereum price has had a rocky week and data suggests that more downside could be on the way.1652 Total viewsListen to article 0:00Al
Kushagra Agarwal4 hours agoDAOs need to learn from Burning Man for mainstream adoptionDAOs should learn from Burning Man’s example in simplifying their missions and governance structures and keeping community members
Arijit Sarkar13 hours agoSingapore introduces 5 new pilots to test asset tokenizationThe latest initiatives by the Monetary Authority of Singapore aim to develop foundational capabilities to scale tokenized markets.2936
US sues Apple for ‘shapeshifting’ rules that throttled crypto apps and others
Jesse Coghlan5 hours agoUS sues Apple for ‘shapeshifting’ rules that throttled crypto apps and othersApple’s App Store rules enforcement arbitrarily “penalize and restrict developers” that compete with the tech