Bitcoin briefly surpassed the $70,000 level for the first five-month period as the US Presidential election nears. The former president Donald Trump is leading the polls against vice-president Kamalah Harris. This marks a significant milestone for the cryptocurrency market, depending on how the elections turn out.
$70,000 As Key Level For Bitcoin To Surpass March Record
Recent increases in Bitcoin prices have been supported by the rally of stocks, analysts pointing out that they are pricing in more and more a possible Trump win.
Tony Sycamore is a Market Analyst at IG Australia Pty. indicated Bitcoin’s previous record, $73,798 from March, must be surpassed.
Trump has made a strong case for himself, positioning himself as the crypto candidate. He pledged to make America a leader in this field. the cryptocurrency capital of the world. Harris, on the other hand, has advocated a cautious approach, advocating a regulatory structure for the industry.
Many traders of options have increased their wagers amid the current political climate. speculating Bitcoin is expected to reach $80.000 by November’s end, no matter who wins.
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In addition, implied volatility has increased around Election Day (5th November), reflecting market uncertainty. In the US, the spot Bitcoin ETFs have experienced net inflows of approximately $3.1 billion this month. This has contributed to the overall positive sentiment towards cryptocurrencies.
Harris’s Cryptostance is a Source of Concern for Regulatory Authorities
VirtualBacon is a cryptocurrency analyst who was recently featured in the media. highlighted It is important to note that the market for cryptocurrency will be affected by the outcome of this election. “Crypto Election.”
Prediction markets are currently in favor of Trump, with a 60% rating. These figures could be affected by the history of crypto support. National polls show a closer race with Harris having a small lead over Harris of only 1%.
In this election cycle, the crypto industry donated approximately $119,000,000 to campaign campaigns. This is almost half of what corporate donors have contributed.
Major players such as Coinbase, and Ripple They donate strategically across parties to encourage supportive legislation, instead of supporting one candidate.
When both are considered Trump Although Harris and Harris both publicly expressed their support for Bitcoin, they have not committed to any concrete legislative measures.
Harris’s approach to regulation raises concern, since her campaign has focused on protecting minorities in digital assets while not providing any specifics.
Moreover, the tenure of her Vice-President coincided with prominent critics in the crypto world, such as Gary Gensler (chairman, Securities and Exchange Commission, SEC), and Janet Yellen, US Treasury Secretary.
Trump’s changing views on cryptocurrency are also reflected in the successful launch of the NFT and the aforementioned NFT. DeFi platformIt is possible that the industry will warm up.
VirtualBacon advises that, as elections near, it’s important to keep in mind that the economic data that will be released following an election could have a major impact on the market.
Inflation could be a key topic at the upcoming Federal Open Market Committee meeting (FOMC), which will take place in November. liquidityBoth the wider market and cryptocurrency’s trajectory are affected by this.
BTC’s Road To $100,000.
Ali Martinez, another analyst has expressed his concern about the effects of the upcoming presidential elections, just seven days away. noted Over the last eleven years, the crypto market leader has seen seven massive increases.
Martinez’s chart shows that the BTC average gain in November is 46%. If the market continues to follow these patterns late, we could be looking at a price per coin of over $100,000 by November.
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For BTC, however, to confirm that it has broken out to test its previous highs, it is important for it to continue to hold above $70,000 in the days leading up to the elections, thus positioning it for an explosive breakout into even higher prices.
The featured image comes from DALLE. Charts are from TradingView.com
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Source: www.newsbtc.com
