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Since July 16, the price of Bitcoin (BTC) has fallen to these levels, and at the time of writing, it is trading at $63,680. The decline has not yet ended. The rapid sales when the price was above $65,000 have no single cause, and whales quickly cashing in their short-term gains may have triggered them.
Why Is Bitcoin Dropping?
The most significant event in the last hour was the probability of Biden stepping down exceeding 75%. Considering his positive Covid test, old age, and difficult situations in front of cameras, this would not be a surprise for Biden. However, it could be a surprise for the cryptocurrency markets. Against Trump, Biden is now a much easier opponent, and after the recent assassination attempt, people are more confident that Trump will be elected.
If Biden steps down for a better alternative and adopts a correct stance on key issues, things could turn against Trump. There is still a lot of time until the November elections, and the impact of the assassination attempt may weaken over time. All these seem like logical explanations for the recent drop to the $63,500 level.
Trump’s crypto-friendly stance excites investors in this field. However, if his chances of being elected weaken, investors need to prepare for a scenario where the recent price catalyst disappears. While Kamala Harris’s chances of being elected have increased to 20%, Biden’s have dropped to 7%. Trump, on the other hand, remains above 60%.
