{"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\/zh\/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

\u804c\u4f4d Political Polls and Government Moves: What\u2019s Behind Bitcoin\u2019s Fall Below $66,000<\/a> \u9996\u6b21\u51fa\u73b0\u5728 \u52a0\u5bc6\u571f\u8c46<\/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 […]<\/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\/zh\/political-polls-and-government-moves-whats-behind-bitcoins-fall-below-66000\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\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. 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