Bitcoin (BTC) Trades Below $65K Following Wednesday\'s Drop

The latest price moves in crypto markets in context for July 18, 2024.

Top crypto stories for July 18, 2024, include Bitcoin (BTC) falling below $64,500 after rising above $65,000 earlier in the day, President Joe Biden's chances of dropping out of the November election hitting 68% on crypto prediction market platform Polymarket and several cryptocurrencies experiencing significant losses after a malicious attack on Indian crypto exchange WazirX.

Latest Prices

Bitcoin (BTC) trades below $64,500 after dropping below $64K during American hours on Wednesday. After briefly seeing $65,000 again, BTC drifted toward $64,473.3, down around 1% on 24 hours ago. The CoinDesk 20 Index is about 2.4% lower.

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Bitcoin (BTC) fell below $64,500 on Thursday after failing to hold onto gains above $65,000, as traders assessed the impact of a sell-off in U.S. stock markets.

The halt in Wednesday's crypto rally followed an equity market sell-off, with the tech-heavy Nasdaq index dropping 2.7% and the S&P 500 falling 1.3%. The sell-off in stocks began after data showed U.S. producer prices rose more than expected last month, fanning the flames of inflation.

"If the sell-off in the stock market turns into a correction, then the crypto rally may stall," said Joel Kruger, a market strategist at LMAX Group. "But over a longer time frame, crypto may provide a haven for investors fleeing stocks."

After rising as high as $65,200 earlier in the day, BTC was trading at $64,480 at press time, down nearly 1% over the past 24 hours. The world's largest cryptocurrency reached a two-month high of $65,000 on Tuesday.

The CoinDesk 20 Index, which tracks the 20 largest cryptocurrencies by market capitalization, was trading 2.4% lower at 2,320. Among the top 20 losers were NEAR Protocol (NEAR) and Polygon (MATIC), which fell 6% and 5%, respectively.

Among the gainers were Filecoin (FIL) and Lido DAO (LDO), which rose over 4% each.

Biden's chances of dropping out hit 68% on Polymarket

The chances of President Joe Biden dropping out of November's election hit 68% on Thursday on crypto-based prediction market platform Polymarket.

Biden announced he had been diagnosed with Covid-19 on Wednesday, having previously said he would re-evaluate whether to run "if [he] had some medical condition." The president has thus far given a poor showing during the campaign, most notably during a debate with Donald Trump, who is considered the significantly more pro-crypto candidate.

Trump's perceived chances of victory have become a metric for the cryptocurrency market. Bitcoin's rally to over $65,000 this week followed the assassination attempt on Trump, which was seen as a boost to his prospects of retaking the White House.

Biden's chances of dropping out have been rising steadily since the beginning of the year, when they stood at around 20%. His poor performance on the campaign trail and the increasing likelihood of a Republican victory in the upcoming mid-term elections have both contributed to the rise in these chances.

If Biden were to drop out of the race, it would trigger a sell-off in the cryptocurrency markets, as traders anticipate a pro-crypto Republican victory. However, the markets may also rally if Biden's dropping out is seen as increasing the chances of a Democratic victory.

Several cryptocurrencies saw significant losses after the attack on WazirX

Several cryptocurrencies experienced significant losses on Thursday after a malicious attack on Indian crypto exchange WazirX.

The platform's native token WRX traded 15% lower at just over 14 cents while meme coin shiba inu (SHIB) slumped nearly 10%. The WazirX attacker walked away with more than $230 million in customer funds, including $100 million in SHIB and $52 million of ETH.

Other tokens have been relatively stable in dollar terms while suffering significant losses in Indian rupee-denominated pairs. The bitcoin-rupee pair declined by 11% to 5.1 million rupees ($60,945), a massive discount to rival exchange CoinDCX. Meanwhile, the USDT-INR pair on WazirX has slipped by 8%.

The attack on WazirX began on Wednesday evening when an attacker withdrew customer funds from the exchange's hot wallets, which are used to facilitate quick transactions. The total amount of

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