Analysts On Bitcoin: 2024 US Election Could Steer The Crypto’s Future
18 October 2024 - 6:00PM
NEWSBTC
Yet another reason that has given the rocket fuel to the price of
Bitcoin is the rapidly approaching US presidential elections.
Several analysts are keenly observing whether political dynamics
will take their toll on the cryptocurrency in the near future with
the election date nearing. Related Reading: Dogecoin Jumps Over 16%
In The Last Week — More Gains To Come? QCP Capital believes that
the result of the presidential election might have significant
influence on the trajectory of Bitcoin. This should be relayed in
the current trading patterns as options contracts associated with
the election are trading at a 10% premium, thus indicating
increased market sensitivity towards political developments. Who Is
More Advantageous For Bitcoin: Trump Or Harris? Former President
Donald Trump has revealed that he now supports cryptocurrencies.
This is a very significant U-turn since he used to outright bash
the existence of cryptocurrencies. In his latest speech, he pushed
how much it was essential to embrace digital currencies, stating
that crypto was moving out of the United States because nobody
appreciates it. Source: QCP Capital He advises the creation of a
national Bitcoin stockpile and prevent the Federal Reserve from
launching a digital currency. This approach aims to attract
supporters and contributors of cryptocurrencies, hence maybe
raising the value of Bitcoin should he be successful. As for Vice
President Kamala Harris, she hasn’t said much about it yet, but she
is talking to some in the crypto community. That the campaign would
seek to obtain crypto votes signifies that she is willing to
reconsider her stance on digital currencies. Although she may not
fully embrace crypto as Trump has, her willingness to discuss the
matter could indicate a more favorable regulatory environment in
the event that she were to win. Market Predictions And Reactions
Currently, Bitcoin is trading at approximately $67,685, and some
analysts anticipate that it will shortly surpass its all-time high
of nearly $74,000. Bitcoin ETFs have registered a decent amount of
inflows in the last few weeks, which may have been a major factor
to the recent increase in Bitcoin prices. The Bitcoin ETFs
experienced a $457 million inflow on October 16, which culminated
in four consecutive days of advances. This favorable momentum
implies that institutional investors are becoming more optimistic
about the potential of Bitcoin. Related Reading: SUI Price Hits
All-Time High – But Questions About Valuation Remain Nevertheless,
there is still a degree of uncertainty regarding the crypto
market’s future, as the policies of both candidates could result in
varying outcomes. Harris’s changing stance throws open
possibilities of speculations on the future regulations that are
likely to be made and Trump’s pro-crypto stand being seen as a
positive for Bitcoin. The Bitcoin market capitalization, which is
still a figure of $1.3 trillion, according to some analysts, may
make it less susceptible to high volatility by any verdict.
Meanwhile, QCP Capital believes this US presidential election will
affect Bitcoin. Political changes are already affecting election
options contracts, which trade at a 10% premium. As traders await
policy changes from any candidate, QCP expects the election to
influence Bitcoin’s future. Featured image from Sky News, chart
from TradingView
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