Bitcoin (BTC) gained 2.88% on Sunday, June 30, closing the session at $62,741. As the crypto market continues to evolve, attention turns to US court rulings and the impact of the upcoming US Presidential Election on digital assets like BTC.
US Court Rulings and BTC Market Trends
1. BTC Retakes $62,000: Dip Buyers or Renewed Investor Optimism?
On Sunday, June 30, BTC rebounded by 2.88%, following a 0.95% rise on Saturday, June 29. Despite a 7.07% decline in June, settling at $62,741, investors remained optimistic. The US BTC-spot ETF market saw four consecutive days of net inflows, totaling $73.0 million, signaling renewed interest in BTC. Selling pressure subsided significantly, even as hopes of a September Fed rate hike lingered.
2. Trump’s Influence on the Crypto Market
The highly anticipated Presidential Debate between US President Joe Biden and Republican front-runner Donald Trump took place on Thursday, June 28. Reports of Democratic Party members considering whether Biden should step down as the candidate for US President resonated. According to the latest poll from 538, Trump leads with 41.7% vs. 40.4% for President Biden as of June 30. A Trump victory could be a boon for the crypto market, given his previous support for cryptocurrencies during his Presidential Election campaign.
3. Regulatory Uncertainty and Rate Fears
While BTC weathers regulatory uncertainty, hawkish FOMC member commentary and the SAB 121 resolution continue to impact the broader crypto market. Investors closely monitor the crypto-spot ETF market and US lawmaker scrutiny. A break below the $39,861 support level could trigger further bearish sentiment.
As BTC prices climb, the interplay of court rulings, political dynamics, and investor sentiment remains critical. The crypto market eagerly awaits the next moves, influenced by both legal decisions and the race for the White House.
