Crypto Price Spike- What Caused It and Where Is It Going?
Cryptocurrency tokens are up in a big way today, with prices soaring since Monday after positive support from Vice President Harris.
Crypto prices shot up at the start of the week following new remarks by Vice President Kamala Harris and the launch of Donald Trump’s crypto token.
The two events have heated up the crypto market, causing prices to spike, with Bitcoin (BTC) already gaining 11% over the last week and Ethereum (ETH) increasing by 8.37%.
Other crypto coins have likewise benefited from the recent events, with Solana (SOL) gaining 9.7% in the same period and BNB (BNB) up by 4.63%. The crypto market is up overall with a 0.83% gain over the last 24 hours.
One of the biggest winners in all of this is Dogecoin (DOGE), which climbed 16.46% in seven days and about 10% in the last 24 hours.
What to Expect from This Bull Trend
The bulls have the market in hand right now, but for how long? Will it be days or hours before the market pulls back and settles down? When the bull trend ends, how far will the market have advanced?
There will definitely be some push by the Bitcoin whales to push that particular coin until it hits a new record high. The coin did that once already this year and is well positioned to do it again. We expect that if the upward trend does slow down or even pull back that it will not last very long before Bitcoin at least surges higher once more, and perhaps a few of the other coins as well.
Harris said in recent statements that she wants to ensure the benefit of investors as well as digital asset owners when it comes to how the regulations are designed. That is good news for investors who were worried that if there is a Democrat president in the office for another four years it would mean excessive regulations for cryptocurrency and outdated ideas about who digital assets should be controlled.
Trump has likewise put his support behind cryptocurrency and keeping regulations very light, even going so far as to commit to establishing a government Bitcoin fund.
If new regulations are put in place, it is very possible that they will benefit investors and crypto business both, and that could make crypto more sustainable, less risky, and more legitimate in the eyes of financiers.
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