To The Moon

If you have been following the news for Bitcoin as the news of Biden withdrawal develops, Bitcoin trades at $64K on last Friday (19 July 2024) as Biden withdrawal likelihood increases.

Over the weekend, we heard the news that Biden has decide to withdraw from his reelection bid. At time to this writing, Bitcoin is trading above $68K, edging up to the highest level in over a month as traders evaluated the implications of US President Joe Biden’s decision to abandon his reelection bid.

Can this move to the highest level last? I believe we need to look at how Bitcoin transaction is doing and the volume we are looking at?

No Significant Increase In Bitcoin Trading Volume Over 24 Hours

We are not seeing a significant increase in the trading volume coming on Bitcoin after Biden announced his decision to withdraw from the presidential race.

And not forgetting that Trump would be delivering a speech at Bitcoin conference at Nashville, this is important as that would likely to cement cryptocurrency as a mainstream political topic.

The current move higher reflect market sentiment that Democrats under upcoming Presidential nominee Kamala Harris would not be able to overtake Trump in the race for the White House.

So with Trump being a pro-crypto US president, we could be seeing a new dawn emerging. But we need to see more trading volume as Bitcoin would be invested more.

I would be looking closely on how Bitcoin trading volume would be like leading up to 27 July when Trump deliver the speech at the Bitcoin conference.

Higher Price This Time Does Not Trigger HIgher Volume

One more things that I would be looking is the trading volume when Bitcoin price create new high, based on what we have seen so far, Bitcoin has new high at $60K, $64K, we are not seeing a high selling volume, or buying volume.

This might mean good news as investors are HODL ahead of the conference, so I would think that there might be a rally following the conference.

But we shall look at how things develop with the Democrats nominee, will Kamala Harris be also a crypto supporter?

If that happen, then we could see Bitcoin getting the rally start off again.

Summary

While investors are expecting the market to become a lot more investible under a Trump administration. There will be some potential opportunity to look at some coin tokens with “real value drivers”.

Coins linked to the Maker, Aave and Lido protocols. could perform well. So I suggest that we continue to monitor how Trump and Harris continue to express their views, whether Harris views on crypto would resonate with the market.

Appreciate if you could share your thoughts in the comment section whether you think crypto, crypto stocks would start off a rally and this rally could continue towards end of 2024.

$Marathon Digital Holdings Inc(MARA)$ $MicroStrategy(MSTR)$ $Coinbase Global, Inc.(COIN)$ These 3 crypto stocks are having more than 2% gain in the 24 hours trading at time of this writing.

@TigerStars @Daily_Discussion @Tiger_Earnings @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.