As traders assessed the ramifications of US President Joe Biden’s decision to drop his reelection campaign, bitcoin rose to its highest point in over a month.
As markets responded to the prospect of a contest between pro-crypto Donald Trump and Kamala Harris, the largest digital asset recovered from initial losses to trade at roughly $68,300 as of 8:42 a.m. in Singapore on Monday.
The increase is a reflection of the market’s perception, according to Tony Sycamore, market analyst at IG Australia Pty, that Bitcoin is entering a new era under a US President who is pro-crypto and that the Democrats, led by Kamala Harris, cannot defeat Trump in the battle for the White House.
According to Benjamin Celermajer, co-chief investment officer at Magnet Capital, “we expect the market to become a lot more investible under a Trump administration,”. He mentioned the coins connected to the Maker, Aave, and Lido protocols as examples of tokens he believed will perform well and have “real value drivers.”
On July 27, Trump—who has become noticeably more pro-crypto in recent months—will give a speech at a significant Bitcoin conference in Nashville.
Following the conference, the Republican presidential contender will also have a fundraiser for which attendees are required to donate $844,600 per seat.
In contrast, Caroline Bowler, CEO of BTC Markets, stated that we are still unaware of Harris’ opinions toward cryptocurrencies. In the upcoming weeks, we might learn more about her opinions on issues like cryptocurrency, which might decide the outcome of the election for any candidate.
Popular crypto accounts welcomed the developing rally over on X, where Elon Musk wore an avatar with the laser eyes that are commonly thought to be a sign of Bitcoin enthusiasm.
The head of Satori Research, a cryptocurrency investing firm, Teong Hng, stated that recent activity in the over-the-counter options market indicated that Bitcoin would soon return to its peak.
Increased demand for December 2024 calls with a $100,000 strike price indicates growing institutional investor optimism. A Trump victory, Hng stated, would “punctuate a strong year-end rally.”
The relative strength of Bitcoin over the last week defied the decline in markets, as calls for Biden to withdraw intensified in number and fervor.
Furthermore, the recent inflows into exchange-traded funds backed by Bitcoin appear to have “underlying momentum,” which predicts another tilt at $70,000. The head of research at Pepperstone Group, Chris Weston, penned a message.
