Yet another reason that has given the rocket fuel to the price of Bitcoin is the rapidly approaching . Several analysts are keenly observing whether political dynamics will take their toll on the cryptocurrency in the near future with the election date nearing.
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 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.
BTCUSD trading at $67,790 on the daily chart:
Market Predictions And Reactions
Currently, 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 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
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 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
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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