Bitcoin and Ethereum prices have surged by 5.2% and 4.9%, respectively, following the White House's announcement of a deal to avoid a debt ceiling crisis. The CoinDesk Market Index (CMI) has also risen by 4% to 1,209, while the Nikkei 225 in Japan and Australia's ASX 200 have opened strongly on the news.

The upcoming 2024 US presidential election may have an impact on the next crypto bull run, as several politicians have expressed interest in running for the position. Current President Joe Biden has taken an anti-crypto stance, while former President Donald Trump is also vying for the job. Other candidates, including Ron DeSantis, Vivek Ramaswamy, and Robert F. Kennedy Jr., have expressed their views on crypto.

Bitcoin is becoming a popular option for retirement savings in the US, as people reconsider traditional 401(k) plans due to economic uncertainties and potential scams.

Michael Saylor, the executive chairman of MicroStrategy, believes that Bitcoin could be the solution to combat cybersecurity threats driven by artificial intelligence, such as deepfake. He explained that billions of fake accounts are behind a digital "civil war" in today's society, stirring up hatred among real users of digital platforms. Saylor receives nearly 2,000 fake followers every day and believes that the solution for deepfake and other digital trust issues lies in decentralized identities (DIDs). Companies like MicroStrategy, Open AI, and Polygon are working on encrypted signatures and decentralized identity solutions to combat these issues.

Arthur Hayes, the CEO of BitMEX, has predicted that Bitcoin may not reach $70,000 this year but could breach its all-time high in 2024. He also warned that geopolitical tensions could cause another collapse in the crypto market in 2025 or 2026. Despite this, he believes that more people getting familiar with the crypto ecosystem is a win for the industry. Hayes also invested in PEPE Coin and said smaller US regional banks still face danger of collapse compared to larger banks holding treasuries and mortgage-backed securities.

Arthur Hayes, the former CEO of Bitmex and current head of Maelstrom, predicts that Bitcoin will not reach new highs this year but will experience a blow off top in 2025 or 2026. He cites Bitcoin's halving event in 2024 as a key factor. Hayes also suggests that societal changes, such as a major war, could lead to Armageddon and a decrease in Bitcoin's value. He believes that the US debt ceiling will be resolved but could cause market waves in the fall, which could be beneficial for Bitcoin. Maelstrom is currently investing in ether staking and exploring the emergence of NFTs on Bitcoin.

Bitcoin miners are showing confidence in the cryptocurrency as their holdings increase and revenue generated rises, despite the rising mining difficulty. Traders are also optimistic about Bitcoin's price, with more bullish positions than bearish positions in BTC options set to expire soon. The fact that miners have been able to increase their holdings suggests ongoing interest and support for Bitcoin, which is positive for the broader market. However, the rise in mining difficulty may pose challenges for miners in the future.

Investors are uncertain about the future of Bitcoin due to its current sideways price action. The upcoming interest rate hike by the Federal Reserve could pose a challenge for the cryptocurrency market, as higher interest rates make traditional investments more attractive, potentially reducing demand for Bitcoin and other cryptocurrencies. However, Bitcoin is often seen as a hedge against inflation, which may still appeal to investors during times of economic uncertainty. Despite the lack of clarity in the market, existing crypto holders are not selling their holdings, indicating a period of caution rather than bearish sentiment.

Bitcoin and Ethereum remained stable as options contracts worth billions expired on Friday morning. Bitcoin was up by 1% while ETH jumped 1.6%. The expiration of Bitcoin options on Deribit with a notional value of $2.26 billion and $1.25 billion for Ethereum created uncertainty in the market. Traders mainly held bullish positions, which probably explains why the price reacted negatively before expiration. Bitcoin and Ethereum are suffering from low liquidity, which is expected to exacerbate the impact of the option expiration event.

According to on-chain data, 2.71 million BTC has fallen into loss as Bitcoin's price dropped from its local top of $31k, resulting in a rise in the total amount of supply in loss to 68%. Glassnode analyst James Check suggests that BTC could see a big move to either side as the sell-side risk ratio approaches its all-time lows. Bitcoin's current spot price is around $26.4k, and the drawdown below $27k has bulls staring at a potential dip to support at $25k or lower. However, even as this outlook materializes, about 2.71 million BTC has drifted underwater, equivalent to about 14% of the benchmark crypto's circulating supply.