Bitcoin bulls charge toward $68,000 as BTC price eyes 2021 all-time highs around $69,000. BTC price briefly surged above $68,000 during the early Asian trading hours on Monday July 22 before settling around $67,000. At the time of writing, the big crypto was trading at $67,353, up 0.83% over the last 24 hours.
Bitcoin’ price action follows Unites States President Joe Biden’s announcement of not running in the upcoming election which is viewed as potentially favorable for the digital asset industry, regardless of the election outcome, among some traders.
However, this dropped the odds Republican candidate and former President Donald Trump from Sunday’s 71% to 65% in Asian morning hours Monday on the crypto betting application Polymarket. Meanwhile, odds of sitting Vice President Kamala Harris rose from 16% to 30%.
Market analysis and commentators expect BTC to continue to rally in the mid-long term till the 2024 election.
Another factors behind Bitcoin’s upward momentum is the substantial inflows into US-based spot Bitcoin ETFs with these investment products loggin more than $382 million in net inflows on Friday, July 19.
This marked the eleventh consecutive day of positive flows on Friday, with BlackRock’s IBIT accumulating nearly $19 billion in net inflows since inception, according to data from Farside Investors.
