- Bitcoin cryptocurrency is growing in value like clockwork
- Bitcoin's success is attributed to Trump
- Bitcoin predictions until the end of November: what's in store for the market after the election?
Bitcoin cryptocurrency is growing in value like clockwork
Bitcoin, the world's largest cryptocurrency, has received a lot of attention recently, reaching a value of more than $71,000, the highest level recorded since June.
This rise is attributed to inflows into cryptocurrency investment funds and speculation about the outcome of the US elections, as market participants expect the elections to bring favorable developments in the digital asset market[1].
Last Tuesday, at 10:45 Singapore time, the price of bitcoin rose by more than 2% to reach USD 71 310. Meanwhile, other popular cryptocurrencies, such as Ether and Dogecoin, also recorded a rise of around 4%.
Bitcoin's success is attributed to Trump
Some analysts attribute the rise of bitcoin to the so-called "Short Trade Effect". Republican US presidential candidate Donald Trump demonstrated his support for digital assets during the election campaign. He even promised to make the US the crypto capital of the world if he won. This promise, which shows a strong preference for cryptocurrencies, has encouraged market participants to take a more positive view of the future of cryptocurrencies and has led to growing optimism among crypto investors.
D. Trump also revealed that he would seek to add Elon Musk to his administration if he wins the election. Musk, a prominent crypto enthusiast and Dogecoin supporter could lead an initiative to cut government spending, according to Trump. Interestingly, this is an initiative that Mr Trump would be able to steer. Trump plans to call it the "Department of Government Efficiency", which in English is abbreviated DOGE. This is a subtle reference to the Dogecoin cryptocurrency.
It is worth noting that, in the area of cryptocurrencies, the exact opposite position is taken by the Democratic candidate, Kamala Harris, who is proposing more regulation and is seeking to introduce a structured regulatory framework, the lack of which has been highlighted by the administration of the current President, Joe Biden. Polls for the presidential election show a very close race between the two candidates, but Trump is so far leading in almost all predictions.
Bitcoin predictions until the end of November: what's in store for the market after the election?
"Tony Sycamore, market analyst at IG Australia Pty, points out that the surge in bitcoin's value has been driven not only by rising investment in cryptocurrency funds, but also by the overnight rally in equities. According to Sycamore, the upward trend in bitcoin could continue if the currency holds steady above 70,000. This would further strengthen investor confidence in the cryptocurrency. The analyst adds that if this trend continues, bitcoin could even surpass its previous record of USD 73 798 in March.
It is currently predicted that the value of Bitcoin could rise even further in November to reach 80,000. The Bitcoin price will reach the USD 1 billion mark by November, regardless of which candidate wins the US presidential election. Traders note that the implied volatility of the crypto market is increasing as election day approaches and is expected to peak on 5 November. US Spot-Bitcoin funds have already raised around €3.3 billion this month. This shows that investors still believe in the great potential of Bitcoin[2].
The value of Bitcoin has increased by as much as 70% this year. The digital asset has not only withstood the Federal Reserve's interest rate cut speculation but has also remained resilient to concerns about the stability of the cryptocurrency Tether, considered one of the most important in the US crypto market.
Thus, as the US presidential elections approach, there is a growing sense of optimism in the market, but at the same time, there are questions about the future of cryptocurrency regulation. These elections will have a significant impact on
