Bitcoin reached $75,000 as the U.S. election leaned toward Trump.
The cryptocurrency market is experiencing turbulent winds this Tuesday as the 2024 U.S. presidential election unfolds.
After trading below $67,000 early this morning (EDT), Bitcoin (BTC) surged past $75,000. The leading cryptocurrency has now risen more than 10% over the past 36 hours, with the U.S. election likely playing a significant role in the price fluctuations. Analysts had anticipated that the election could drive volatility in cryptocurrency markets, potentially sustaining this until election results are expected on Friday.
Some observers predict that Bitcoin could see swings of up to $8,000 in either direction before the next U.S. president is officially announced.
Other cryptocurrencies also rallied on Tuesday, including Solana (SOL), Cardano (ADA), and Avalanche (AVAX), which have risen by 4.4%, 3.2%, and 5.4%, respectively, over the last 24 hours. In the crypto industry, momentum has leaned towards Trump, as the former president included cryptocurrency in his political agenda this year, making pledges to support Bitcoin mining, add the cryptocurrency to national reserves, and position the U.S. as a global crypto hub.
Several analysts agree on a bullish outlook for Bitcoin in the medium and long term if Trump secures a second term. Experts expect BTC could surpass $80,000 in this scenario, while a Harris victory might lead to a correction toward $50,000.
Election expectations also impacted inflows into spot Bitcoin ETFs, which saw over $560 million in outflows on Monday, marking the second-worst day in their history.
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Adorei conhecer seu blog, tem muito artigos bem interessantes.
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