Bitcoin experienced a brief dip following Joe Biden's announcement that he won't seek a second term, leading to $159 million in futures contract liquidations. However, Bitcoin quickly rebounded, peaking at $68,480. According to a report from Decrypt, the rebound is influenced by macroeconomic factors, including the People's Bank of China’s unexpected rate cuts and anticipation of the U.S. Federal Reserve's interest rate decisions. With significant economic indicators due this week and the launch of spot Ethereum ETFs in the U.S. on July 23, some analysts anticipate high market volatility, potentially driving BTC past $70,000.
Sources: Decrypt
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