Cryptocurrency Bitcoin soars to a three-month peak as the forthcoming US Election approaches.
In the past week, Bitcoin has seen a significant surge, with a net inflow of nearly $2.4 billion into US spot Bitcoin ETFs leading up to October 18th. This marks a 9% increase in the cryptocurrency's value.
The rise in Bitcoin's value comes as the US presidential election on November 3, 2024, approaches, with current polls suggesting a close race between the candidates. However, betting markets are currently tilting in favor of Donald Trump, who won the election with 312 Electoral College votes in 2016, securing all swing states.
Trump has voiced strong support for cryptocurrencies, and some analysts predict that Bitcoin could rise to $100,000 under his presidency. This optimism is partly driven by institutional interest and related financial products like ETFs, as well as expectations of more favorable crypto regulations under a potential Trump administration compared to those expected under Kamala Harris.
Bitcoin's value has been on a steady rise since September, and the cryptocurrency briefly topped $69,000 before retracing to around $67,000 on Monday. The current level is its highest since July 31st. However, it's 8% shy of its all-time high of $73,000 achieved in March.
It's important to note that the cryptocurrency market suffers from high volatility and occasional arbitrary movements. As such, investors, traders, and regular crypto users are advised to research multiple viewpoints and be familiar with all local regulations before committing to an investment.
This article does not provide financial or investing advice. The information provided is the author's opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information.
The recent surge in Bitcoin's value is largely linked to the "Trump trade," a market phenomenon speculating on a favorable outcome for Donald Trump in the US presidential election on November 3rd.
Despite concerns about Trump's trade policies, which could reignite inflation and potentially hurt the cryptocurrency market, analysts expect Bitcoin to benefit from Trump's policy proposals. However, it's crucial to keep a close eye on market developments as the election approaches.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Stopping Osteoporosis Treatment: Timeline Considerations
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
