Could #bitcoin spike towards $150,000 if Trump won the elections?

Bitcoin rose on Thursday and resumed its gains after a short hiatus, approaching four-week highs once more amid a positive sentiment that dominates the crypto market.

High-risk assets are gaining a boost amid a global trend towards policy easing, while cryptocurrencies are underpinned by the prospects of upcoming US elections.

The world’s most valuable cryptocurrency, bitcoin, has become an issue of discussion between the opposing parties in the elections since the launch of the first bitcoin exchange fund in the US in early 2024.

As Trump embraced cryptocurrencies in recent times, and his chances of winning the presidency were boosted, it’s now possible for bitcoin to even reach the $150 thousand level if Trump did win the November elections.

Prices

Bitcoin rose 1.55% at Bitstamp today to $65,090, with a session-low at $63,914.

On Wednesday, Bitcoin lost 1.5%, the first loss in six days on profit-taking away from a four-week high at $66,129.

Crypto Market Value

Market Value of Cryptocurrencies rose by over $15 billion today to a total of $2.50 trillion as both bitcoin and ethereum rallied.

Upward Momentum

Cryptocurrencies are carried by an upward momentum, with bitcoin expected to pierce through $70,000 in the short term.

The factors include the global trend towards policy easing, and the likely win of Donald Trump.

Trump

A failed assassination attempt on Republican Candidate for the US Presidency, Donald Trump, boosted his odds of winning the elections to 70%.

In recent months, Trump has changed his position and expressed support for cryptocurrencies in order to gain the support of the crypto community.

The $150,000 Level

Standard Chartered considers upcoming US Presidential elections the main impetus for the crypto market, with bitcoin likely to hit record highs this year.

Standard Chartered expects bitcoin to reach $100,000 as elections approach, then $150,000 if Trump did win.
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