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Crypto News

President Biden Withdraws from 2024 Election Race

U.S. President Joe Biden has announced that he will not run for a second term in office. Rumors had been circulating for days, particularly after Biden contracted COVID-19 last week. Therefore, Sunday night's news came as no surprise.

According to the cryptocurrency betting platform Polymarket, Current Vice President Kamala Harris is now the favourite to become the Democratic nominee for President in the upcoming November U.S. Presidential Election. Biden himself has publicly endorsed Harris for the position.

Immediately after the announcement, Bitcoin dropped to $65,777 on the trading platform Binance before recovering slightly. However, altcoins suffered the most, experiencing significant drops from their highs the day before. The Biden meme coin "BODEN" plummeted by 50%, while several Donald Trump coins surged, some by over 100%, as the news was digested. This could indicate that cryptocurrency traders believe Trump is still a strong contender to become the 47th President of the United States.

CrowdStrike Identified as Likely Cause of Global IT Outage

A major global IT outage disrupted TV companies, banks, airlines, emergency services, and businesses on Friday. The issue, likely not caused by a hack, was due to a bug in CrowdStrike’s Falcon sensor. This malfunction resulted in the Blue Screen Of Death (BSOD) error on Microsoft Windows machines, leading to widespread computer failures.

The Federal Aviation Administration (FAA) issued ground-stop orders for many airlines, and Sky News in the UK went off the air for an extended period. CrowdStrike’s share price fell over 10% in pre-market trading and dropped more than 15% during the Nasdaq trading day.

The London and New York Stock Exchanges were unaffected by the outage, and cryptocurrency trading did not experience a significant disruption.

WazirX: Indian Crypto Exchange Hacked, Loses Amost 50% of Tokens

Top Indian cryptocurrency exchange WazirX has been hacked, resulting in a loss of $230 million, mostly in Shiba Inu (SHIB). This breach accounts for nearly half of the exchange's total cryptocurrency holdings. Elliptic, a blockchain analysis firm, attributes the theft to North Korean hackers who compromised one of WazirX’s multi-signature wallets.

WazirX confirmed the breach on the social media platform X, announcing an immediate investigation and pausing withdrawals of Indian Rupees (INR) and cryptocurrency assets to safeguard users.

The stolen assets include $100 million in Shiba Inu, $52 million in Ethereum (ETH), $11 million in Matic (MATIC), and $6 million in Pepe (PEPE). The hackers have been liquidating tokens on the decentralised exchange Uniswap but still retain $4.2 million in Floki tokens.

Ryan Selkis, former founder of Coindesk and CEO of the crypto data and research firm Messari, has resigned after making inflammatory remarks on the social media platform ‘X’. Selkis's comments, which included an expletive-laden suggestion that non-Trump voters "can die in a fire," also touched on political issues, civil war, and expelling an immigrant.

Messari CEO Resigns Following Explosive Social Media Tirade

Ryan Selkis, former founder of Coindesk and CEO of the crypto data and research firm Messari, has resigned after making inflammatory remarks on the social media platform ‘X’. Selkis's comments, which included an expletive-laden suggestion that non-Trump voters "can die in a fire," also touched on political issues, civil war, and expelling an immigrant.

Following the backlash, Selkis resigned, stating that his remarks put his colleagues at risk for the first time in over six years. He also criticized the media and administration for their handling of an assassination attempt on Donald Trump and their failure to reduce divisive rhetoric.

Messari’s Chief Revenue Officer has been appointed as the interim.

Crypto Analysis

Bitcoin (BTC)

Bitcoin has once again retested the broken resistance level that had formed on July 1st at $63,861. This resistance has now turned into new support, tested on Thursday and Friday. This break above the Fibonacci level, taken from the all-time high of $73,777 down to the most recent significant weekly low on July 5th, this retracement level comes in at $66,025. As a result, the chart has returned to an uptrend.

Although the 0.786 Fibonacci level and minor resistance ahead may play small roles as areas of interest, the next major level of resistance is not an all-time high. Instead, it is the area on the chart indicated by the green rectangular shaded zone and the four blue arrows around the $72,797 to $71,446 range. This resistance level is so close to the all-time highs that a push above it would almost inevitably lead Bitcoin to a blue sky breakout.

Friday produced a bullish engulfing candle, but volume is decreasing on this latest up move and although this may dampen the bullish case, it could also signify a slowing down of price momentum and consolidation before a continuation of the short-term up trend. The RSI Momentum indicator has been omitted from the chart as it no longer shows extreme conditions. It has been replaced by the more time-sensitive Stochastic RSI, which is currently in an overbought region. Although this may suggest we are due for a pullback, this indicator can remain in extreme zones for extended periods, especially within a strong trend. We may indeed experience a small pullback, allowing these overbought conditions to subside, before resuming the uptrend.

No bearish divergences are signalling, further supporting the bullish outlook.

Bitcoin: In Conclusion

Bitcoin has broken and closed above the daily structure, propelling it into an uptrend. The price is now closer to the all-time high of $73,777 than to the significant lows of July 5th, increasing the likelihood of reaching new all-time highs. The bullish price action reinforces this outlook.

With fundamental news dominating events next week, particularly the significant possibility of an Ethereum Spot ETF, there is a strong likelihood that Bitcoin will push higher. However, as always, nothing should be taken for granted in the world of cryptocurrency, and it is crucial to monitor current price action continually.