Crypto News Today: Joe Biden Steps Down, Bitcoin Steps Up

The Crypto market cap rose by 0.90%, reaching $2.59 trillion

• President Joe Biden will no longer contest in the upcoming election against Donald Trump as he has officially dropped out of the race.

• Hours after announcing a $23M bounty to recover stolen funds, WazirX paused trading for a forensic data examination.

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows current market sentiment at 70 Greed, down from 74 Greed yesterday, and 65 Greed last week.

Cryptocurrency values have climbed in the previous 24 hours

                                                                                                          TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin ($BTC) traded near $68K, with potential volatility looming.

• Major altcoins and memecoins, such as #Bonk ($BONK), #LumberJack Token ($LUMBER), #Dogecoin ($DOGE), #Solana ($SOL), and #ORDI ($ORDI), are all trading in the green.

• #Avalanche ($AVAX) is the top gainer, up more than 12.59% in the last 24 hours.

• #Arweave ($AR) is the biggest loser, down over 6.16% in the same period.

• The total crypto market volume over the last 24 hours is $70.51B, marking a 41.82% increase.

• DeFi volume is currently $4.74B, accounting for 6.73% of the total 24-hour crypto market volume.

• Stable coin volume is $63.3B, representing 89.78% of the total 24-hour crypto market volume.

• Bitcoin's dominance is 54.30%, a 0.10% increase over the day.

Major Worldwide News Update:

• Hours after announcing a $23 million bounty to recover stolen funds, Indian crypto exchange WazirX paused trading for a forensic data examination. The cyber attack affected its ability to maintain 1:1 collaterals. Trading volumes tanked, and phishing attacks increased, prompting warnings about fake compensation emails from WazirX.

• President Joe Biden announced he will not seek re-election, confirming weeks of speculation. He endorsed Vice President Harris as the Democratic nominee, causing a political frenzy. Biden's health and a poor debate performance with Trump contributed to his decision, aligning with predictions by Mike Novogratz and BitMEX CEO Arthur Hayes.

• It might seem odd, but BlackRock CEO Larry Fink could become Treasury Secretary if Trump wins the presidency. Speculations suggest Jamie Dimon, JPMorgan CEO, might also be considered. Trump respects Fink, and BlackRock manages his financial portfolio. Meanwhile, Biden has dropped out, endorsing Kamala Harris as the Democratic nominee.

• SEC Chair Gary Gensler is predicted to resign by early 2025 after Biden's term ends, according to Markus Thielen. Thielen suggests Trump's potential presidency would be disastrous for Gensler. With Biden dropping out, Thielen foresees a pro-crypto administration and a bullish trend for Bitcoin, possibly announced as a strategic reserve asset.

• Japanese company Metaplanet increased its Bitcoin holdings by 20.381 BTC, valued at $1.27 million, boosting its total to 245.99 BTC worth $15.5 million. This move follows their strategy to adopt Bitcoin as a treasury reserve asset amid Japan's economic pressure, high government debt, and negative interest rates.

• Arkham Intelligence transferred 304.5 million ARKM tokens worth $487.24 million to Coinbase Prime for regulatory and tax compliance. This includes 115.8 million tokens owned by the CEO. The move, aimed at managing ARKM vesting for employees, has sparked interest in the crypto community regarding its market impact.

COIN GABBAR Views: Bitcoin Price Regains $68K: Can Bulls Push to $70K Next? Is BTC at ATH or Is a Buy the Dip Opportunity Underway? Bitcoin Price Analysis: Is Smart Money's Buying Spree Pushing BTC to $75K? Could Biden Bowing to Trump Clear the $704M Resistance for ETH? Bitcoin Price Prediction: With BTC Hitting Its Highest Level in a Month, Is a New Bull Market Starting? To get latest news Stay tuned us at coingabbar

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