Bitcoin continues to show steady growth, approaching the significant $70,000 mark (around 65,800 euros). On Monday morning, the largest cryptocurrency reached a maximum of 65,283 euros ($69,450) on Asian markets. Experts attribute this rise to the upcoming US presidential elections, which will take place in two weeks.
Psychological barrier
The $70,000 mark is an important psychological level for investors: This level is critical resistance, as it is approaching the all-time high of Bitcoin. Let me remind you that in March 2024, Bitcoin reached a record high of $73,700.
The Impact of Elections on Cryptocurrency
Cryptocurrency is becoming a significant political issue for the first time.
The market will increasingly focus on elections, and this may influence the behavior of market participants.
The Trump Factor
I believe that Donald Trumpâs increased chances of winning contribute to the growth of the Bitcoin rate. Trump, known for his positive attitude towards cryptocurrencies, openly supports Web3 sectors such as NFTs, mining, and decentralized finance. Although Kamala Harris has also expressed support for cryptocurrency initiatives, Trump takes a more decisive position.
Forecasts and polls
According to prediction platform Polymarket, Donald Trump is leading Kamala Harris by a narrow margin, with his chances of winning estimated at 60%.
Possible implications for cryptocurrencies
In my opinion, a Trump victory and a Republican majority in Congress could be the most favorable scenario for the crypto market. This will increase the chances of implementing reforms in the digital asset sector.
Economic factors
After the November 5 election, another important macroeconomic event is expected: the Federal Open Market Committee (FOMC) meeting. The interest rate is expected to be cut by 25 basis points with a probability of 94.4%.
Prospects
I believe that with Trump's continued dominance and the Fed's easing of policy, growth $BTC could resume in the coming weeks after the election.
The world of cryptocurrencies is eagerly awaiting upcoming events that could significantly impact the Bitcoin rate from both political and economic factors.
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