Bitcoin Pumps to Mid-June Levels following Boris Johnson’s Resignation

blockchain.news:

Bitcoin (BTC) hit the $22K level, a scenario last seen in mid-June after Boris Johnson resigned as the UK prime minister.

Even though BTC had retraced to the $21,825 zone during intraday trading, the leading cryptocurrency was still up by 7.18% in the last 24 hours, according to <dfn data-info=«CoinMarketCap is the world» s most-referenced price-tracking website for="" cryptoassets in the rapidly growing cryptocurrency space. its>CoinMarketCap.

Johnson resigned in a week marred by turmoil in British politics as various ministers quit based on a slew of scandals. Therefore, Johnson’s authority was eroded, which typically paralyzed the UK government.

Speaking to onlookers and supporters outside 10 Downing Street on Thursday, Johnson stated:

“It is clearly now the will of the parliamentary Conservative Party that there should be a new leader of that party and therefore a new prime minister.”

Nevertheless, he blamed the Conservative Party for his woes and said:

 “As we have seen at Westminster … when the herd moves, it moves. And my friends, in politics, no one is remotely indispensable.”

Therefore, news about Johnson’s resignation has triggered a bullish momentum in the Bitcoin market because the top cryptocurrency has been struggling to hold the psychological price of $20,000.

However, a market analyst under the pseudonym Tajo Crypto believes caution should not be thrown to the wind because BTC is still not out of the woods. The analyst stated:

“Bitcoin pumped after Boris Johnson's resignation and it's pumping now, but let's not be too optimistic and blow things out of proportion. We are still in a bear market and there's no guarantee of leaving yet, especially with the Fed's quantitative tightening. But anything is