{"id":3977,"date":"2024-07-30T06:26:37","date_gmt":"2024-07-30T06:26:37","guid":{"rendered":"https:\/\/cryptd.in\/political-polls-and-government-moves-whats-behind-bitcoins-fall-below-66000\/"},"modified":"2024-07-30T06:26:37","modified_gmt":"2024-07-30T06:26:37","slug":"political-polls-and-government-moves-whats-behind-bitcoins-fall-below-66000","status":"publish","type":"post","link":"https:\/\/cryptd.in\/ja\/political-polls-and-government-moves-whats-behind-bitcoins-fall-below-66000\/","title":{"rendered":"Political Polls and Government Moves: What\u2019s Behind Bitcoin\u2019s Fall Below $66,000"},"content":{"rendered":"

Bitcoin has lost 5.7% over the past 12 hours or so, dumping $4,000 in a fall from $70,000 to just below $66,000 during early Asian trading on Tuesday, where it found support.<\/p>\n

However, it remains within a five-month rangebound channel that formed at the end of February.<\/p>\n

Analysts have been searching for clues to explain the sudden dip in market sentiment following a seven-week high for the asset.<\/p>\n

Political Polls or US Govt Moves?<\/h2>\n

On July 30, crypto trader and economist Alex Kr\u00fcger observed that prices and euphoria were running high on Monday on the back of the Trump speech, with BTC hitting $70,000<\/a>, \u201cand then wham -5% in a straight line.\u201d<\/p>\n

He said it may have something to do with Democrat presidential candidate Kamala Harris<\/a> performing well in the polls.<\/p>\n

\u201cIf trying to rationalize the move, I\u2019d say it was a partial reflection of Kamala doing very well in the polls (polls, not betting markets). The Trump trade is long Bitcoin and long small caps. The Kamala trade is the opposite.\u201d<\/p>\n

According<\/a> to The Hill, Trump\u2019s lead in the polls had narrowed to just 1.5% on July 30 with 47.6% versus rival Harris on 46.1%.<\/p>\n

Crypto trading can be brutal. Prices and euphoria were running high today into the US equities open, on the back of the Trump speech, $BTC<\/a> ticked 70K, and then wham -5% in a straight line. <\/p>\n

If trying to rationalize the move, I’d say it was a partial reflection of Kamala doing\u2026 pic.twitter.com\/GLalHo8jo0<\/a><\/p>\n

\u2014 Alex Kr\u00fcger (@krugermacro) July 29, 2024<\/a><\/p>\n\n

Another factor for the decline was the United States government moving<\/a> around 29,800 BTC worth roughly $2 billion on July 29.\u00a0This comes just days after Donald Trump said he wouldn\u2019t sell<\/a> any of the government\u2019s Bitcoin stash if he were elected.<\/p>\n

The U.S. government now holds 183,438 BTC worth around $12.5 billion, according<\/a> to Arkham Intelligence.<\/p>\n

Trump: We will not sell any siezed $BTC<\/a> and allocate it to a strategic reserve.<\/p>\n

Biden admin: pic.twitter.com\/rqXePgKWtA<\/a><\/p>\n

\u2014 Hsaka (@HsakaTrades) July 29, 2024<\/a><\/p>\n\n

In a post on X on July 30, crypto analyst \u201cInmortal\u201d opined<\/a> that the dip wasn\u2019t necessarily a bad thing.<\/p>\n

\u201cBut, the best thing that could happen to us is more consolidation. The bigger the consolidation, the bigger the expansion.\u201d<\/p>\n

Elsewhere on Crypto Markets<\/h2>\n

Total capitalization has declined around 4.4% in a fall to $2.48 trillion at the time of writing. However, it has also remained largely sideways for the past five months.<\/p>\n

Ethereum fell from almost $3,400 to around $3,260 before recovering to reclaim $3,300 during early trading in Asia on Tuesday.<\/p>\n

Other altcoins were hit harder as usual, with larger losses for Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Near Protocol (NEAR).<\/p>\n

\u30dd\u30b9\u30c8 Political Polls and Government Moves: What\u2019s Behind Bitcoin\u2019s Fall Below $66,000<\/a> \u306b\u521d\u767b\u5834\u3057\u305f\u3002 \u30af\u30ea\u30d7\u30c8\u30dd\u30c6\u30c8<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin has lost 5.7% over the past 12 hours or so, dumping $4,000 in a fall from $70,000 to just below $66,000 during early Asian trading on Tuesday, where it found support. However, it remains within a five-month rangebound channel that formed at the end of February. Analysts have been searching for clues to explain the sudden dip in market sentiment following a seven-week high for the asset. Political Polls or US Govt Moves? On July 30, crypto trader and economist Alex Kr\u00fcger observed that prices and euphoria were running high on Monday on the back of the Trump speech, with BTC hitting $70,000, \u201cand then wham -5% in a […]<\/p>\n","protected":false},"author":0,"featured_media":3978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nPolitical Polls and Government Moves: What\u2019s Behind Bitcoin\u2019s Fall Below $66,000 - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/ja\/political-polls-and-government-moves-whats-behind-bitcoins-fall-below-66000\/\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Political Polls and Government Moves: What\u2019s Behind Bitcoin\u2019s Fall Below $66,000 - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has lost 5.7% over the past 12 hours or so, dumping $4,000 in a fall from $70,000 to just below $66,000 during early Asian trading on Tuesday, where it found support. However, it remains within a five-month rangebound channel that formed at the end of February. Analysts have been searching for clues to explain the sudden dip in market sentiment following a seven-week high for the asset. Political Polls or US Govt Moves? 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