Bitcoin has experienced a surge in value following the debate between former president Donald Trump and current president Joe Biden. While cryptocurrencies were not during the debate, betting markets have shown favor towards Trump over Biden.
Data from PredictIt indicates that the odds of Trump winning the presidential have increased significantly. Within an hour of the debate, share prices reflecting Trump’s chances the platform rose from around $0.53 to $0.63, while Biden’s fell sharply from $0.48 to $0..
Trump has garnered support from the crypto community by expressing his commitment to advancing crypto innovation in United States. This support was further demonstrated through donations to his campaign, including one million each from Gemini exchange owners, the Winklevoss brothers, and a one million dollar donation by Kraken co Jesse Powell.
At present, BTC is trading at $60890 after experiencing marginal fluctuations in the last 24 hours. Despite trading above a significant psychological level, Bitcoin has faced selling pressure due to large sell-offs by entities such as, miners, and Germany.
Furthermore, there has been low demand for Bitcoin as evidenced net outflows in Bitcoin spot ETFs and consecutive outflows from Spot Bitcoin Exchange Traded Funds (ETFs) over five days after accumulating $4 billion in just 19 days.
Although Bitcoin reached all-time high of $74,000 earlier this year driven by ETFs and speculation around its halving event in April., it has failed to retest that level since then. Nonetheless, market experts believe that Bitcoin is poised for another all-time high with price ranging from $100k to even $200k.
The Biden administration has faced criticism its perceived anti-crypto stance and stringent regulations on the industry which some argue hinder its growth potential. In contrast,
Trump promises a more supportive environment for crypto if he wins.
If Trump secures victory,
many will be closely monitoring
the Ripple v.
SEC case which began more than three years ago.
Should he prioritize growing
the industry,
this case may conclude with
a potential leadership change within
the regulatory agency.
For those interested in learning more about Bitcoin or staying updated on its price movements,
there are resources available such as buying guides,
wallet tutorials,
and real-time price checks.
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