Markets
Cryptocurrency Markets Slump as Traders Speculate on Biden Retirement
Bitcoin ETFs attracted $860 million in inflows this week.
Most digital assets fell on Friday morning as speculation intensified that U.S. President Joe Biden might withdraw from the re-election race.
Bitcoin AND Ether decreased by 1.2% and 2% respectively, while Solana rose 1%. All three assets have posted double-digit percentage gains over the past seven days, accelerating after last weekend’s assassination attempt on Republican presidential candidate Donald Trump.
BTC Price
Trump’s pro-crypto stance has been applauded by cryptocurrency investors, and while his odds of winning have slipped slightly from a July 16 peak of 72%, he remains the favorite to win, according to the prediction market. Polymarket.
Bitcoin ETFs are having another stellar week, with 860 million dollars of inflows in the first four days. BlackRock’s IBIT fund accounted for the bulk of the inflows, at nearly $600 million.
In other Bitcoin news, more than half of those surveyed said survey in the Mt. Gox insolvency sub-Reddit said they have no plans to sell any of their BTC. Creditor repayments are expected in the coming days after the trustee overseeing the process transferred billions of dollars in BTC to designated cryptocurrency exchanges, including Kraken.
Among the top 100 digital assets by market cap, Ethereum Layer 2 Mantle network is the top gainer today with a 6% rally. Solana-based memecoins Popcat and Shiba Inu are up 3%.
Meanwhile, the video game sector is the worst performer, with Immutable, Beam and Gala Games all down 5% or more.