Kamala Harris and Trump. The price of Bitcoin (BTC/USD) has increased 0.72 percent to $66,500 as both Kamala Harris and Donald Trump get ready to run for president in 2024. Using her experience as a prosecutor to contrast with Trump’s criminal record, U.S. Vice President Kamala Harris began her bid for the presidency by harshly criticizing Trump.
Harris told a crowd of 3,000 in Wisconsin, “I know Donald Trump’s type,” drawing parallels between Trump and the scam artists she had previously convicted. With President Joe Biden’s endorsement, her campaign received $100 million in just 36 hours.
Harris Emphasizes Legal and Social Issues
In Milwaukee, Harris highlighted her expertise as California’s attorney general and addressed issues including gun control, abortion access, and healthcare. Compared to Trump’s “chaos, fear, and hate,” she emphasized the contrast between her vision of “freedom, compassion, and rule of law.”
Trump’s Response
In his response, Trump harshly criticized Harris’s track record regarding immigration and crime, referring to her as “radical left.” On the other hand, Harris gained endorsements from prominent Democrats and Hollywood celebrities, which helped to enhance her campaign. He stated his willingness to debate her in September.
Mt. Gox Bitcoin Transfers: Expected Price Impact Low
The collapsed cryptocurrency exchange known as Mt. Gox has transferred 37,477 Bitcoin, which has a value of $2.5 billion, to a wallet that was not identified as of the 24th of July. In the previous transfer, which took place on July 22 and involved $2.8 billion in Bitcoin, Bitstamp received $340 million.
Over forty percent of the coins owed to creditors have already been disbursed, and these movements are a part of the ongoing repayments to creditors. Analysts feel that the impact may be minimal even though the massive Bitcoin transactions made by Mt. Gox might potentially increase market supply and lower prices. Most Bitcoin is due to funds rather than individual sellers, and a significant portion of the predicted impact has likely been built into the prices now being offered.
Strong ETF Inflows Bolster Bitcoin Confidence Despite Price Drops
In 2024, more money flowed into BlackRock’s Bitcoin ETF than other large tech companies’ stock. Outperforming Invesco’s Nasdaq 100 ETF, the iShares Bitcoin Trust ETF has received roughly $19 billion this year.
With net inflows of over $1 billion, Bitcoin ETFs now control more than 4.6% of the total Bitcoin supply, even though Bitcoin’s market is smaller than equities. The influx of capital into the ‘new’ Bitcoin exchange-traded funds is perplexing. The iShares Bitcoin Trust, which Blackrock owns, has received USD 19 billion so far this year. This surpasses even Invesco’s Nasdaq 100 ETF, considering the much-touted Magnificent 7 stocks and the #AI surge. Joeroen Blokland’s post on X.
Despite a 2% price drop in the wake of the Mt. Gox Bitcoin distribution news, the spike in Bitcoin ETF investments shows that interest and confidence in the cryptocurrency are rising. Despite recent drops, Bitcoin prices may be able to stabilize and receive support from the steady ETF inflows, which indicate that investor demand is robust.
Bitcoin Price Prediction
With a gain of about 1%, Bitcoin’s (BTC/USD) price is now $66,440.The pivot point is at $66,600 on the 4-hour chart, indicated by significant technical levels. At $67,360, you’ll find immediate resistance. Next up are $68,310 and $69,250. At $65,500, there is immediate support; at $64,900 and $64,080, there is more support.
With an RSI of 49, the market appears to be in a neutral state of mind. An EMA of $66,430 further supports the trendline for the past 50 days. A possible continuation of the purchasing trend might be signaled by a bullish crossover over the 50 EMA. Crucial resistance is $66,600; a breach of this level would send Bitcoin prices to $68,300. Finally, below $66,600, Bitcoin’s trend is bearish. However, if Bitcoin breaks this level, the trend can turn positive, suggesting more upward momentum.
