Bitcoin has climbed to remarkable heights, reaching £72,784.40 in New York trading on Tuesday, marking a six-month peak as investors increasingly align their positions with potential US election outcomes. The cryptocurrency’s movement reflects growing market sentiment favouring Donald Trump’s return to the presidency.
The former president’s dramatic shift from once labelling bitcoin a “scam” to promising to transform America into “the bitcoin superpower of the world” has significantly influenced market dynamics. Trump’s campaign has actively courted cryptocurrency enthusiasts, particularly highlighting his intention to remove Gary Gensler from his position as chairman of the US Securities and Exchange Commission.
Market analysts attribute this surge to multiple factors beyond political speculation. Bitcoin’s fundamental appeal lies in its built-in scarcity, with only 21 million coins possible and over 19 million already circulating. This characteristic becomes particularly relevant given Trump’s proposed economic policies, including widespread tariffs of 20% on international goods and an elevated 60% rate targeted at Chinese imports.
Democratic nominee Kamala Harris has also demonstrated openness towards cryptocurrency, describing it as an “industry of the future” in her recent economic strategy. Her campaign team has actively engaged with cryptocurrency firms, seeking to strengthen relationships within the sector.
Tony Sycamore from IG Australia suggests the current price movement strongly indicates market expectations of a Trump victory, while additional support comes from increased activity in bitcoin exchange-traded funds. Ryan Lee of Bitget Research notes the positive impact of both candidates’ commitment to clearer regulatory frameworks, with Trump’s particularly aggressive courtship of the crypto community driving market optimism.
The broader cryptocurrency market has responded positively, with Ether, the second-largest digital currency, experiencing a parallel surge of 3.9% to reach £2,667 during New York trading hours.
|||
Post Disclaimer
The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.
This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.
The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.