Bitcoin Soars to $68,007 as US Political Drama Unfolds
In a stunning turn of events, Bitcoin has surged to its highest pricing in June and July, reaching a value of $68,007 (approximately Rs. 56.8 lakh) on international exchanges. This price hike comes on the heels of current US President Joe Biden’s decision to drop out of the upcoming Presidential race against Donald Trump.
According to Edul Patel, CEO of Mudrex, Bitcoin has bounced back to the $68,000 mark as market participants show optimism about Donald Trump’s potential election win. With this momentum, BTC is now eyeing the $70,000 level, signaling a continued positive sentiment.
Meanwhile, Ether, the second most valuable cryptocurrency after Bitcoin, has also seen a notable escalation in its pricing, reaching $3,512 (approximately Rs. 2.93 lakh) on international exchanges like CoinMarketCap. In India, the price of ETH stands at $3,685 (approximately Rs. 3.08 lakh).
The upcoming trading of ETH ETFs, including offerings from Fidelity, is expected to 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.
Despite the overall crypto chart not resonating with BTC’s price hike, the market is expected to see increased volatility this week, with several macro events on the horizon. As of Monday, Tether, Ripple, Polkadot, Bitcoin Cash, Polygon, and Leo recorded profits, while Binance Coin, Solana, Dogecoin, Avalanche, Tron, and Shiba Inu showed losses.
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.
Cryptocurrency is an unregulated digital currency, not a legal tender, and is subject to market risks. The information provided in this 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.
