Manuel Augusto Moreno | Moment | Getty Images
cryptocurrency Stocks edged higher on Tuesday night as investors awaited direction from the potential outcome of the U.S. presidential election.
The price is Bitcoin It was last up 2% at $69,105.03, according to Coin Metrics. It had previously risen to $70,522.84. Currently 5% below all-time high Last week it traded close to that level.
Stocks linked to cryptocurrency prices received a boost in early trading during the regular stock market trading session. exchange operator Coin library and micro strategyFrequently trading at a high beta for Bitcoin price, up 4% and 2% respectively.
Investors expect Bitcoin trading to be volatile until a clear winner is declared. Vice President’s Victory Kamala Harris is expected to pose downside risks to Bitcoin prices, while traders expect Bitcoin prices to rise if the former president wins Donald Trump.
“This election has a huge impact on cryptocurrencies,” said Ryan Rasmussen, head of research at Bitwise Asset Management. “Expect Bitcoin — and cryptocurrencies more broadly — to see volatility in the coming days… until we get clarity. election results.”
“If Trump wins, I believe we will see new all-time highs,” Rasmussen added. “If Harris wins, I expect there will be a pretty big sell-off in the short term and it will take a month or two for prices to recover. But ultimately, either way, I think we’re going to be higher.”
Bitcoin is widely Expected to rise to new record in the coming weeks. In the 2012, 2016, and 2020 elections, Bitcoin’s returns within 90 days after election day were approximately 87%, 44%, and 145%, respectively. Partly because it happens to be an election year Bitcoin Halving Over the years, the supply of cryptocurrencies has gradually declined. Post-election returns also tend to coincide with major policy shifts by the Fed. This year, the market is expecting further interest rate cuts.
Bitcoin was trading around the $70,000 mark early Tuesday, having hit that level for the first time since March last week and closing in on a record of $73,797.68. Bitcoin has been trading at its fair value price of around $69,000, according to CryptoQuant. CryptoQuant analyst Julio Moreno said this means that if the election proves to be a positive catalyst in the coming days, Bitcoin may rebound and be expected to hit new records.
“Everyone we’ve spoken to is wary right now,” said James Davies, CEO of cryptocurrency futures and options trading platform Crypto Valley Exchange. “I’ve heard from numerous leading market makers and exchanges that “People have heard about it and can say with confidence that almost everyone is ready to react. They don’t even know where the market will go based on the outcome. There may be a lot of short-term volatility, no matter the outcome.”
This year’s presidential election has been called the most important 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.
