As a seasoned crypto investor with several years of experience under my belt, I have seen my fair share of market volatility and unexpected price movements. However, Sunday’s sudden Bitcoin crash took me by surprise.
On Sunday, Bitcoin experienced a sudden and sharp drop in price, causing Dogecoin and Shiba Inu, among others, to follow suit. The fall from grace for Bitcoin resulted in a loss of approximately $2,000 in just minutes, pushing its value below $66,000. Although this decline did not persist at the time, several factors contributed to it, instilling fear and apprehension among crypto investors.
Why Did The Bitcoin Price Fall?
One significant reason for Bitcoin’s price drop below $66,000 can be attributed to the US presidency race between Joe Biden and Donald Trump. For an extended period, this political rivalry took center stage, making them the frontrunners in the election.
As a crypto investor, I was taken aback by Sunday’s unexpected announcement from President Joe Biden. He declared on X, previously known as Twitter, that he would be relinquishing his bid for re-election and focusing solely on his presidential duties for the rest of his term. The declaration, which has already amassed over 330 million views, marked a significant shift in the political landscape.
In the identical statement, President Biden expressed his backing for Vice President Harris as the Democratic Party’s nominee for the presidency. Simultaneously, he rallied party loyalists to unite and defeat Donald Trump, currently the formidable adversary.
— Joe Biden (@JoeBiden) July 21, 2024
After the declaration, the cryptocurrency market showed an immediate reaction, resulting in a significant decrease of approximately 3% for coins such as Dogecoin and Shiba Inu, while Bitcoin experienced a more pronounced price drop.
Dogecoin, Shiba Inu Refuse To Stay Down
Similar to the quick drop in value, Bitcoin’s rebound was equally rapid, reaching new record-highs for the month. The cryptocurrency surpassed $68,000 on Sunday, leading the market upward. As a result, Dogecoin and Shiba Inu experienced substantial growth from their recent lows.
The price of Dogecoin rebounded, surpassing the $0.14 mark once more after dipping below $0.128. Consequently, its total daily profits soared beyond 4%, and its daily trading volume spiked remarkably above $20 billion.
Similarly, the price of Shiba Inu bounced back from its rock-bottom of $0.0000173 to surpass $0.0000184. However, unlike Dogecoin, Shiba Inu’s daily trading volume remains relatively quiet with approximately $383 million in transactions taking place.
Regarding Bitcoin’s price, it is spearheading market optimism, steadfastly upholding the $67,000 threshold after its recent recuperation. This equates to a roughly 12% price surge for Bitcoin over the past week.
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2024-07-22 15:40