As investors focus on the upcoming U.S. presidential election, Bitcoin continues to move toward the key $70,000 level. The market is closely watching the election results and how the Federal Reserve's interest rate decision will impact the crypto world.
Bitcoin Approaches $70,000 Resistance
As The Bit Journal reported, Bitcoin is once again approaching the key $70,000 mark, a level it has tested several times. Presto Research analyst Min Jung highlighted that this level serves as an important psychological barrier. With Bitcoin's all-time high of $73,700 in March still fresh in investors' minds, expectations for another bull run are growing.
As Bitcoin approaches this pivotal level, investors are turning their attention to the US elections, where Bitcoin is playing a more prominent role than ever. No longer just an investment asset, the cryptocurrency has become directly tied to political outcomes.
US Presidential Election and Cryptocurrencies: What's the Connection?
The crypto world is closely watching the upcoming US presidential election. Donald Trumpâs increasing chances of winning have sparked excitement in the market. Known for his pro-crypto stance, Trump has openly supported Bitcoin and Web3 technologies. On the other hand, his opponent Kamala Harris has shown interest in regulating cryptocurrencies, although Trumpâs policies are more popular with investors.
Polymarket data shows Trump has a 60% chance of winning, while polls from FiveThirtyEight show Harris with a slight lead. The tight race underscores the importance of the election outcome for crypto investors.
What Does Trump's Victory Mean for Bitcoin and Cryptocurrencies?
According to Augustine Fan of SOFA.org, a Trump victory would be the most favorable outcome for the cryptocurrency market. Fan believes that Trumpâs crypto-friendly policies could ease regulatory pressure on digital assets. With a Republican-controlled Congress, Trumpâs digital asset reform plans would likely be passed more easily.
Experts also predict that Trump's victory could create more opportunities in cryptocurrency mining and decentralized finance, developments that could positively impact the price of Bitcoin and other digital assets.
Economic developments after the election
Another major post-U.S. election event is the Federal Open Market Committee (FOMC) interest rate decision. According to CME Group's FedWatch tool, a 25 basis point rate cut is highly likely. Analyst Min Jung believes that if this cut materializes, Bitcoin (BTC) could see further momentum.
As Bitcoin nears $70,000, both the election results and the Fedâs decision will play a key role in shaping price direction in the coming weeks. Investors should keep a close eye on these developments.
