The early morning trading session saw a 3% loss in Bitcoin price before it partially recovered to trade at $58.8K during the Asian trading session. Other altcoins that plummeted included Solana and Dogecoin, the meme-crowd favorite.
Selling pressure intensified as Mt. Gox gradually returned more than 137,000 Bitcoin to creditors. Investors are unsure how much of the $8 billion haul will be sold, and they are also assessing the possibility that the US and other authorities may dispose of Bitcoin that has been seized.
In the last 24 hours, 100,565 traders were liquidated, with a total liquidation value of $261.98 million. The largest liquidation order, valued at $4 million, was placed on OKX – ETH-USD-SWAP. The value of the worldwide cryptocurrency market has dropped by 3.62% over the past day to $2.17 trillion.
Global investors also speculate about potential outcomes if 81-year-old President Joe Biden gives in to pressure to withdraw his candidacy for US reelection.
Miners in Struggle
Bitcoin miners show symptoms of capitulation following a poor week for the largest cryptocurrency in the world, typically indicative of a market bottom.
Bitcoin is trying to maintain its current $58.8K price. It has been climbing gradually since it hit this level and is now back above the $60,000 mark.
Data provider CryptoQuant believes that given the numerous signs suggesting capitulation following a period of intense sell pressure, this will likely occur again shortly.
Both hash rate and mining revenue by hash (hash price) have significantly decreased this month; the hash rate has decreased by 7.7% since the halving, at a time when the hash price was practically at an all-time low. These decreases are a sign of miner capitulation.
Consequently, the so-called halving that occurred in April, which reduced the number of new tokens that operators receive in exchange for their labor, is still having a negative financial impact on the owners of the power-hungry computers that support the Bitcoin blockchain. Selling some of their token stock is one way that these Bitcoin miners are responding.
Standard Chartered’s bullish forecast on Bitcoin
According to Standard Chartered’s forecast, Bitcoin may reach $100,000 by the time of the U.S. presidential election in November and set a record in August. The bank maintains year-end and 2025 predictions of $150,000 and $200,000, respectively, but predicts a Trump victory will drive up the price of Bitcoin.
The market believes that President Joe Biden’s continued participation in the presidential race will increase the likelihood that former President Donald Trump will be elected to a second term, which is the basis for the analyst’s forecast. It’s conceivable that Bitcoin will reach a new peak in August and reach $100,000 by the day of the US election.
This is good news for Bitcoin since a Trump victory could result in legislation that benefits the cryptocurrency industry. The British bank thinks that a Trump victory would result in a regulatory framework that encourages the expansion of digital assets.
Additionally, Standard Chartered released forecasts for other outcomes, such as different presidential elections. According to the bank, the “least likely” possibility is for Biden to withdraw from the race before the end of July, in which case Bitcoin might fall to $50,000–$55,000.