Trump's Firing, Joe Biden's Resignation Are Key Factors for Bitcoin's Skyrocketing

Bitcoin prices shot up due to Joe Biden's resignation (photo: Unsplash)

JAKARTA - Bitcoin has experienced an extraordinary price surge in the past few weeks. On Tuesday, July 23 at 08:00 a.m. Western Indonesian Time (WIB), Bitcoin (BTC) was traded at a price of 67,495 US dollars (IDR 1.09 billion).

In fact, Bitcoin was traded above 68,000 US dollars or around 1.1 billion on Monday, July 22, jumping from around 63,500 US dollars or IDR 1.02 billion on July 15.

According to Ajaib Kripto Financial Expert, Panji Yudha, the increase in Bitcoin prices was influenced by several factors, including political issues, Bitcoin Spot ETF inflow, Ethereum ETF enthusiasm, and economic indicators and inflation data.

Panji said that the failed assassination attempt on former President Donald Trump and President Joe Biden's withdrawal from the US election were the main factors affecting investor confidence.

"In addition, rumors that the Securities and Exchange Commission (SEC) will soon resolve a major case have the potential to provide additional impetus to the crypto market," Panji said in his statement.

In addition, Panji added, Bitcoin Spot ETF also played a significant role in the recent price increase. Last week, this ETF generated an inflow of around 1.24 billion US dollars over five trading days, showing a positive close throughout the last three weeks.

This surge in investment provides great momentum to Bitcoin's price movement, strengthening investor confidence in this digital asset.

In addition to Bitcoin, Panji sees Ethereum (ETH) also benefiting from the overall positive market sentiment, albeit to a lesser extent. Where anticipation surrounding the Ethereum spot ETF, which will begin trading on July 23, contributed to the market's gains.

On Tuesday, July 23, the price of ETH increased by 6 percent over the past week, reflecting the widespread bullish sentiment in the crypto market.