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Cryptocurrencies rose on Tuesday, with Bitcoin briefly topping $70,000 as investors awaited the outcome of the U.S. presidential election.
Bitcoin Bitcoin was last up nearly 3% at $69,463.61, according to Coin Metrics. It had previously risen to $70,522.84. Currently 5% below all-time high Last week’s trade was far away.
Bound token Solana Gained over 4% while Pay Token Ripple An increase of more than 1%. Memecoin surges, Dogecoin and Shiba Inu coin Soared 6% and 4% respectively. ether Not much has changed.
Stocks rose in relation to cryptocurrency prices. exchange operator Coin library and micro strategyFrequently trading at a high beta for Bitcoin price, up 4% and 2% respectively.
Bitcoin regains $70,000 on Election Day
competition for vice president Kamala Harris and former president Donald Trump The next presidential election is being called the most important election in the cryptocurrency industry’s lifetime. Many see Harris’ victory as a threat to cryptocurrencies to the extent that Debate throughout the election cycle. Trump, on the other hand, emerged as a pro-cryptocurrency candidate earlier this year and has been viewed by many as a force for good in the industry. Engage industry more directly Biharis has.
Regardless of the eventual winner, Bitcoin will May survive and thrivesaid Bernstein analyst Gautam Chhugani.
“Bitcoin remains the most resilient of cryptocurrencies to election outcomes,” he said. “Bitcoin’s main drivers remain U.S. fiscal discipline, record debt levels, and monetary expansion, driving support for gold and Demand for hard assets like Bitcoin. We believe Bitcoin, which accounts for less than 0.1% of global financial assets, has plenty of room to grow regardless of the election outcome.”
Chhugani has set a 2025 Bitcoin price target of $200,000, although he said that if Harris wins, the price could fall to $50,000 in the coming weeks. He also predicts short-term gains of up to $90,000 this year if Trump wins.
Chhugani added that the success of Bitcoin exchange-traded funds, which have seen more than $23 billion in inflows this year and $67 billion in assets under management, will continue to accelerate the development of the cryptocurrency.
But the election could bring greater risks to the broader cryptocurrency market.
“A constructive crypto-friendly SEC will bring opportunities for all cryptoassets beyond Bitcoin,” he said. “The key remains bipartisan support for cryptocurrency regulation (the results in the House and Senate will also matter). And…if either party is committed to a crypto-friendly SEC. The Trump side has Committed to creating a crypto-friendly SEC, while Harris’ side pledged to defend the ownership of crypto assets, although the crypto community would prefer Harris to develop more specific crypto policies.”
There is a growing consensus that while Trump may be the more pro-cryptocurrency candidate of the two candidates, Harris would be better off as president Might not be as harmful as once feared. This fear stems from hostility towards cryptocurrencies Experienced under the current government. The SEC agency under Gary Gensler is notorious for refusing to provide clear guidance to cryptocurrency businesses keen to operate by the rules, opting instead to regulate through enforcement actions. Additionally, Massachusetts Democratic Sen. Elizabeth Warren has been outspoken about her anti-crypto causes.
