Bitcoin Settles Above $67K After Biden Drops Out of November Election

The latest price moves in crypto markets in context for July 22, 2024.

Bitcoin price rose on Sunday after President Biden announced he will not seek reelection, bringing pro-crypto candidate Donald Trump's chances of winning the November election down from 71% to 65% on Polymarket. Vice President Kamala Harris' odds, on the other hand, nearly doubled to 30% from 16%.

While Biden's announcement tempered Trump's White House prospects, the market responded positively to the news. "Biden’s withdrawal has opened up a possibility where, irrespective of who sits in the White House, the U.S. government may embrace a more constructive stance towards the digital asset industry post-November," Singapore-based crypto research firm Presto wrote in a Monday note. "Whether Harris or any other contenders will pursue such a path remains to be seen, but the optionality that hardly existed before is now there."

Bitcoin price is notably high in comparison to its $43,000 production cost, and any increase is likely to be short-lived, JPMorgan stated in a recent report. BTC's volatility-adjusted comparison to gold was $53,000, further indicating it is overpriced, the bank noted.

JPMorgan observed that the momentum in bitcoin futures has been weak in recent weeks as creditors of bankrupt crypto exchange Gemini, Mt. Gox creditors and the German government liquidated their BTC. The bank anticipates that the liquidations will decrease this month, and it still expects a recovery in Chicago Mercantile Exchange bitcoin futures positioning into August.

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