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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    Somnia Launches Playground App to Empower Metaverse Creators

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    Guild of Guardians Leads Despite Dip as SuperRare and Panini Skyrocket

    Official Hyperliquid NFTs Hit All-Time High of $65,000 on OTC Desks

    Official Hyperliquid NFTs Hit All-Time High of $65,000 on OTC Desks

    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

    NFT sales pump 37% to $144.8m, Immutable dethrones Ethereum

    NFT sales pump 37% to $144.8m, Immutable dethrones Ethereum

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    Pudgy Penguins Joins Lufthansa for Real Travel Rewards

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    Solsniper Closes NFT Marketplace After 3.5 Years, Shifts Focus to Trading Bot Development

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    Ethereum Token Platform Zora Sues Deloitte Over AI Trademark Dispute

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    OpenSea sunsets ‘Deals,’ other features in OS2 shakeup

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    Binance, Cristiano Ronaldo Introduce Sixth NFT Drop

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    Doodles NFT Sticker Launch on Telegram Sells Out in 24 Hours

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    A16z-backed Spekter Games founder shares Telegram gaming ethos

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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  • Guides
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    What Is Fully Diluted Valuation (FDV) in Crypto?

    What Does FUD Mean in Crypto? The Fear, Uncertainty, and Doubt Effect

    What Does FUD Mean in Crypto? The Fear, Uncertainty, and Doubt Effect

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What Is Yield Farming in Crypto? A Beginner’s Guide to DeFi Income

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    What Is Asset Tokenization? Types, Why It Matters Now [2025]

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    Key Innovations, Challenges, and What Comes Next

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    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Experience to Earn: Everdome's Metaverse Frontier

    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    Carrieverse and Disney Ink Content Deal

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

  • NFT
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    Guild of Guardians Leads Despite Dip as SuperRare and Panini Skyrocket

    Official Hyperliquid NFTs Hit All-Time High of $65,000 on OTC Desks

    Official Hyperliquid NFTs Hit All-Time High of $65,000 on OTC Desks

    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

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    NFT sales pump 37% to $144.8m, Immutable dethrones Ethereum

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    Pudgy Penguins Joins Lufthansa for Real Travel Rewards

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    Solsniper Closes NFT Marketplace After 3.5 Years, Shifts Focus to Trading Bot Development

    Ethereum Token Platform Zora Sues Deloitte Over AI Trademark Dispute

    Ethereum Token Platform Zora Sues Deloitte Over AI Trademark Dispute

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    OpenSea sunsets ‘Deals,’ other features in OS2 shakeup

    Binance, Cristiano Ronaldo Introduce Sixth NFT Drop

    Binance, Cristiano Ronaldo Introduce Sixth NFT Drop

  • Gaming
    Doodles NFT Sticker Launch on Telegram Sells Out in 24 Hours

    Doodles NFT Sticker Launch on Telegram Sells Out in 24 Hours

    Crypto Casinos Made Over $80 Billion in 2024

    Crypto Casinos Made Over $80 Billion in 2024

    A16z-backed Spekter Games founder shares Telegram gaming ethos

    A16z-backed Spekter Games founder shares Telegram gaming ethos

    How Mobile Apps Are Quietly Adopting Web3 Tech

    How Mobile Apps Are Quietly Adopting Web3 Tech

    Location-Based Gaming NFTs: How GPS and Blockchain Are Changing the Way We Play

    Location-Based Gaming NFTs: How GPS and Blockchain Are Changing the Way We Play

    Avalanche Game ‘Forgotten Playland’ Implements NFTs in Biggest Update Yet

    Avalanche Game ‘Forgotten Playland’ Implements NFTs in Biggest Update Yet

    Floki’s Valhalla Fires Up 4-Week Programmatic Display Push Across Target Markets

    Floki’s Valhalla Fires Up 4-Week Programmatic Display Push Across Target Markets

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    Pudgy Penguins launches Pengu Clash on the TON blockchain

    Floki’s Valhalla to Launch 4-Week Reddit Blitz Ahead of Mainnet Release

    Floki’s Valhalla to Launch 4-Week Reddit Blitz Ahead of Mainnet Release

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    LFG Boosts Token Launches with Community Power

    LFG Boosts Token Launches with Community Power

    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    SoonVerse Partners with Arris to Enhance User Experience

    SoonVerse Partners with Arris to Enhance User Experience

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

  • AI
    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

    I asked ChatGPT to predict Ethereum’s prospects as billionaire holders accumulate

    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
    What Is Fully Diluted Valuation (FDV) in Crypto?

    What Is Fully Diluted Valuation (FDV) in Crypto?

    What Does FUD Mean in Crypto? The Fear, Uncertainty, and Doubt Effect

    What Does FUD Mean in Crypto? The Fear, Uncertainty, and Doubt Effect

    What Is Crypto Staking? How to Earn Crypto by Holding It

    What Is Crypto Staking? How to Earn Crypto by Holding It

    What Are Liquidity Pools? A Guide to DeFi Explained Simply

    What Are Liquidity Pools? A Guide to DeFi Explained Simply

    What Is Yield Farming in Crypto? A Beginner’s Guide to DeFi Income

    What Is Yield Farming in Crypto? A Beginner’s Guide to DeFi Income

    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    Key Innovations, Challenges, and What Comes Next

    Key Innovations, Challenges, and What Comes Next

    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

    Types, Use Cases and Why They Matter

    Types, Use Cases and Why They Matter

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Biden’s exit boosts Bitcoin: Will Musk’s ‘laser eyes’ add to the hype?

July 23, 2024
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Biden’s exit boosts Bitcoin: Will Musk’s ‘laser eyes’ add to the hype?
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  • President Biden’s recently announced exit from politics feeds into the bullish speculation.
  • Elon Musk’s laser eyes in his X profile attracts crypto hype.

Bitcoin [BTC]  pushed higher over the weekend aided by an unexpected turn of events. This includes a major announcement regarding Joe Biden’s presidency and Elon Musk potentially hinting at his current stance on crypto.

The Bitcoin community took on a more bullish stance following the announcement that Joe Biden would not pursue a second term.

The current acting U.S president has not been particularly keen on supporting crypto. A contrast to Donald Trump who recently revealed that he is pro-Bitcoin. The announcement signaled a higher probability of Trump regaining presidency, hence the favorable BTC sentiment.

Meanwhile, another key figure may have influenced Bitcoin’s bullish expectations. Elon Musk recently changed his X profile to include laser eyes.

Reactions and commentary on the matter suggests that the market is translating Elon Musk’s laser eyes as a sign that he is bullish.

Bitcoin approaches its top range

Prior to Bitcoin’s extended upside over the last week or so, the bullish sentiment had faded as the cryptocurrency demonstrated a double top. This outcome was likened to the 2021 top which resulted in a major price correction.

However, Bitcoin managed to push above $68,000 during the weekend. Why was this important?

The $68,000 price range means Bitcoin requires less than a 10% move to retest its previous high. In other words, the likelihood of pushing into a new ATH is now more probable.

This may also dispel double top concerns about the bull run potentially being over. Bitcoin traded at $67,269 at press time.

See also  The $70,000 question: Why BlackRock merged Bitcoin with Wall Street

Exchange data points out the state of demand

We also made noteworthy observations that align with the political environment, as well as the overall state of demand in the market. Our assessment of Bitcoin demand revealed that exchange reserves extended their downside.

Bitcoin

Source: CryptoQuant

The last time that exchange reserves were this low was in February 2018. It speaks volumes about the growing demand for Bitcoin. In addition, we witnessed that the recent recovery also encouraged a spike in Bitcoin miner reserves.


Read Bitcoin’s [BTC] Price Prediction 2024-25


Miner reserves previously demonstrated outflows. Bitcoin’s halving in April meant that miners would make fewer profits, and some would find themselves not able to break even, hence forced selling.

The recent spike in miner reserves indicates that miners are more willing to hold on to their coins in anticipation for potentially higher prices.

Previous: Bitcoin investment helps Metaplanet stock soar 900% YTD: What’s next?
Next: Helium token hits $4.9: What’s driving the sudden uptick?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • President Biden’s recently announced exit from politics feeds into the bullish speculation.
  • Elon Musk’s laser eyes in his X profile attracts crypto hype.

Bitcoin [BTC]  pushed higher over the weekend aided by an unexpected turn of events. This includes a major announcement regarding Joe Biden’s presidency and Elon Musk potentially hinting at his current stance on crypto.

The Bitcoin community took on a more bullish stance following the announcement that Joe Biden would not pursue a second term.

See also  Bitcoin - Identifying the odds of a new rally after BTC hit THIS critical level

The current acting U.S president has not been particularly keen on supporting crypto. A contrast to Donald Trump who recently revealed that he is pro-Bitcoin. The announcement signaled a higher probability of Trump regaining presidency, hence the favorable BTC sentiment.

Meanwhile, another key figure may have influenced Bitcoin’s bullish expectations. Elon Musk recently changed his X profile to include laser eyes.

Reactions and commentary on the matter suggests that the market is translating Elon Musk’s laser eyes as a sign that he is bullish.

Bitcoin approaches its top range

Prior to Bitcoin’s extended upside over the last week or so, the bullish sentiment had faded as the cryptocurrency demonstrated a double top. This outcome was likened to the 2021 top which resulted in a major price correction.

However, Bitcoin managed to push above $68,000 during the weekend. Why was this important?

The $68,000 price range means Bitcoin requires less than a 10% move to retest its previous high. In other words, the likelihood of pushing into a new ATH is now more probable.

This may also dispel double top concerns about the bull run potentially being over. Bitcoin traded at $67,269 at press time.

Exchange data points out the state of demand

We also made noteworthy observations that align with the political environment, as well as the overall state of demand in the market. Our assessment of Bitcoin demand revealed that exchange reserves extended their downside.

Bitcoin

Source: CryptoQuant

The last time that exchange reserves were this low was in February 2018. It speaks volumes about the growing demand for Bitcoin. In addition, we witnessed that the recent recovery also encouraged a spike in Bitcoin miner reserves.

See also  SVB Financial files for Chapter 11 Bankruptcy as Bitcoin, cryptos see green

Read Bitcoin’s [BTC] Price Prediction 2024-25


Miner reserves previously demonstrated outflows. Bitcoin’s halving in April meant that miners would make fewer profits, and some would find themselves not able to break even, hence forced selling.

The recent spike in miner reserves indicates that miners are more willing to hold on to their coins in anticipation for potentially higher prices.

Previous: Bitcoin investment helps Metaplanet stock soar 900% YTD: What’s next?
Next: Helium token hits $4.9: What’s driving the sudden uptick?
Tags: addBidensBitcoinboostsexitEyeshypeLaserMusks

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