Bitcoin prices traded above $64,000 early in European trading, but encountered some resistance. Analysts say BTC investors appear to be waiting with bated breath to see how the US presidential election will turn out in a month.
At the time of writing, Bitcoin prices had risen 1.5% on the day and settled around $62,800, according to data from CoinGecko. Ethereum’s price has largely mirrored Bitcoin’s trajectory, rising 1.3% to around $2,450 at the time of writing, according to data from CoinGecko.
“The market appears to be waiting for the November elections before deciding on a clear direction for prices,” John Rieder, chief investment officer at crypto lending protocol Ledn, said in a note shared with Decrypt. “The consensus is that a Republican victory will boost digital asset prices more than a Democratic victory, but both parties have made positive statements about digital assets, so I think the upward trend will continue regardless of the outcome.” I am thinking.”
In the US presidential election, former president and Republican candidate Donald Trump will face off against Vice President Kamala Harris in the Oval Office. Voters will head to the polls on November 5th. To date, users of the cryptocurrency betting site Polymarket have bet just under $1.4 billion on the outcome.
As of this writing, 51% of bettors support Trump taking back the presidency. However, it should be said that Polymarket is tracking more closely how non-US citizens feel about the outcome of the election due to its policy of banning US users from betting on the site.
Ledn’s Reader is not alone in arguing that whoever wins in November, the crypto market will benefit to varying degrees.
Jeffrey Kendrick, global head of digital asset research at Standard Chartered Bank, has said in recent weeks that the market will benefit no matter who wins.
So far, traders seem positive about last week’s latest unemployment numbers. Even though BTC prices are currently encountering some resistance on Monday, the fact remains that Bitcoin was able to rise around 5% over the weekend.
“A lower-than-expected unemployment rate fueled Bitcoin’s weekend rally, pushing it off the lows and creating new momentum,” BRN analyst Valentin Fournier said in a note shared with Decrypt. I wrote it. “Bitcoin may soon test the trend top of $68,000. Strong resistance is expected between $65,000 and $67,000, but Bitcoin will eventually break through. I believe that.”
He noted that upcoming U.S. inflation reports, including the Consumer Price Index and Producer Price Index, could spur upward momentum. The Bureau of Labor Statistics report is scheduled to be released this Thursday and Friday.
“While it may be too early to see the effects of rate cuts reflected in these numbers, signs that U.S. inflation is trending back towards 2% are positive for markets,” Valentin said. “It’s very likely,” he added.
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